Enforcement Watch

Enforcement Watch

Issue 22
Adam Epstein

Editor's Note

The last four months have seen much of real significance to practitioners. Not only have we seen the new policy on the enforcement process adopted and clues as to enforcement action to come, but we have also seen two important Court cases handed down. One of those was in the criminal arena (ENRC), and I am grateful to my colleagues in Business Crime for their insights on the topic.

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Enforcement Case Highlights

9 February 2017: PRA Imposes Substantial Fines for Failures to Report Matters Arising from US Regulatory Actions - read more

22 March 2017: Supreme Court Rules on Third Party Rights - read more

29 March 2017: FCA Imposes a Fine for Disclosure of Client Confidential Information over Whatsapp - read more

8 May 2017: Privilege in Internal Investigations following SFO v ENRC - read more

On the Horizon

FCA and PRA Publish Joint Statement on Enforcement - read more

FCA to Target Investment Managers that Fail to Meet Best Execution Obligations - read more

Dealing Commission Action to Come? - read more

FCA Speech on Individual Accountability for Corporate Misconduct - read more

The FCA Publishes its 2017/18 Business Plan - read more

The FCA Sets Out its Mission - read more

Policy Statements on the Duty of Responsibility - read more

Substantial CASS Fine for Bank of New York Mellon

PRA Imposes Substantial Fines for Failures to Report Matters Arising from US Regulatory Actions

The PRA has imposed a fine of £17.85m on Bank of Tokyo Mitsubishi UFJ Limited (BTMU) and of £8.925m on MUFG Securities EMEA Plc MUS(EMEA) for notification failures arising out of actions concerning the New York Department of Financial Services (DFS).

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Tribunal breaks new ground in Carrimjee case

Supreme Court Rules On Third Party Rights

The eagerly awaited Supreme Court judgment in the case of Achilles Macris has now been handed down.

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FCA imposes a fine for disclosure of client confidential information over Whatsapp

FCA Imposes a Fine for Disclosure of Client Confidential Information over Whatsapp

The FCA has imposed a fine of £37,198 on Christopher Niehaus, a managing director at Jeffries International Limited for disclosing client confidential information over Whatsapp in order to impress a friend and another Jeffries client.

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Trends from Suspicious Transaction Reports

Privilege in Internal Investigations following SFO v ENRC

The SFO case against Eurasian Natural Resources Corporation Ltd ("ENRC") has sought to define the boundaries for privilege in the context of corporate internal investigations into possible criminal conduct.

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FCA and PRA Publish Joint Statement on Enforcement

FCA and PRA Publish Joint Statement on Enforcement

Many of the new reforms bring about relatively minor, but sensible, reforms to the familiar enforcement process.

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FCA to Target Investment Managers that Fail to Meet Best Execution Obligations

FCA to Target Investment Managers that Fail to Meet Best Execution Obligations

On 3 March 2017, the FCA published brief findings arising from its supervisory work on delivery of best execution.

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Dealing Commission Action to Come?

Dealing Commission Action to Come?

On 3 March 2017, the FCA published its findings from a review analysing dealing commission expenditure across 31 investments managers between 2012 and 2015.

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FCA speech on individual accountability for corporate misconduct

FCA Speech on Individual Accountability for Corporate Misconduct

On 31 March 2017, Mark Steward (Director of Enforcement and Market Oversight at the FCA) delivered a speech at New York University entitled "The expanding scope of individual accountability for corporate misconduct".

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The FCA publishes its 2017/18 Business Plan

The FCA Publishes its 2017/18 Business Plan

The FCA published its Annual Business Plan on 18 April 2017.

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The FCA sets out its Mission

The FCA Sets Out its Mission

The FCA has now published its Mission (18 April 2017). It is a high level document embodying both current FCA practice and thinking as well as setting out its future objectives and aspirations.

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Policy Statements on the Duty of Responsibility

Policy Statements on the Duty of Responsibility

As a reminder for readers, the Duty of Responsibility is a creation of statute (s.66A(5) of FSMA) and has been in force since 10 May 2016.

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