The following Corporate Crime practice note provides comprehensive and up to date legal information covering:
Boiler rooms are the names ascribed to high pressure sales environments. The idea is that the sales environment creates the pressure of a boiler room, with sales people deploying high pressure sales tactics to incite, cajole and pressurise investors into parting with their money in exchange for investments.
The terms 'boiler room fraud' or 'boiler room scam' are used to describe a particular type of fraud perpetrated using boiler rooms. In other words, a fraud carried on by means of distance selling, telemarketing and telesales, by which, victims are pressurised into buying products or investments on a false premise. The goods or investments purchased are usually worthless or worth substantially less than the consideration given. The sales people operating within the boiler room often use dishonesty and/or deception to make the sales and the victims are usually specifically targeted for their naïvety or vulnerability.
The Financial Conduct Authority (FCA) regulates the activity of companies operating in the UK financial sector, including banks, stockbrokers, financial advisers and spread-betting agents, and companies carrying out this kind of business without authorisation may be guilty of an offence under section 21 of the Financial Services and Markets Act 2000 (FSMA 2000). The FCA has a Financial Services Register listing all financial firms and individuals (including stockbrokers) who are authorised to operate in the UK. The
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Facilitating the performance of a duty by public officialsFacilitation payments, also known as facilitating or grease payments, are generally small amounts of money paid to public officials or others as a means of ensuring that they perform their duty, whether more promptly or at all. In some
BREXIT: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance on
Source of the doctrine of the separation of powersThe origins of the doctrine are often traced to John Locke’s Second Treatise of Government (1689), in which he identified the 'executive' and 'legislative' powers as needing to be separate.‘… it may be too great a temptation to human frailty, apt to
Produced with input from Rebecca Cousin of Slaughter and May on market practice.This Practice Note summarises the rules and guidance in relation to parties who are, or may be presumed to be, acting in concert for the purposes of The City Code on Takeovers and Mergers (the Code). In particular the
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