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 investigations in respect of criminal cases.
For reference, a flowchart of the FCA’s enforcement process from the FCA’s Enforcement Information Guide, may be found at the end of this Practice Note. This shows the process of a typical FCA enforcement case where the matter is dealt with through the FCA’s administrative powers under FSMA 2000 (as opposed to civil
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On 29 August 2015, the Prudential Regulation Authority (PRA) published the PRA Rulebook (Rulebook). The transition from the Handbook to the Rulebook was intended to benefit PRA-authorised firms, to access clearer and more concise rules. Alongside the Rulebook, supervisory statements and statements
This Practice Note discusses Term Loan B (TLB) facilities which frequently appear as a tranche of senior facilities in syndicated loans in leveraged financings. TLBs are an established feature in the US market and increasingly used in the European lending market for institutional investors.This
The principle of transferred maliceIf a person has a malicious intent towards X and, in carrying out that intent, injures Y, he is guilty of an offence. So, if D shoots at A with intent to kill him but kills B by mistake it is murder; the mistake as to the identity of the victim is irrelevant as D
A certificate of title (also known as a certificate on title) is a particular species of report on title.When solicitors are instructed to investigate title to land (for instance, when land is being acquired or offered up as security), they will write a report on title for their client, which sets
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