GT London Law Blog

GT London Law Blog

Legal Advisers for a Changing World

Tag Archives: Greenberg Traurig

FCA Receives Thousands of Insider Dealing Tip-Offs From Financial Services Firms; Few Investigations Opened

Posted in insider dealing, White collar
Figures provided by the UK’s Financial Conduct Authority (FCA) show that in spite of the thousands of tip-offs on insider dealing it receives from banks and other financial services firms, it rarely opens an investigation. In a response to a freedom of information (FOI) request made by Greenberg Traurig’s White Collar Defence and Special Investigations… Continue Reading

Brexit & REACH: Potential Changes to UK Chemical Regulation

Posted in Brexit, chemical regulation, Corporate, Environment, Environmental, EU Withdrawal Agreement, Government, International Law, International Trade, No-deal Brexit
29 March 2019, the date currently fixed in United Kingdom (UK) and European Union (EU) law as when the UK will leave the EU, is now just two weeks away. At this late stage, the terms of the UK’s withdrawal from the EU remain unsettled. The Withdrawal Agreement agreed in draft with the EU at… Continue Reading

UK Review of the Bribery Act 2010 – Committee Concludes New Guidance Needed

Posted in Bribery Act 2010, Compliance Programs, Corporate, criminal law, Government, White collar
In 2018 the House of Lords announced it would set up an ad hoc Select Committee to conduct a post-legislative review of the Bribery Act 2010. Greenberg Traurig Shareholder Anne-Marie Ottaway was appointed Specialist Advisor to the Committee, which today published the report of its findings. The review confirms that the Bribery Act 2010 is “an… Continue Reading

LIBOR and “No-Deal” Brexit

Posted in Brexit
One of the consequences of a “no-deal” Brexit would be that the United Kingdom would no longer have access to the European financial market. This would affect LIBOR as a trusted and widely used benchmark. LIBOR vs. EURIBOR Currently, two relevant benchmarks exist in the European Union: LIBOR and EURIBOR. LIBOR stands for “London Interbank… Continue Reading

The Financial Conduct Authority – Part 2 – Criminal & Civil Insider Dealing

Posted in criminal law, FCA, Financial Conduct Authority, insider dealing, insider trading, White collar
In a February 2019 speech, the FCA’s Director of Market Oversight, Julia Hoggett, said the following: The life blood of all well-functioning markets is the timely dissemination of information, without which effective price information cannot take place. The malignant form of that same life blood is the misuse or inappropriate dissemination of that information. The… Continue Reading

I Smell a Rat: SFO Looks to Informants – Dangling the Carrot of Immunity?

Posted in criminal law, White collar
Lisa Osofsky, the new director of the UK Serious Fraud Office, says her agency should use insiders and co-operators to bring to life by way of live evidence the document-heavy cases it prosecutes. Speaking to the Commons Justice Committee in December 2018, Ms Osofsky alluded to the slow pace of SFO investigations as one of… Continue Reading

Top 5 Predictions for UK White Collar Defence in 2019

Posted in Brexit, criminal law, Government, International Law, White collar
What does 2019 have in store for white-collar defence in the UK? In this GT Alert, we list our top 5 predictions relating to Serious Fraud Office (SFO) Director Lisa Osofsky, who indicated various areas of focus for her tenure; Brexit and the potential loss of the European Arrest Warrant regime and the U.K.’s access to EU… Continue Reading

The Financial Conduct Authority – Part 1 – Market Manipulation

Posted in criminal law, FCA, Financial Conduct Authority, spoofing, White collar
The term ‘market manipulation’ is a broad one which can mean a number of things. In this GT Advisory, we consider how market manipulation is approached in the U.K. in both a civil and criminal context, and how it has been enforced by the U.K.’s Financial Conduct Authority (FCA). We also discuss spoofing, a tactic… Continue Reading

Failure to Prevent Tax Evasion: Forgotten, but Not Gone

Posted in criminal law, Tax, tax evasion, White collar
The new offences introduced by the Criminal Finances Act 2017 (the Act), although widely publicised in the months leading up to its commencement, have received little attention since from commentators and, seemingly, the enforcement authorities. The two new offences govern U.K. and non-U.K. tax and are targeted at criminalising a corporate entity or partnership’s (broadly,… Continue Reading

Prove It or Lose It! Part III: A Step Too Far? Account Freezing Orders & Account Forfeiture Orders

Posted in criminal law, White collar
Part III of our series on asset recovery powers available to UK law enforcement authorities focuses on new powers under the Criminal Finances Act 2017 to obtain orders to freeze bank accounts and apply for forfeiture orders, permanently depriving the account holder of the funds contained in the account. These draconian new powers have received little publicity… Continue Reading

Brexit – Where Now?

