The following Financial Services practice note Produced in partnership with SHOOSMITHS LLP provides comprehensive and up to date legal information covering:
A Deferred Prosecution Agreement (DPA) is an agreement between a prosecutor and an organisation facing prosecution for an alleged economic or financial offence. It involves the:
organisation agreeing to comply with a range of terms and conditions which are monitored; and
prosecutor agreeing to start but then halt criminal proceedings for the alleged offence. If the organisation complies with the terms of the DPA the prosecutor will then terminate proceedings but if not the prosecutor will continue with them.
For those organisations involved in financial services the offences in relation to which a DPA may be entered include:
contravention of the prohibition of carrying on regulated activity unless authorised or exempt or the restrictions on financial promotion
prohibition of dealing etc in transferable securities without approved prospectus
provision of false or misleading statements to auditor or actuary
misleading statements and practices
misleading the Financial Conduct Authority (FCA)
money laundering including failure to comply with the money laundering regulations, failing to report and prejudicing an investigation
bribery including failure to prevent bribery
A DPA is discretionary and it is for the prosecutor to decide whether or not to agree to enter into one. Only the Crown Prosecution Service (CPS) and the Serious Fraud Office (SFO) can currently enter into a DPA although the Secretary of State has the power to make an order
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