The SFO recently released its much anticipated Corporate Co-Operation Guidance (the “Guidance”). It provides details of the types of behaviour expected by the SFO in order for an organisation to receive credit for its cooperation, including through the offer of a Deferred Prosecution Agreement (“DPA”) or by the SFO determining that it is not in
Sunil Gadhia’s practice focuses on English and international disputes, investigatory and enforcement work.
FCA Issues First Penalties for Competition Infringements
On 21 February, the UK Financial Conduct Authority issued its first competition enforcement decision against three asset management firms. The FCA imposed fines totaling £414,900 for an infringement based on the sharing of strategic information on a bilateral basis during an IPO and a placing, shortly before share prices were set. The decision reflects increasing…
U.S. Subpoena Fails to Secure the Production of Witness Statements and Disclosed Documents in English Proceedings
On 12 February 2019, the English High Court issued a judgment in proceedings related to the takeover of Autonomy Corporation Limited (now ACL Netherlands BV) by the Hewlett-Packard group in 2011. The question before the Court was whether a U.S. grand jury subpoena served on Hewlett Packard Enterprise (the U.S. parent company of the claimants)…
Challenge to the First Unexplained Wealth Order Obtained by U.K. Enforcement Authorities is Rejected
The English High Court has dismissed an application to discharge the U.K.’s first Unexplained Wealth Order which was obtained by the National Crime Agency on February 27, 2018.
Since January 31, 2018 a number of U.K. enforcement authorities have been able to apply to the English courts for an Unexplained Wealth Order in circumstances where…
UK Regulators Fine Barclays’ CEO for Errors of Judgement in Relation to Whistleblower
The Financial Conduct Authority and the Prudential Regulation Authority (together, the “Regulators”) have jointly fined Barclays’ CEO, Jes Staley, a total of £642,430. The fine was imposed for Mr Staley’s repeated attempts to uncover the identity of an anonymous whistleblower, which constituted a failure to act with the due skill, care and diligence the Regulators expect from a CEO. The case was observed with interest as the first brought by financial regulators under the UK’s Senior Managers Regime. The Regulators chose not to impose more severe sanctions (which could have involved the removal of Mr Staley from his role) after failing to find that Mr Staley was guilty of any deliberate wrongdoing.
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Cross-Border Investigations: A Look Back on 2017, and Ahead to 2018
2017 was a year of transition and change in the world of cross-border investigations. In the U.S., the first year of the Trump administration brought questions about enforcement priorities and approach. In the U.K., the debate continued over whether lawyers’ work in furtherance of internal investigations enjoys privilege protection. Globally, new enforcement authorities stepped forward,…