Posted in Brexit, Government, International Law, International Trade
At their summit on 25 November, the leaders of the EU27 states approved the draft agreement providing for the U.K.’s withdrawal from the EU. The EU and U.K. also issued a joint statement outlining the framework for the post-Brexit EU/U.K. relationship. These developments, although much-awaited, give little legal certainty in the short term. Draft Withdrawal… Continue Reading

Prove It or Lose It! Part II: Civil Recovery Orders

Posted in White collar
In the first of our two-part series, we looked at Unexplained Wealth Orders (UWOs). To summarize, UWOs require the recipient to explain how they obtained their wealth/assets, which authorities have reasonable grounds to suspect could not have been with the recipient’s known sources of income. The UWO is the beginning of a journey that can result… Continue Reading

Prove It or Lose It! – Part I: Unexplained Wealth Orders

Posted in White collar
Unexplained Wealth Orders (UWOs) have recently been in the news. They extend the powers available to UK law enforcement authorities under the Proceeds of Crime Act 2002 (POCA). A UWO enables investigators to ask people who are holding assets, which based on their legitimate income they would not be able to afford, to prove that… Continue Reading

Greenberg Traurig Advises On Hotel Deal Valued At Approximately £858 Million

Posted in Corporate, M&A, Real Estate
LONDON – 6 August 2018 – A multidisciplinary London-based team at global law firm Greenberg Traurig, LLP advised InterContinental Hotels Group plc on its arrangements with French real estate investor Covivio (formerly Foncière des Régions) to rebrand and operate 12 high-quality open hotels and one pipeline hotel in the UK following the acquisition of the… Continue Reading

Director Disqualification: CMA Signals Increased Enforcement

Posted in Antitrust Trade & Regulation, Competition Law
The Consultation The UK Competition and Markets Authority (CMA) has on 26 July 2018 opened a consultation on revised guidance (Revised Guidance) on competition disqualification orders (CDOs) against directors of undertakings suspected to have been in breach of competition laws. Continue Reading.… Continue Reading

Tips for Dealing with a ‘Dawn Raid’ or Search in the UK

Posted in White collar
Recent statistics show investigators taking a harder line and conducting increasing numbers of searches with the Serious Fraud Office more than tripling the number of searches it conducted in connection with ongoing investigations in the 12 months ended 31, March 2018. Searches by law enforcement investigators, including dawn raids, are inherently intrusive and are often used… Continue Reading

SFO Carries out 30 Property Raids as Part of Criminal Investigations – Over Triple the Number the Year Before

Posted in White collar
But raids as part of asset seizure probes fall to zero LONDON – 26 July 2018 – The UK Serious Fraud Office (SFO) launched 30 property raids to gather evidence for its ongoing criminal investigations (i.e. before prosecution takes place) in the previous 12 months year ending March 31. The number is more than triple… Continue Reading

Frankfurt Court Approves Online Marketplace Restriction for Luxury Perfumes

Posted in Antitrust Trade & Regulation
The Higher Regional Court of Frankfurt ruled on 12 July 2018 that manufacturers of luxury products are permitted to restrict authorised resellers from reselling on online marketplaces. The marketplace restriction at issue was imposed by Coty Germany on Parfümerie Akzente, one of its authorised distributors, to prohibit it from distributing Coty perfumes on a third-party… Continue Reading

UK Court Rules a Suspect in a Criminal Investigation has Reasonable Expectation it will be Kept Private

Posted in White collar
In Sir Cliff Richard OBE v. The British Broadcasting Corporation and The Chief Constable of South Yorkshire Police [2018] EWHC 1837 (Ch) a UK court has ruled that the reporting by the BBC of a police investigation (which was later closed without prosecution) into Sir Cliff Richard and televised search of his home using a helicopter flying… Continue Reading