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Corporate Crime & Compliance UK
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November 01, 2024
FCA Warns Odey He 'Lacks Integrity' Over Misconduct Probe
The Financial Conduct Authority said Friday that it has warned hedge fund boss Crispin Odey that it will take regulatory action against him after finding that he frustrated an internal probe into sexual misconduct allegations and showed a "lack of integrity."
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November 01, 2024
Hoka Fixed Prices By Blocking Online Store, Tribunal Finds
The sneaker maker behind Hoka engaged in indirect price fixing by blocking a British running shoe retailer from selling through an online discount store, a U.K. tribunal has ruled.
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November 01, 2024
Law Firms Improving At Managing AML Risk, SRA Says
The Solicitors Regulation Authority reported on Friday that it has recorded improvements in the way law firms manage anti-money laundering risks after it took action to clamp down.
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October 31, 2024
Scam Promoter Who Cost UK £2.6M In Taxes Is Banned
A man who promoted a tax avoidance scam costing the British government tax agency at least £2.6 million ($3.4 million) has been banned by the government from serving as a director of any company for 10 years, the U.K.'s Insolvency Service announced Thursday.
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October 31, 2024
Temu Faces EU Probe Over Sale Of Illegal Products
The European Commission said Thursday it is launching an investigation into Temu over concerns that the discount e-commerce platform is allowing the sale of illegal goods and the site has potential addictive features.
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October 31, 2024
Nottingham Forest Owner Fights To Continue Libel Claim
The owner of Nottingham Forest Football Club said the chair of Greek team Aris has orchestrated a "smear campaign" against him in a London court on Thursday, saying he has been falsely accused of match-fixing and drug trafficking.
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October 31, 2024
EU Expected To Close Final Digital VAT Deal Next Week
The European Union is close to a final deal on its plan to bring the bloc's value-added tax rules more in line with the digital economy after representatives reached an agreement in principle, the Hungarian presidency of the Council of the EU confirmed Thursday.
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October 31, 2024
Gov't Urged To Reform Tax Charges On Pension Scam Victims
The government should prioritize reform to ensure that victims of pension scams are no longer hit with massive tax bills, an industry body said Thursday.
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October 31, 2024
FCA Fine Puts Execs' Personal Conduct Under The Spotlight
The £350,000 ($455,000) fine handed by the Financial Conduct Authority to the boss of a leading financial technology company is a reminder that executives risk the watchdog's wrath if they're not transparent about reporting potential misconduct, white-collar lawyers say.
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October 31, 2024
Fugitive Fund, Bank Managers Appeal Fraud Conviction
Two fugitive financiers sentenced to a combined 11 years in prison for defrauding a Libyan fund out of $8.45 million appealed against their convictions at a London court on Thursday, arguing that a judge's "devastating" missteps torpedoed their chances at trial.
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October 31, 2024
FCA Bans 2 Financial Advisers For Pension Transfer Failings
Two financial advisers connected to the British Steel retirement savings plan scandal have been hit with a lifetime ban from offering pension transfer advice in the future, the City watchdog said Thursday.
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October 31, 2024
Reeves To Face MPs As Budget Enters Approval Process
Chancellor Rachel Reeves is due to be grilled by senior MPs on Nov. 6 after she presented the Labour government's first Budget for 14 years, which features a £40 billion ($52 billion) tax package that has raised concerns of new pressure on businesses and retirement savers.
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October 31, 2024
Teva Fined €463M For Blocking Rival MS Drug Launch
The European Union antitrust enforcer hit pharmaceutical giant Teva with a €463 million ($502 million) fine Thursday for launching a smear campaign against a rival multiple sclerosis drug and misusing the patent system to thwart the competitor's attempt to enter the market.
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October 31, 2024
Car Finance Lenders Brace For Wave Of Redress Payments
The Court of Appeal has set car finance lenders up for a costly compensation bill by imposing a higher duty on brokers to explicitly tell customers about their commissions.
