The following Financial Services practice note provides comprehensive and up to date legal information covering:
This Practice Note explains the initial stages and investigative steps in the Financial Conduct Authority’s (FCA) enforcement process once a breach has been identified. It describes the FCA’s enforcement priorities and its evolving approach to opening an enforcement investigation following HM Treasury’s 2014 Enforcement Review and the Green Report. It considers the process of the enforcement investigation from the referral of a suspected breach to the FCA’s Enforcement and Market Oversight Division (EMO) through to document requests and interviews, the preliminary investigation report, and submission of a recommendation of enforcement action to the RDC. It considers the appointment of investigators, their formal powers and the restrictions on those powers. It outlines considerations the subject should be mindful of such as confidentiality, publicity and the risk of committing an offence during the investigation. Finally, it provides a brief overview of joint investigations between the FCA and PRA, investigations into breaches of the listing rules and market abuse, collective investment schemes, investigations on behalf of overseas regulators and
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This Practice Note considers the different categories of contractual damages that may be available for financial loss (pecuniary loss), ie expectation-based damages, reliance-based damages and gains-based damages.For guidance on contractual damages generally, see Practice Note: Contractual
What is a res judicata?A res judicata is a decision given by a judge or tribunal with jurisdiction over the cause of action and the parties, which disposes, with finality, of a matter decided so that it cannot be re-litigated by those bound by the judgment, except on appeal.Final judgments by
An ad hoc arbitration is any arbitration in which the parties have not selected an institution to administer the arbitration. This offers parties flexibility as to the conduct of the arbitration, but less external support for the process. It can be quicker than institutional arbitration but not if
There are two kinds of burden:•the legal burden, and•the evidential burdenThe legal burdenA party has the legal (sometimes called ‘the persuasive’) burden where the onus is on that party to prove a fact or issue in a case to the required standard of proof.The legal burden is generally on the
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