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On 5 March, Reed Smith will welcome in-house counsel at pharmaceutical, medical device, and health companies to join a roundtable discussion on how to identify and mitigate risk. Our Government Investigations partners Rosanne Kay and Eoin O’Shea will speak on a panel “Global Investigations of Companies and their People: A Look at Current Issues through the Lens of a Case Study.” We are happy to announce our in-house and industry speakers: Helen Barraclough (Associate General…
On 30 November, an English court approved the first Deferred Prosecution Agreement (DPA). This DPA also coincided with the first time that the Serious Fraud Office had charged the “failure to prevent bribery” offence under section 7 of the Bribery Act. The DPA was agreed between the SFO and Standard Bank in relation to allegations surrounding a business agreement between Standard Bank and the Tanzanian Government in 2012. For a full analysis of the DPA…
The conviction of Tom Hayes in the first UK LIBOR trial (click here to read more) is a watershed moment. It’s a big win for the SFO, although it must be said that a more damning book of evidence could not be imagined. The judge’s sentencing remarks (link to judiciary.gov.uk) repay detailed study. Hayes received 14 years, one of the heaviest sentences on record for this offence. The judge’s summary reads like a case-study of…
A number of banks have agreed record settlements with regulators in relation to forex. These fines were paid by the banks themselves, as opposed to the traders involved, and the position of the individual, in the UK at least, is very different from the banks – to learn more, please click here to read the full issued Client Alert.…
From 3 May 2015, businesses in the UK will face new risks as a reform in the law will mean that those enabling the criminal activities of an organised crime group, including professionals, can be prosecuted more easily. It is important that all businesses are alive to the risk of not asking questions, or of failing to reconsider the wider context of their work once a suspicion arises. To find out more about the impact…
A former professional football player, Delroy Facey, has been convicted and imprisoned for offences under the UK Bribery Act. The BBC reports the conviction and sentence here. If you love sport it’s a sad story. Facey was a decent striker who, at one time, was considered good enough to play for Bolton Wanderers, then in the Premier League. He made 10 appearances for Bolton. However, his star faded early and he went through a…
In 2014, there was an increase by 20 percent in open investigations by the UK’s Financial Conduct Authority (FCA). An increase that is speculated to be the result of the FCA’s new stricter regime, in comparison to its supposedly less confrontational predecessor, the FSA. Click here for the Reed Smith Client Alert to lean more about what this could mean for clients in the regulated financial services industry.…
The prosecution of Smith and Ouzman Ltd. for bribery is winding to a close, with the sentencing of two directors of the company for corruption. See the basics of the story here. The 43-year-old sales director of the company got three years. The 72-year-old former chairman of the company got 18 months suspended, plus 250 hours unpaid work. The convictions were for events prior to July 2011 and so the Bribery Act was not…
This briefing discusses the new approach of the UK’s regulator, the FCA, to regulatory enforcement of wholesale markets, as revealed by the recent settlements between the agency and five banks relating to FX manipulation. These are the largest regulatory settlements in UK history, a total of £1.1 billion (or $1.72 billion), the largest slice of a $4.3 billion total figure across four international regulators. The size of the penalties, and, perhaps more importantly, the FCA’s…
  The Isle of Man is an unusual place. Constitutionally it is a dependency of the British Crown and depends on Britain in matters of defence and foreign affairs. But it isn’t part of the United Kingdom and has a separate legal system. The island has made the most of its differences by creating an investor-friendly company-law trust and taxation regime similar to that of Jersey or Guernsey. In such places, there is often a…