Financial Regulation Compliance & Investigations

Financial Regulation Compliance & Investigations

Financial Regulation Compliance & Investigations

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Overview

We work with the full spectrum of financial institutions to support them and provide pragmatic and commercially astute guidance to ensure they meet their vast global and local financial regulatory requirements. We help our clients ensure they are prepared for changes in regulations, that they are operating within the relevant legal framework, and that their staff are trained in and confident with their local regulatory requirements and expectations. If they become subject to an investigation by a regulator or government agency, or need to conduct an internal investigation, we advise on the investigation and dealings with external agencies. 

Across our global network of offices we work with a wide range of financial institutions in the retail and wholesale sectors, including banks, asset managers, broker-dealers, commodity traders, corporate financiers, custodians, insurance/reinsurance firms and intermediaries, life and general insurers and payment services and currency exchange platforms 

We immerse ourselves in the financial services industry, ensuring we fully understand the world our clients operate in. We combine this with an in-depth knowledge of the relevant regulators and how their authorisation, supervision and enforcement divisions operate in practice, together with technical excellence in the relevant law and regulations. A number of our team have gained direct experience from working at the regulators (including the FCA, PRA, SFO, CMA, OCC, SEC, CFTC, FINRA, CFPB and NY DFS) as well as a wide range of global financial institutions and investment exchanges. 

As well as representing financial institutions, we also advise members of senior management on their personal regulatory responsibilities, and listed companies on their regulatory requirements 

We recognize that, as much as the regulators expect a culture of compliance to pervade, in the current regulatory climate regulatory compliance advice cannot exist in a bubble. Our approach to providing regulatory compliance counsel recognizes that any compliance solution or enforcement resolution must be considered in the context of its practical impacts on our clients business. We work with our clients to develop practical, workable solutions that allow their businesses to move forward and to thrive. And when issues are identified, we conduct efficient, legally privileged investigations to obtain the factual basis to provide the best legal advice to the institution.

Experience with over 10 global regulators & agencies

  • the UK Financial Conduct Authority (FCA)
  • the UK Prudential Regulation Authority (PRA)
  • the UK Serious Fraud Office (SFO)
  • European Commission (EC)
  • the UK National Crime Agency (NCA)
  • US Department of Justice (DoJ)
  • Securities & Exchange Commission (SEC)
  • New York Department of Financial Services (DFS)
  • Commodity Futures Trading Commission (CFTC)
  • US Federal Bureau of Investigations (FBI)

Experience with over 10 global regulators & agencies

  • the UK Financial Conduct Authority (FCA)
  • the UK Prudential Regulation Authority (PRA)
  • the UK Serious Fraud Office (SFO)
  • European Commission (EC)
  • the UK National Crime Agency (NCA)
  • US Department of Justice (DoJ)
  • Securities & Exchange Commission (SEC)
  • New York Department of Financial Services (DFS)
  • Commodity Futures Trading Commission (CFTC)
  • US Federal Bureau of Investigations (FBI)

Protecting what's important

Protecting what's important

Financial Regulation & Disputes 2024

Emerging Themes

This year, our team have focused on the theme ‘People in Focus‘, as, whilst the growth and adoption of technological innovation is evident, the quality of our human capital, the strength of connections between individuals and their capacity to navigate change, remains vital. We hope you enjoy reading the latest insights that consider the key trends, risks and opportunities in financial services in 2024.

Read our 2024 edition of Emerging Themes in Financial Regulation & Disputes 

Polly James

Partner and Global Practice Co-Leader - Financial Services Disputes and Investigations, London

+44 (0) 20 3400 3158
+44 (0) 20 3400 4570

Eric Martin

Partner and Global Practice Co-Leader - Financial Services Disputes and Investigations , St. Louis / Los Angeles

+1 314 259 2324
+1 404 572 6808

Polly James

Partner and Global Practice Co-Leader - Financial Services Disputes and Investigations, London

+44 (0) 20 3400 3158
+44 (0) 20 3400 4570

Eric Martin

Partner and Global Practice Co-Leader - Financial Services Disputes and Investigations , St. Louis / Los Angeles

+1 314 259 2324
+1 404 572 6808

Meet The Team

Polly James

Partner and Global Practice Co-Leader - Financial Services Disputes and Investigations, London

+44 (0) 20 3400 3158
+44 (0) 20 3400 4570

Eric Martin

Partner and Global Practice Co-Leader - Financial Services Disputes and Investigations , St. Louis / Los Angeles

+1 314 259 2324
+1 404 572 6808

Related Practice Areas

  • White Collar

  • Insurance

  • Data Privacy & Security

  • Antitrust

  • Anti-Money Laundering Compliance

  • Broker-Dealer and Investment Advisor Regulatory Enforcement, Disputes and Investigations

Experience

  • We advised a major US investment bank on the global FX investigation. This has involved parallel investigations by regulators in the US, UK, EU, Hong Kong SAR, Singapore, Korea and Brazil.  We have advised on strategy and substance in the UK, EU and Hong Kong SAR, and have managed outside counsel in all other jurisdictions. No action was taken against our client. 
  • We are advising a leading intermediary in an FCA investigation into the implementation of the Market Abuse Regulation and systems for automated surveillance of trading. 
  • We advised a major UK listed company on an FCA investigation into alleged failure to obtain prior shareholder approval in relation to a significant acquisition. No action was taken against our client. 
  • We are regularly instructed by leading financial institutions to act as independent legal advisers (“ILAs”) for their senior management and other employees on threatened enforcement action by the FCA, PRA and overseas regulators and agencies. Our substantial experience includes acting for individuals who are asked to attend regulatory interviews as witnesses, as well as individuals who are themselves the subject of a formal investigation. 
  • We advised a leading global insurer on an FCA (and subsequent European Commission) investigation into suspected information sharing and other anti-competitive conduct in relation to the aviation insurance market. No action was taken against our client. 
  • We advised a range of financial institutions, including non-EEA banks, in relation to their implementation of MiFID II, the largest and most onerous regulatory reform package to affect the European financial services sector in recent years

