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  • ARRC Announces Key Objectives for 2020

    On April 17, the ARRC released a set of key objectives for 2020 that the ARRC has set for itself to support the voluntary use of SOFR as an alternative to USD LIBOR. The ARRC stated that its objectives were developed keeping in mind the current expectation that LIBOR can no longer be guaranteed beyond...

  • Congress: Week in Review | June 6, 2019

    Disaster Aid Legislation Passes, Senate Continues to Process Nominations With the President in the United Kingdom for a state visit, the House and Senate returned to Washington on Monday after the weeklong Memorial Day recess. The House immediately passed a supplemental disaster aid bill, sending it to the President for his signature. The Senate continued...

  • Implications of Brexit on GDPR

    The General Data Protection Regulation (GDPR) imposes strict obligations upon organizations that process the “personal data” of European individuals. Failure to comply with GDPR can result in large fines. The UK’s Information Commissioner’s Office (ICO), in recent months, issued a number of fines of £500,000 on global businesses with household names, and such fines have...

  • Second Circuit Clarifies Limits of FCPA’s Extraterritorial Reach

    The U.S. Court of Appeals for the Second Circuit narrowed the reach of the Foreign Corrupt Practices Act (“FCPA” or “the Act”) in ruling that the government cannot use aiding and abetting or conspiracy statutes to charge a defendant with violating the FCPA if the defendant is not in the category of persons directly covered...

  • Unexplained Wealth Orders

    Background For some time there has been a perception that the UK is a safe refuge for corrupt individuals seeking to conceal their unlawfully acquired assets. This has particularly been the case with regard to persons from countries outside the UK. The Government has sought to address this by amending the Proceeds of Crime Act...

  • Business as Usual: UK’s New Data Protection Bill and the GDPR

    The UK Government will introduce a new Data Protection Bill (the “Bill”) this year. As highlighted in the Queen’s speech back in June, the Government has committed to introduce the new law and, on Monday, published a Statement of Intent. The Bill will not change the position that the EU’s new data protection legislation –...

  • The Advance of UK Antitrust Class Actions

    Brussels-based antitrust partner Matthew Hall brings us an update on two ongoing UK antitrust class actions and one on the horizon. Antitrust class actions in the UK are beginning to take hold before the specialist Competition Appeal Tribunal (CAT), but progress is not all smooth.  Two cases have been filed and another is about to...

  • New UK Subject Access Code of Practice

    In June the ICO updated its Subject Access Code of Practice, which gives guidance to data controllers on how to respond to subject access requests from data subjects. The Code itself is not legally binding, but provides advice on good practice to promote compliance with the Data Protection Act 1998 (DPA). With less than a year...

  • Massive Cyberattack Developing Worldwide

    Several cybersecurity firms and news outlets are reporting a new major cyberattack spreading across the globe. The attack, which is still developing and appears to have hit the UK first, is being described as a “global ransomware incident.” Some of the affected companies reportedly include British advertising firm WPP, Russian petroleum company Rosneft, and the...

  • UK Cyber- Security Breaches Survey

    The UK government launched its 5-year National Cyber Security Strategy in November 2016, investing a reported £1.9 billion to protect UK businesses from cyber-attacks and make the country the safest place to live and do business online. This strategy has included the opening of the National Cyber Security Centre (part of GCHQ) and the creation...

  • UK set to shake up Corruption and Money Laundering Enforcement

    The UK Government introduced the Criminal Finances Bill to Parliament today (13 October 2016), which will now start its passage through the parliamentary approval process before becoming law. The Government hopes that the Bill “will significantly improve the government’s ability to tackle money laundering and corruption, recover the proceeds of crime, and counter terrorist financing”, and...

  • UK Antitrust Class Actions Start to Get Going

    Brussels Antitrust/Competition partner (and English lawyer) Matthew Hall brings us an update on antitrust class actions filed under new procedures in the UK. Antitrust class actions in the UK are beginning to take hold before the specialist Competition Appeal Tribunal (the “CAT”).  The two filed to date show the possibilities at different ends of the...

  • Are You an Insider? Data Privacy Challenges Posed by New Insider List Requirements

    The EU’s Market Abuse Regulation (“MAR”) came into effect on July 3, 2016 replacing the EU’s Market Abuse Directive. Unlike the Directive, the MAR has direct effect in each EU member state, including the UK. The MAR, a civil market abuse regime, is intended to ensure the smooth functioning of the financial markets and enhance...

  • In On the Act: First Antitrust Class Action Launched in the UK

    Brussels Antitrust/Competition partner (and English lawyer) Matthew Hall brings us this report on the first antitrust class action filed under new procedures in the UK. Much ink and conference time have been spent discussing it, but now we have a real example of an antitrust class action in the UK.  This is the first under the...

  • The Anti-Corruption Summit – UK plans for further corporate criminal offences, and a host of other proposals

    The UK’s Prime Minster David Cameron has just hosted the  “Anti-Corruption Summit”, a first of its kind, bringing together world leaders, business, and civil society with the goal of seeking to agree on a package of steps to: Expose corruption so there is nowhere to hide Punish the perpetrator and support those affected by corruption Drive...

