Global Investigations Review - The law and practice of international investigations

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Banks and brokers suspend analyst survey participation

Banks and brokers suspend analyst survey participation

February 27, 2014, GIR

New York's attorney general's office has announced eighteen financial services firms will no longer take part in potentially market-distorting analyst survey programmes.

UK lawyers question FCA's use of attestations

UK lawyers question FCA's use of attestations

February 26, 2014, GIR

The UK’s Financial Conduct Authority (FCA) has asked compliance officers to sign documents that force them to take ultimate responsibility for certain internal controls at banks. Practitioners question this approach, saying the policy was designed to hold only the most senior executives to account.

Canada’s new anti-money laundering laws put compliance teams on alert

Canada’s new anti-money laundering laws put compliance teams on alert

February 26, 2014, GIR

Canada has tightened anti-money laundering regulations by requiring financial organisations to carry out customer due diligence on what it describes as “business relationships”.

UK discusses contract sanctions

UK discusses contract sanctions

February 26, 2014, JUST SANCTIONS

The UK’s Foreign and Commonwealth Office (FCO) is seeking comments on the potential creation of ‘contract sanctions’, which would prevent contracts between companies and sanctioned regimes from being enforced in national courts.

SEC demands increased protection for whistleblowers

SEC demands increased protection for whistleblowers

February 24, 2014, GIR

The US Securities & Exchange Commission (SEC) has asked an appeal court to clarify the scope of the anti-retaliation provisions in the Dodd-Frank Act.

EU committees push for mandatory corporate ownership disclosure

EU committees push for mandatory corporate ownership disclosure

February 24, 2014, GIR

Two European Parliament committees have voted to amend draft money laundering rules to force corporate entities to reveal their ultimate owners.

Grant Thornton loses Tchenguiz privilege tussle

Grant Thornton loses Tchenguiz privilege tussle

February 24, 2014, GIR

The UK’s Court of Appeal has ruled that reports drawn up by audit firm Grant Thornton should be disclosed to Robert and Vincent Tchenguiz, who plan to use them in a damages claim against the UK’s Serious Fraud Office (SFO).

ASIC chair: stronger penalties are needed

ASIC chair: stronger penalties are needed

February 24, 2014, GIR

Australian Securities and Investments Commission chair Greg Medcraft says civil penalties available to the agency are inadequate.

Mary Jo White: SEC "significantly" underfunded

Mary Jo White: SEC "significantly" underfunded

February 21, 2014, GIR

Mary Jo White, chair of the US Securities and Exchange Commission, has called for more funding to ensure the agency is able to fulfil its duties. She also promised greater oversight of asset managers and the financial markets.

Second Circuit backs SDNY disgorgement ruling

Second Circuit backs SDNY disgorgement ruling

February 21, 2014, GIR

The United States Court of Appeals for the Second Circuit says an insider trader must disgorge profits made based on insider information he acted on, even though he did not personally benefit.