Related Insights

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Mar 12, 2024

Caught in the crosshairs

How the PRA’s new Early Account Scheme impacts individuals
Insights
Jan 29, 2024

Navigating the Corporate Transparency Act maze: hidden pitfalls of employee structuring for the large operating company exemption

*A significant point of consideration for larger, privately held companies lies in the structuring of their employee base. Many companies opt for a structure where all employees are retained in a separate subsidiary or subsidiaries for various operational reasons, including tax benefits and employment-related efficiencies. However, under the CTA, this common practice could inadvertently expose companies to reporting requirements.With the Corporate Transparency Act (CTA) now in effect, it is crucial for privately held mid-sized and large companies to look into and re-examine their corporate structures to ensure compliance with the new law. While the CTA primarily targets smaller companies in lightly regulated industries, larger companies should not automatically assume they and all of their affiliates are exempt from its reporting requirements. This is particularly true for those using common employee structures where employees are retained in separate subsidiaries or affiliates of a holding or operating company of the business. Such structures could inadvertently place the holding and operating companies, as well as their subsidiaries, under the ambit of CTA’s reporting requirements, underscoring the need for a comprehensive review of such businesses’ corporate and employment structures to ensure full compliance with the CTA. We will discuss the employee prong of the “large operating company” exemption in more detail below, with examples of how an organization’s structure might affect the analysis.
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Nov 01, 2023

The CFTC is not your friend

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Oct 16, 2023

Applying the FCA’s proposed new guidance on non-financial misconduct

Non-financial misconduct in financial services firms is back at the top of the agenda following the concurrent publication of the FCA’s Consultation Paper 20/23 (Diversity and inclusion in the financial sector – working together to drive change) and the PRA’s Consultation Paper 18/23 (Diversity and inclusion in PRA-regulated firms). The PRA and FCA appear to be agreed that (a) non-financial misconduct incidents are relevant when considering whether an individual has acted with integrity and that (b) for senior managers and certification staff, sometimes behaviour in their personal lives that is unconnected to their job will be relevant to their fitness and propriety to work in financial services. How are HR and Compliance professionals to respond to the new role of moral arbiter that these proposed guidelines point towards, and where will the practical and legal challenges arise?

Related Insights

Insights
Mar 12, 2024
Caught in the crosshairs
How the PRA’s new Early Account Scheme impacts individuals
Insights
Jan 29, 2024
Navigating the Corporate Transparency Act maze: hidden pitfalls of employee structuring for the large operating company exemption
*A significant point of consideration for larger, privately held companies lies in the structuring of their employee base. Many companies opt for a structure where all employees are retained in a separate subsidiary or subsidiaries for various operational reasons, including tax benefits and employment-related efficiencies. However, under the CTA, this common practice could inadvertently expose companies to reporting requirements.With the Corporate Transparency Act (CTA) now in effect, it is crucial for privately held mid-sized and large companies to look into and re-examine their corporate structures to ensure compliance with the new law. While the CTA primarily targets smaller companies in lightly regulated industries, larger companies should not automatically assume they and all of their affiliates are exempt from its reporting requirements. This is particularly true for those using common employee structures where employees are retained in separate subsidiaries or affiliates of a holding or operating company of the business. Such structures could inadvertently place the holding and operating companies, as well as their subsidiaries, under the ambit of CTA’s reporting requirements, underscoring the need for a comprehensive review of such businesses’ corporate and employment structures to ensure full compliance with the CTA. We will discuss the employee prong of the “large operating company” exemption in more detail below, with examples of how an organization’s structure might affect the analysis.
Events
Jan 25, 2024
Katherine Cooper presents at ABA's Derivatives and Futures Law 2024 Winter Committee Meeting
Insights
Dec 05, 2023
Deadlines fast approaching for Corporate Transparency Act compliance
Insights
Nov 01, 2023
The CFTC is not your friend
Insights
Oct 25, 2023
How will changes to corporate criminal liability impact the banking sector
News
Oct 17, 2023
The FCA and PRA Consultation Papers - Banking with BCLP Webinar Series
Insights
Oct 16, 2023
Applying the FCA’s proposed new guidance on non-financial misconduct
Non-financial misconduct in financial services firms is back at the top of the agenda following the concurrent publication of the FCA’s Consultation Paper 20/23 (Diversity and inclusion in the financial sector – working together to drive change) and the PRA’s Consultation Paper 18/23 (Diversity and inclusion in PRA-regulated firms). The PRA and FCA appear to be agreed that (a) non-financial misconduct incidents are relevant when considering whether an individual has acted with integrity and that (b) for senior managers and certification staff, sometimes behaviour in their personal lives that is unconnected to their job will be relevant to their fitness and propriety to work in financial services. How are HR and Compliance professionals to respond to the new role of moral arbiter that these proposed guidelines point towards, and where will the practical and legal challenges arise?
News
Oct 04, 2023
New partner boosts BCLP’s Financial Services & Disputes practice