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October 30, 2024
Leigh Day Escapes Negligence Claim Over Oil Spill Settlement
A group of Nigerian villagers can't sue Leigh Day over alleged negligence in a £55 million ($72 million) oil spill settlement with Shell because their local leaders never granted them authority to pursue the claims, a London court ruled Wednesday.
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October 30, 2024
Lloyds Says Broadcaster Liable In £287M Fraud Claim
Lloyds Bank and a subsidiary have hit back against a £287 million ($373 million) claim brought by the liquidators of Arena Television, arguing they should not be liable for payments they processed for the broadcaster that were linked to an alleged £1.2 billion fraud.
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October 30, 2024
MoJ Gets £1.9B Funding Boost In First Labour Budget
The Labour government announced an additional £1.9 billion ($2.47 billion) funding for the Ministry of Justice in its first Budget statement on Wednesday, coupled with millions of pounds more for criminal prosecutors and fraud investigators.
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October 30, 2024
Quinn Emanuel To Pay Some Costs Over Report Source ID
Quinn Emanuel must pay some of its costs for not revealing to Oleg Deripaska the source of a report that was used in proceedings between the industrialist and a former business partner, as a judge said Wednesday that the firm had failed to ensure the document was not a forgery.
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October 30, 2024
Mortgage Adviser Not Unfairly Sacked Over Fraud Fears
A mortgage adviser who was sacked over concerns that he might have committed fraud by providing false information to lenders and insurers has lost his claim of unfair dismissal, as a tribunal ruled that his employer's decision to fire him was reasonable.
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October 30, 2024
Labour Gov't Unveils £40B Tax Boost In First Budget
A £40 billion ($52 billion) tax package unveiled on Wednesday by Britain's new Labour government targets business and investors and aims to plug fiscal gaps with plans including higher levies on payrolls and capital gains.
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October 30, 2024
Top Court Finds Gov't Did Not Have To Halt Hospital Probe
Britain's highest court held on Wednesday that a government minister correctly decided it was not necessary to suspend an inquiry into alleged abuses of patients at a Northern Irish hospital to await the outcome of criminal proceedings against a former nurse.
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October 29, 2024
Ex-Oil Biz Exec Denies Embezzling €144M, Points To Owner
The alleged former chief executive of a Singapore-based petroleum company has denied embezzling €143.8 million ($155 million) for his own benefit and branded the allegations as part of a "vexatious campaign" pursued by another company executive.
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October 29, 2024
UK, EU Finish Negotiations Over Antitrust Cooperation Pact
The U.K. government announced Tuesday that it had concluded negotiations with the European Union on a deal to boost cooperation between British and European competition enforcement authorities.
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October 29, 2024
WSJ Articles On $1B Fraud Did Not Contain Criminal Data
Two articles in the Wall Street Journal about court proceedings in the Cayman Islands did not contain criminal offense data, a judge ruled Tuesday, in a preliminary stage of a data protection claim against its publisher over reports on allegations of a $1 billion fraud.
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October 29, 2024
Marine Charity Sues IT Provider After 'Outlandish Allegations'
A maritime navigation charity has sued its former IT provider in a London court, accusing it of making "outlandish and unfounded allegations" to justify suspending access to its own app when the organization tried to switch providers.
Expert Analysis
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Analyzing The Implications Of 1st FCA Crypto ATM Crackdown
The Financial Conduct Authority’s recent criminal prosecution of Olumide Osunkoya, its first enforcement action against a crypto-asset trading firm's owner, is an unambiguous sign of the regulator’s commitment to actively pursue transgressors, but may be a hindrance to the U.K. crypto industry, says Asim Arshad at Lawrence Stephens.
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What EU Antitrust Guidelines Will Mean For Dominant Cos.
The European Commission’s recent draft antitrust guidelines will steer courts' enforcement powers, increasing the risk for dominant firms engaging in exclusive dealing without any apparent basis to shift the burden of proof to those companies, say lawyers at Latham.
