Enforcement Watch

Enforcement Watch

Issue 17
Adam Epstein

Editor's Note

Although substantial Final Notices have been rather less abundant in the last 4 months, there are nevertheless some very interesting enforcement outcomes in a number of cases that we cover in this issue.

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Decision Notices in Keydata case decide on largest ever fine for an individual

Decision Notices in Keydata case decide on largest ever fine for an individual

In May, the FCA published Decision Notices against three former senior managers of Keydata Investment Services.

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Co-operative Bank censured

The Co-operative Bank censured

Following a joint investigation by the FCA and the PRA, The Co-operative Bank plc has been publicly censured by both regulators for publishing misleading statements over its capital adequacy, failings in risk management systems and lack of disclosure to the regulators.

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High Court imposes a financial penalty for market abuse for the first time

High Court imposes a financial penalty for market abuse for the first time

In August, the High Court for the first time utilised its powers under FSMA, not only to grant an injunction, but also to issue a financial penalty in respect of market abuse.

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Upper tribunal reverses RDC decision

Upper Tribunal reverses RDC decision

The Upper Tribunal has disagreed with and partially reversed the conclusion of the Regulatory Decisions Committee ("RDC") in relation to the alleged misconduct of and appropriate penalty for Andrew Wilkins.

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Benchmarks: conclusions of FCA thematic review

Benchmarks: conclusions of FCA thematic review

Readers will no doubt be familiar with the many column inches devoted to the Libor, FX and gold benchmark affairs in recent times.

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The fair and effective markets review reports

The Fair and Effective Markets Review report

In June 2014, the Chancellor and the Governor of the Bank of England launched the Fair and Effective Markets Review ("FEMR").

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FCA publishes new referral criteria for enforcement investigations

FCA publishes new referral criteria for enforcement investigations

In December 2014, HM Treasury published a review of the enforcement decision-making process at the FCA and the PRA.

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Commodities Trading Thematic Review Throws Up Potential Areas for Enforcement

Commodities Trading Thematic Review throws up potential areas for enforcement

In the September 2015 edition of Market Watch, the FCA published the findings of the Commodities Trading Thematic Review. It reviewed 12 firms, including brokers, interdealer brokers and commodities trading firms.

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(Yet more) Further steps towards the new senior management regime

(Yet more) Further steps towards the new senior management regime

Regular readers of Enforcement Watch will know that we have been tracking the proposals for reforming the responsibilities of individuals in banks and investment firms.

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Enforcement case highlights

26 May 2015: Decision Notices in Keydata case decide on largest ever fine for an individual - Read more

10 August 2015: The Co-operative Bank censured - Read more

12 August 2015: High Court imposes a financial penalty for market abuse for the first time - Read more

18 September 2015: Upper Tribunal reverses RDC decision - Read more

On the horizon

Benchmarks: conclusions of FCA thematic review - Read more

The Fair and Effective Markets Review report - Read more

FCA publishes new referral criteria for enforcement investigations - Read more

Commodities Trading Thematic Review throws up potential areas for enforcement - Read more

(Yet more) Further steps towards the new senior management regime - Read more

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