Adequate procedures definition

View the related checklists about Adequate procedures

Anti-bribery and corruption—monitoring and review—checklist

Anti-bribery and corruption—monitoring and review—checklist Under the Bribery Act 2010 (BA 2010), it is an offence for commercial organisations to fail to prevent bribery. This offence occurs when a person, ‘F’, associated with such an organisation, ‘G’, bribes another person with the intention to obtain or retain business, or an advantage in the conduct of business, for G. For further information on failure to prevent bribery and the penalties for bribery, see Practice Note: Failure to prevent bribery—the offence. It is a defence to a charge of failure to prevent bribery that a commercial organisation had adequate procedures in place to prevent it. The Ministry of Justice’s (MoJ’s) Guidance on The Bribery Act 2010 covers procedures that relevant commercial organisations can put into place to prevent persons associated with them from bribing. Principle 6 of the MoJ Guidance on The Bribery Act 2010, states ‘the commercial organisation monitors and reviews procedures designed to prevent bribery by persons associated with it and makes improvements where necessary’. This monitoring and review Checklist...

Risk assessment for bribery—checklist

Risk assessment for bribery—checklist Is the risk assessment overseen at the highest level in the company? In order to show top level commitment to anti-bribery measures, a company officer or Board member should be appointed to oversee the anti-bribery and risk assessment process. See Practice Note: Anti-bribery and corruption policy. Consider: • Does the company's senior management or Board have overall responsibility for the risk assessment process? • Have anti-bribery and corruption responsibilities been delegated and if so to whom and on what basis? • How is this documented? • Has the company assigned risk assessment for bribery to employees (for example a compliance officer) who reports directly to the Board? • How has the company ensured that the risk assessment is fit for purpose and would stand up to scrutiny? • Has the company’s senior management or Board endorsed risk prevention policies and associated publications and taken steps to facilitate compliance with them? Have sufficient resources been dedicated to risk assessment and mitigation? • What internal communications, training programmes...

View the related practice notes about Adequate procedures

Agents and other intermediaries

An agent is a person who performs services for or on behalf of a commercial organisation. The use of agents will principally create risk under section 7 of the Bribery Act 2010 (BA 2010) (failure of a company to prevent bribery).See Failure to prevent bribery—the offence.Commercial organisations are:•bodies incorporated under the law of any part of the UK that carry on a business anywhere•any other bodies corporate that carry on a business or part of a business in any part of the UK•partnerships formed in the UK that carry on a business anywhere, or•partnerships formed anywhere that carry on a business or part of a business in the UKBusiness includes a trade or profession.How an agent may put a commercial organisation at riskAn agent is a person who performs services for or on behalf of a commercial organisation. Agents are therefore associated persons within the meaning of BA 2010.Whether a person is an agent is to be determined by reference to all the relevant circumstances and not merely the nature...

Hospitality and promotional expenditure

It is common business practice to offer some form of hospitality, or extend some form of promotion, to existing or potential business partners.Hospitality and promotional expenditure encompass a range of activities from providing pens marked with company logos to providing expensive perks such as charter flights to foreign countries or lavish gifts, meals and entertainment.Unfortunately, the Bribery Act 2010 (BA 2010) does not provide any statutory assistance as to what is acceptable and what is not. Knowing what you can and cannot properly do can therefore be difficult and is a matter of judgment.Assistance has been provided by the Ministry of Justice (MoJ) and the prosecuting authorities, including the Serious Fraud Office (SFO) and Crown Prosecution Service (CPS) in the following documents: •the SFO document, ‘Bribery Act 2010: Joint Prosecution Guidance of the Director of the Serious Fraud Office and the Director of Public Prosecutions’, last reviewed in September 2019 (the SFO/CPS guidance) (available to download here). Note this guidance is jointly produced with the CPS and is also available in...

View the related precedents about Adequate procedures

Teaming agreement—short form

Teaming agreement—short form This Agreement is made on [date] Parties 1 [Insert name of party] [of OR a company incorporated in England and Wales under number [insert registered number] whose registered office is at] [insert address] (Party 1); and 2 [Insert name of party] [of OR a company incorporated in England and Wales under number [insert registered number] whose registered office is at] [insert address] (Party 2) Each of Party 1 and Party 2 being a party and together the parties. BACKGROUND (A) Party 1 provides [insert description of goods and/or services]. (B) Party 2 provides [insert description of goods and/or services]. (C) The parties wish to submit a Bid as a joint tender to the Customer in response to the Invitation to Tender. (D) The parties wish to set out their obligations and regulate their rights in relation to the Bid and, if their Bid is successful, they intend to enter the Customer Contract[ and the Joint Venture Agreement] in accordance with this Agreement. The...

Anti-bribery clause (short form)—construction contracts

Anti-bribery 1 Bribery Laws means the Bribery Act 2010 [and all other applicable UK legislation, regulations and codes in relation to bribery or corruption] [and any similar or equivalent legislation in any

View the related q&as about Adequate procedures

On a relevant transfer under TUPE 2006, does the transferor’s liability for failing to prevent bribery, to the extent that it is not criminal liability, transfer to the transferee?

On a relevant transfer under TUPE 2006, does the transferor’s liability for failing to prevent bribery, to the extent that it is not criminal liability, transfer to the transferee? Bribery Act 2010 The Bribery Act 2010 sets out four offences: • bribing another person (also known as active bribery) • soliciting or accepting a bribe (also known as passive bribery) • bribing a foreign public official, and • failure of a commercial organisation to prevent bribery by an 'associated person' for its benefit For further information, see Practice Note: Bribery Act 2010: essentials for employment lawyers. The first three offences above apply to individuals and companies. The offence of failure to prevent bribery applies only to relevant commercial organisations. For information on the offence of failing to prevent bribery, see Practice Note: Bribery Act 2010: essentials for employment lawyers—Failure of commercial organisations to prevent bribery. See the Serious Fraud Office (SFO) Guidance on adequate procedures facilitation payments and business expenditure and the following documents (referred to in...

View the related News about Adequate procedures

FCA publishes review findings of smaller asset management firms and alternative business models

The Financial Conduct Authority (FCA) has published its review findings regarding smaller asset management firms and alternative business models as part of its 2022 Alternatives Supervision Strategy. The review assessed 410 firms managing assets under £1bn, collectively overseeing approximately £220bn, to benchmark risk management practices and identify consumer risks. It examined high-risk investments, conflicts of interest, and the Consumer Duty.

SFO bribery case could test unanswered legal principles

Law360, London: Allegations by the Serious Fraud Office (SFO) that an insurance broker failed to prevent bribery will tread new ground, a sign that the agency is willing to probe largely unanswered legal principles to test the extent of its powers, lawyers say.