This Practice Note summarises enforcement actions surrounding the manipulation of benchmarks, including LIBOR, EURIBOR and FX. It discusses UK and related international regulatory, criminal and civil actions and penalties surrounding benchmark manipulation.
This Practice Note deals with the disclosure issues that might arise during the course of an FCA or PRA investigation, including the rules on the disclosure of confidential information, privileged and protected items and disclosure to third parties such as overseas regulators and potential litigants. It also covers the general and specific obligations on firms to make notifications about rule breaches or other misconduct to the regulator, and the consequences of a failure to notify.
This Practice Note discusses the Financial Conduct Authority’s powers to obtain information and the restrictions on its disclosure and use of information obtained.
This Practice Note examines the circumstances in which firms and individuals can refuse to produce documents and information to the regulators on the basis that the information sought is a ‘protected item’ (ie privileged) (Financial Services and Markets Act 2000 (FSMA 2000), s 413) or subject to banking confidentiality (FSMA 2000, s 175). The Practice Note considers the practical implications of the ‘protected item’ exemption and how firms and their lawyers should deal with protected, or potentially protected items.
The Financial Services and Markets Act 2000 (FSMA 2000) prohibits any person from carrying on a regulated activity in the UK unless they are an authorised or an exempt person. This is known as the general prohibition. A regulated activity is an activity of a specified kind (that is, one which is specified in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544, which is carried on by way of business in the UK. A breach of the general prohibition is a criminal offence punishable by a fine or imprisonment. This Practice Note considers how the regulators enforce against unauthorised business.
This Practice Note examines partly contested cases and focused resolution agreements (FRAs), introduced in 2017 following a joint Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) Policy Statement setting out final changes to their enforcement decision-making processes, geared towards improving transparency and effectiveness.
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