In the much-awaited Judgment No. 63, filed on March 21, 2019 and published on March 27, 2019 on Issue No. 13 of the Italian Official Gazette, the Italian Constitutional Court found that the principle of retroactive application of the most favorable law applies to the administrative penalties set forth under Legislative Decree No. 58 of
Europe
EDPB Issues First Opinion on Administrative Arrangements Under the GDPR for Cross-Border Data Flows Between EU and Non-EU Securities Agencies
By Emmanuel Ronco & Natalie Farmer on
On 12 February 2019, the European Data Protection Board (“EDPB”)[1] adopted its first opinion on an “administrative arrangement,” which provides a new mechanism for the transfer of personal data between European Union (“EU”) financial supervisory authorities and securities agencies and their non-EU counterparts.
Under the EU’s General Data Protection Regulation 2016/679 (“GDPR”), personal data cannot be transferred from the European Economic Area (“EEA”) to a third country unless the European Commission has decided that such third country is “adequate” from a data protection laws perspective, or “appropriate safeguards” are in place to ensure that the treatment of personal data in the hands of the recipient reflects the GDPR’s high standards. Article 46 of the GDPR provides for various safeguarding options, including the possibility of “provisions to be inserted into administrative arrangements between public authorities or bodies which include enforceable and effective data subject rights.”[2] No such “administrative arrangements” have been approved by the EDPB until now.
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French Criminal Court Orders UBS to Pay a Record EUR 4.5 Billion in Tax Fraud Case
By Amélie Champsaur, Jean-Yves Garaud, Guillaume de Rancourt & Camille Martini on
Posted in Corporate Enforcement, Europe
On February 20, 2019, the Paris criminal court found Swiss bank UBS guilty of illegally soliciting French clients and laundering the proceeds of tax fraud, and imposed a record fine of EUR 3.7 billion.
The Paris criminal court (32nd chamber of the Tribunal de grande instance) followed the prosecution’s case, which had requested a fine…
U.S. Subpoena Fails to Secure the Production of Witness Statements and Disclosed Documents in English Proceedings
By Nowell D. Bamberger, Sunil Gadhia, James Brady‑Banzet & Frances Carpenter on
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)…
Law Society, CLLS and Fraud Lawyers Association Respond to UK Government Review of the Bribery Act
By James Norris-Jones, Thomas Shortland & Robert Garden on
Posted in Enforcement, Europe
On July 31, 2018, in response to a review of the Bribery Act 2010 (the “Bribery Act”) conducted by the UK Government, the Law Society, the City of London Law Society and the Fraud Lawyers Association published a joint response (the “Joint Response”) to the UK Government’s call for evidence on the enforcement and effectiveness of the legislation.[1]
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Important Court of Appeal Decision on English Legal Privilege
By James Norris-Jones & Thomas Shortland on
Posted in Enforcement, Europe
On September 5, 2018, in a highly anticipated decision on the scope of legal privilege under English law, the English Court of Appeal handed down its decision in SFO v ENRC, rejecting the restrictive approach that had been taken by the High Court to litigation privilege.
The decision has important implications both as to when…
Société Générale Enters Into First Coordinated Resolution of Foreign Bribery Case by U.S. and French Authorities
By Joon H. Kim, Lisa Vicens, Abena Mainoo, Guillaume de Rancourt & Pekham Pal on
On June 4, 2018, the U.S. Department of Justice announced that Société Générale S.A. (“Société Générale”) and its wholly-owned subsidiary, SGA Société Générale Acceptance, N.V. (“SGA”), have agreed to pay over $1 billion in total penalties to U.S. and French authorities in connection with bribe payments to Libyan officials and manipulation of the London Interbank…
The European Commission Proposes new Rules to Strengthen Whistleblower Protection
On April 23rd, the European Commission adopted a proposal for a directive on the protection of whistleblowers reporting breaches of Union Law.[1]
The proposal sets out minimum standards of protection for whistleblowers against retaliation when they report breaches in specific policy areas. The proposal is premised on the view that the lack of a common, effective approach to whistleblower protection across Member States can impair the enforcement of European law.[2]
Continue Reading The European Commission Proposes new Rules to Strengthen Whistleblower Protection