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Corporate Crime update - December 2018
Welcome to the December 2018 edition of our corporate crime update - our round up of developments in relation to corruption, money laundering, …
EUROPEAN COMMISSION ANNOUNCES "NO DEAL" CONTINGENCY ACTION PLAN
The European Commission has announced that it has started implementing its Brexit “no deal” Contingency Action Plan given the continuing uncertainty …
Brexit Final Political Declaration: Nothing [new] to see here?
On financial services, the final political declaration contains essentially the same three points as in last week's outline political declaration (the …
Brexit Outline Political Declaration: Initial indicators for the financial services industry
Yesterday's announcements on the terms agreed for the UK's withdrawal from the EU say relatively little about the future framework for cross-border trade …
High Court considers extraterritorial application of compulsory powers
In the case of R (On The Application Of KBR Inc) v The Director of the Serious Fraud Office [2018] EWHC 2368 (Admin) ("KBR"), the High …
OFSI publishes Annual Review
On 5 October 2018, HM Treasury's Office of Financial Sanctions Implementation (OFSI) published its Annual Review for the 2017-18 financial year. This is …
PRIVILEGE NO DEFENCE TO NOTICE REQUIRING PRODUCTION OF CLIENT’S PRIVILEGED DOCUMENTS TO REGULATOR
The High Court has held that an audit client could not withhold documents on grounds of privilege when responding to a notice requiring the production of …
Herbert Smith Freehills edits and contributes chapters to Getting the Deal Through – Financial Services Litigation 2018
There has been a significant rate of global growth of litigation in the financial services sector following the 2008 global financial crisis. While the …
COURT OF APPEAL DECISION IN ENRC: ORTHODOXY RESTORED ON LITIGATION PRIVILEGE, BUT NARROW INTERPRETATION OF “CLIENT” REMAINS FOR NOW
The Court of Appeal has today handed down its eagerly awaited decision in the ENRC appeal: The Director of the Serious Fraud Office v Eurasian …
Do we need a new duty of care in financial services?
On 17 July 2018, the FCA published a paper on its Approach to Consumers (the Approach), accompanied by a discussion paper DP18/5 (the DP) on …
India's new anti-corruption law targets bribe-givers and establishes corporate liability offence modelled on the UK Bribery Act
India's long-awaited Amended Prevention of Corruption Act 2018 came into force on 26 July. Originally proposed in 2013, the amendments introduce a new …
The FSB's Crypto-assets framework: What does it mean for firms?
The Financial Stability Board (FSB) has published its framework to monitor crypto-assets as part of its wider report to the G20 on work by the FSB and …
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