  • Now Required in UK: Register of People with Significant Control

    Effective immediately, most UK companies, Societates Europaeae and UK Limited Liability Partnerships (LLPs) are required to maintain a register of People with Significant Control (“PSC Register”). Set out below is a brief summary of some of the requirements. The rules are complex, and you should take immediate steps to seek appropriate advice and put in...

  • The SFO’s “ongoing” investigation into Alstom – Further Charges

    We originally wrote in 2014 about charges that had been brought in September of that year by the UK’s Serious Fraud Office against the French Multinational’s UK subsidiary, Alstom Network UK Ltd, and two former employees and British nationals for corruption offences (under pre-Bribery Act era legislation) relating to transport projects in India, Poland, and Tunisia....

  • SHARPER TEETH FOR SANCTIONS ENFORCEMENT?

    The current UK sanctions enforcement regime is a complicated web reflecting the requirements of UN Security Council Regulations, EU Regulations, and UK Primary and Secondary Legislation.  Penalties for breaches of sanctions are generally set out in the various statutory instruments that implement particular sanctions. The UK Government, through the Policing and Crime Bill that is...

  • Data Retention Questions Referred to the European Court for Clarification

    Mass surveillance has come under scrutiny once again, now that the UK Court of Appeal has asked the Court of Justice of the European Union (CJEU) to clarify whether it intended to “lay down mandatory requirements of EU law with which the national legislation of member states must comply,” following its decision last year that...

  • UK’s First Ever Right To Be Forgotten Enforcement: Google In the Firing Line Again

    The UK’s Information Commissioner’s Office (ICO) has made what appears to be its first “right to be forgotten” enforcement action against Google Inc. The ICO issued the notice on 18 August 2015, ordering Google to remove nine links to news stories about an individual’s criminal offence committed almost a decade ago. How we got here...

  • Landmark UK Data Protection Ruling

    The English Court of Appeal has recently handed down a landmark decision confirming that an individual can recover damages under the UK’s Data Protection Act 1998 (the “Act”) for non-financial losses. The claim concerned Google’s collection of personal data regarding the claimants’ internet usage. This information consisted of browser-generated information which was collected via cookies,...

  • An Eerie Silence

    There’s an eerie silence in the world of fraud prosecutions in the UK. A Libor trial is about to start, a FCA land banking prosecution is on trial at Southwark, but with reporting restrictions, and a couple of weeks ago David Dixon, author of a Ponzi Scheme, pleaded guilty; and Julian Rifat, having entered a...

  • FCA Enforcement Performance: Part 2 – The Forex Effect

    Only a couple of weeks ago I was commenting on a NERA report that had found that in the period between April 2012 and October 2014 the FCA had imposed fines of over £1bn, in sharp contrast to the preceding decade during which a paltry £320m had been levied. Now, on 12 November 2014, the...

  • Civil fraud damages claims begin in the UK following a corruption prosecution by the SFO and the DOJ against Innospec and others

    In a recent decision of Mr Justice Flaux in the case Jalal Bezee Mejel Al-Gaood & Partner v Innospec Limited and Others, the Claimants sued for damages which they claimed arose as a result of the Defendants having bribed the Iraqi Ministry of Oil (“MOO”) to purchase their chemical products, TEL.  The claim for damages...

  • Financial Conduct Authority Enforcement Performance

    NERA Economic Consulting has recently published an analysis of the penalties imposed by the UK financial regulator since April 2012[1].  The startling headline is that the level of fines in the 18 months since April 2012 is over £1bn, whereas in the previous decade fines totaled less than £320m.  What is the reason behind this...

  • English Court grants worldwide freezing order in support of London arbitration where assets are outside the UK

    A recent decision by the Commercial Court in the case of U&M Mining Zambia Limited v Konkola Copper Mines Plc [2014] All ER (D) 136 in which the Claimant’s application to continue a worldwide freezing order over the assets of the Respondent, Konkola, was granted, is significant for those conducting international arbitrations in London. Worldwide...

  • Going Inside for Insider Trading

    It is always assumed that sentences in the US for any crime are significantly higher than they are in the UK, but nowhere is this more starkly exemplified than in white collar crime.  The recent sentence of 9 years in prison for Mathew Martoma for insider trading is the latest proof of the truth of...

  • Welcome to The Fraud Board, a new blog site for UK fraud and related regulatory issues

    Welcome to the new McGuireWoods London LLP fraud blog: The Fraud Board, which has taken over from our highly rated Bribery Library site.  There are various reasons for the change, but the main rationale is that while the subject of Bribery remains very important in the economic crime landscape, and will continue to feature strongly...

  • UK Government’s Response to the Department for Business, Innovation and Skills “Whistleblowing Framework: Call For Evidence”

    Crucially businesses should be confident that reprisals against whistle-blowers are not an issue for them, and that their organisation understands and trusts any whistleblowing policy and procedure they have in place. Deficiencies in these areas may very well lead to a Regulator challenging the overall effectiveness and adequacy of an organisations compliance programme.

  • Ken Clarke reviews the law enforcement response to City scandals

    There is also a pivotal issue that needs to be urgently reviewed: is the jury system properly configured to cope with the prosecution of serious and complex fraud?

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