ANALYSIS: UK Government Considers Deferred Prosecution Agreements: Cause For Celebration Or Cause For Concern?

On May 17, 2012, the UK Ministry of Justice (MoJ) published a consultation paper on deferred prosecution agreements…

ANALYSIS: The UK FSA’s ‘Scary’ Approach To Market Abuse Enforcement

The UK Financial Services Authority (FSA) has repeatedly threatened to become more of a “scary regulator” . With fines this year already totalling over £9 million (U.S.$14 million), 20 criminal prosecutions before the courts, and signs the FSA is pushing the boundaries of the market abuse regime, one can hardly argue that it has not achieved this aim.

ANALYSIS: Taiwan Securities And Exchange Act Amendments Clarify Applicability To Foreign Companies Listing In Taiwan

The Parliament approved on December 12, 2011, the amendment to the Securities and Exchange Act (the “Amendment”) submitted by the Cabinet on April 14, 2010, and October 26, 2010. The Amendment was promulgated by the President on January 4, 2012.

Canada’s Ontario Securities Commission Proposes Enhanced Co-Operation Initiative

On October 21, 2011, the Ontario Securities Commission (OSC) published Staff Notice 15-704 Request for Comments on Proposed Enforcement Initiatives highlighting proposals for resolving enforcement matters more efficiently…

ANALYSIS: Practical Suggestions For Compliance With The U.S. Foreign Corrupt Practices Act And The U.K. Bribery Act

Increased enforcement of the U.S. Foreign Corrupt Practices Act (FCPA) is old news. And now, as if the FCPA had not been enough, beginning this summer, companies and individuals alike have the U.K. Bribery Act to worry about…

ANALYSIS: The New Zealand High Court’s Finding Of Criminal Liability Of Nathans Finance Directors And Its Implications For Directors Generally

Findings by the High Court, Auckland Registry, July 8, 2011, of criminal liability in the Nathans Finance case echo the ruling by the Australian Federal Court in the Centro case the previous month, and make it clear that directors must apply their own judgement in the exercise of their duties rather than simply relying on management and expert advice…

ANALYSIS: U.S. SEC’s First Deferred Prosecution Agreement Sheds Light On Cooperation Initiative

In connection with an investigation concerning possible violations of the Foreign Corrupt Practices Act (FCPA) by Luxembourg-based Tenaris, S.A., a global steel pipe company, the Securities and Exchange Commission (SEC) announced its first ever deferred prosecution agreement May 17, 2011…

ANALYSIS: The Australian Securities & Investments Commission’s Civil Penalty Proceedings Against The Directors And Officers Of Centro

On June 27, 2011, Middleton J in the Federal Court of Australia delivered judgment in the Australian Securities & Investments Commission’s (ASIC’s) civil penalty proceedings against the eight directors (seven non-executive directors and the chief executive officer) and the chief financial officer of various entities within the Centro Group

Hong Kong Securities And Futures Appeal Tribunal’s Role Broadened In Landmark Decision

In a landmark decision, the Court of Appeal June 14, 2011, unanimously overturned the practice that the Securities and Futures Appeal Tribunal (the SFAT) has adopted since 2003 in proceeding only on the basis that it has a limited role in reviewing Securities and Futures Commission (SFC) decisions which are appealed to the SFAT…

The U.K. Bribery Act: A Primer For International Securities Firms

The Bribery Act 2010 (the “Bribery Act” or “Act”) has been a “hot” topic ever since it was pushed through the U.K. Parliament just before the general election in the spring of 2010 (see analysis at WSLR, June 2010, page 26). But the heat increased when the Government published draft guidance and is now full on with the Act coming into force on July 1, 2011.

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