Enforcement Watch

Enforcement Watch

Issue 20
Adam Epstein

Editor's Note

The last 4 months have not seen a glut of enforcement activity and news coming out of the regulators. However, the activity that we have seen has been somewhat unusual and it has produced some results that will be of real interest to those who keenly watch enforcement. As ever, we hope your find our commentary interesting.

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Tribunal Stay Decision in Unusual Circumstances

Tribunal stay decision in unusual circumstances

Following a multi-party hearing, the Upper Tribunal ordered that a stay should be lifted in one reference, but continued in another. Amongst the numerous parties who contributed to the hearing, there were two individuals who had standing and who made applications in respect of stays.

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Elizabeth Metliss Considers the Judicial View of Law Firms

Market abuse penalties and restitution

The FCA has issued a Final Notice in the case of Gavin Breeze. Breeze was fined £59,557 (reduced from £85,057 because of a stage 1 settlement discount) and received a public censure.

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Substantial CASS Fine for Bank of New York Mellon

Cenkos fined for breach of the Listing Rules

The FCA has issued a Final Notice to Cenkos Securities Plc. The AIM listed company was fined £530,000 (reduced from £757,000 because of a stage 1 settlement discount) in relation to its sponsor services role.

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Andrew Tinney appeals Decision Notice

Andrew Tinney appeals Decision Notice

The FCA has issued a Decision Notice to Andrew Tinney, former Global Chief Operating Officer of Barclays Wealth and Investments Management (Wealth), a division of Barclays Bank Plc (the Firm).

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FCA Annual Report 2015/16

FCA Annual Report 2015/16

The FCA published in July its Annual Report to 31 March 2016. As ever, it offers an interesting summary of the FCA's year as well as its views on certain key issues.

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FCA publishes its Business Plan

New regime for Market Abuse

With effect from 3 July, the market abuse regime set out in the Financial Services and Markets Act 2000 has been repealed and replaced with the directly effective Market Abuse Regulation.

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New rules on whistleblowing come into force

New rules on whistleblowing come into force

New FCA/PRA whistleblowing provisions came into force on 7 September 2016. For some firms, they constitute rules and for others, they constitute guidance only.

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Enforcement Case Highlights

9 June 2016: Tribunal stay decision in unusual circumstances - read more

15 July 2016: Market abuse penalties and restitution - read more

8 August 2016: Cenkos fined for breach of the Listing Rules - read more

14 September 2016: Andrew Tinney appeals Decision Notice - read more 

On the Horizon

FCA Annual Report 2015/16 - read more

New regime for Market Abuse - read more

New rules on whistleblowing come into force - read more

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