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Draft Merger Control Guidance Allows CMA To Cast Wide Net
The Competition and Markets Authority's recent draft merger control guidance, reflecting the regulator's strengthened powers under the Digital Markets, Competition and Consumer Act, introduces extensive change and potential procedural improvements, specifically concerning reviews of private equity firms, say lawyers at Travers Smith.
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Key Points From Cayman's Beneficial Ownership Regime
While recent expansion of the Cayman Islands Beneficial Ownership Act's scope means it now encompasses many entities with previously minimal obligations, the changes ensure a welcome level playing field with workable alternative routes to compliance, says Lucy Frew at Walkers Global.
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HMRC Transfer Pricing Guide A Vital Resource For Businesses
HM Revenue & Customs' recent guidelines on common transfer pricing compliance risks should be required reading for affected businesses in indicating HMRC's expected benchmark for documents and policies, say Tomoko Ikawa and Kapisha Vyas at Simmons & Simmons.
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How UK Digital Regulation Under Labour May Differ From EU
Although details on the Labour government's data and cyber resilience reforms are currently limited, there are indications that proposed legislation and a lack of AI-specific legislation signal divergence from the European Union's approach, say lawyers at Deloitte.
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Insights From FRC's Report On Good Corporate Governance
Although the Financial Reporting Council’s recent report on private companies opting to follow the Wates principles has identified improvements, it is important for organizations to provide transparent disclosures and avoid boilerplate, tickbox filings, says Tessa Hastie at BCLP.
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What To Know About The UK Overseas Funds Regime
The U.K.’s overseas funds regime is now open for applications, providing a simplified way of offering a foreign fund to U.K. retail investors, and the Financial Conduct Authority's clear policy statement on implementation should ease the transition process from the existing scheme, say lawyers at Dechert.
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5 Cyber Risk Tips For Lawyers Contracting Cloud Services
With the U.K. government's recent announcement of a forthcoming cybersecurity bill, and the European Union's imminent deadline to transpose the second Network and Information Systems Directive into national law, it is important for in-house lawyers to be alive to potential risks when contracting for cloud services, say lawyers at Addleshaw Goddard.
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Takeaways From SRA Consumer Protection Review
While the Solicitors Regulation Authority prepares to announce its findings later this year following its consumer protection consultation, the topic of handling client funds is very much alive in the legal industry, with polarizing views on what should happen as a result of the review, says Claire Van Der Zant at Shieldpay.
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Reflecting On 12 Months Of The EU Foreign Subsidy Regime
New European Commission guidance, addressing procedural questions and finally providing clarity on “distortion” in merger control and public procurement, offers an opportunity to reflect on the year since foreign subsidy notification obligations were introduced, say lawyers at Fried Frank.
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The Road Ahead For Tokenized Investment Funds In The UK
With an HM Treasury working group expected to release the final phase of a road map for tokenized investment funds by the end of the year, Andrew Tsang and Tom Bacon at BCLP discuss the advantages for investors and fund administrators, the proposed model for implementation, and what the regulatory landscape may look like.
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Review Of EU Cross-Border Merger Regs' Impact On Irish Cos.
Looking back on the year since the European Union Mobility Directive was transposed into Irish law, enabling Irish and European Economic Area limited liability companies to participate in cross-border deals, it is clear that restructuring options available to Irish companies with EU operations have significantly expanded, say lawyers at Matheson.
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Integrating ESG Into Risk Management Programs
Amid increasing regulations and reporting requirements for corporate sustainability in the European Union and the U.S., companies might consider how to incorporate environmental, social and governance factors into more formalized risk management, say directors at Alvarez & Marsal.
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The EU AI Act's Influence Around The World
Although the European Union's Artificial Intelligence Act's implementation will be staggered over the next six years, we are already witnessing its authority across the world, with legislators in other countries drawing inspiration from its sector-agnostic approach, say lawyers at Paul Weiss.