GT London Law Blog

GT London Law Blog

Legal Advisers for a Changing World

Tag Archives: Greenberg Traurig

LIBOR Transition Newsletter – Issue 1

Posted in Corporate, FCA, Financial Conduct Authority, Government, LIBOR, Regulatory
Welcome to Greenberg Traurig’s LIBOR Transition Newsletter, where we provide updates, analysis, and occasional commentary on the latest developments relating to the highly anticipated phasing-out of LIBOR at the end of 2021 – barely two years from now. Questions addressed in this issue: Why is LIBOR being phased out? What will be the immediate effect?… Continue Reading

The Revised Brexit Withdrawal Agreement and Political Declaration and Their Impact on UK Environmental Standards

Posted in Brexit, Environmental, GT Alert, International Law
An important difference between UK Prime Minister Boris Johnson’s Withdrawal Agreement and former Prime Minister Theresa May’s Withdrawal Agreement is that provisions relating to environmental protections have been removed and are now to be found in the amended Political Declaration. While the Withdrawal Agreement, once ratified, would be a legally binding treaty between the UK… Continue Reading

Brexit: Unlawful Prorogation Means Continued UK Parliament Scrutiny of Brexit Plans

Posted in Brexit, EU Withdrawal Agreement, GT Alert, No-deal Brexit
In a historic decision issued 24 September 2019, the UK Supreme Court ruled that the UK prime minister, Boris Johnson, acted unlawfully when he advised the Queen to prorogue, or suspend, the UK Parliament for five weeks, until 14 October 2019. The effect of the very clear and unanimous decision of the 11 Supreme Court judges… Continue Reading

Brexit: Political Impasse After UK Parliament Votes to Block October 31 No-Deal Departure From EU

Posted in Brexit, Government, GT Alert, International Trade, No-deal Brexit
Our last GT Alert on Brexit quoted the saying, “a week is a long time in politics”. New Conservative Prime Minister Boris Johnson has found that a mere 72 hours is an eternity as he seeks to break the political impasse on the terms of the UK’s exit from the European Union – so far,… Continue Reading

‘Above & Beyond’? Serious Fraud Office Issues Corporate Co-Operation Guidance – Part I

Posted in Corporate, criminal law, GT Alert, Serious Fraud Office, sfo, White collar
The UK Serious Fraud Office (SFO) has issued its long-awaited guidance on corporate co-operation. For the first time in one place, the SFO has set out what in its view are ‘indicators of good [co-operation] practice’ for companies under investigation. This is a helpful clarification. In its own words the SFO defines co-operation as going… Continue Reading

Beware of Strangers Bearing Gifts: UK ‘Business Integrity Initiative’ Aims to Support the Anti-Corruption Efforts of SMEs

Posted in Bribery Act 2010, Corporate, criminal law, Government, GT Alert, International Trade, National Crime Agency, Serious Fraud Office, sfo, White collar
The UK government’s Anti-Corruption Newsletter for Summer 2019, supported by ‘Anti-Corruption Champion’ John Penrose, MP for Weston-super-Mare, covers the latest developments in anti-corruption over the last quarter. Two reported highlights illustrate the government’s steadfast approach to issuing new statutory guidance for both large corporates and small UK businesses. However, the latter category could receive subsidised… Continue Reading

Brexit: Can the Remainers Stop a No-Deal Brexit?

Posted in Brexit, EU Withdrawal Agreement, GT Alert, No-deal Brexit
Brexit has driven fault lines through British politics as seen at no time since the 1680s. Fervent ‘leavers’ and fervent ‘remainers’ can be found in both of the main political parties, although most favour various compromise options in between. This is reflected in the composition of the UK Parliament and has resulted in an impasse,… Continue Reading

The Serco Deferred Prosecution Agreement: A Lesson in Pragmatism

Posted in criminal law, Deferred Prosecution Agreement, GT Alert, Serious Fraud Office, sfo, White collar
On 4 July 2019 at Southwark Crown Court, Mr Justice William Davis formally approved the fifth Deferred Prosecution Agreement (DPA) entered into by the UK’s Serious Fraud Office (SFO). The SFO’s latest DPA is with Serco Geografix Limited (SGL), a now-dormant subsidiary of Serco Limited (SL), and marks the end of a six-year investigation which started… Continue Reading

M&A Deal Flushes Out Bribery Scheme Leaving Seller Director with a Multi-Million Pound Hangover and Jail Time

Posted in GT Alert, Serious Fraud Office, White collar
On 30 May 2019 the SFO issued a press release announcing that Carol Ann Hodson, the former director and owner of a company named ALCA Fasteners Ltd (ALCA), pleaded guilty to paying bribes amounting to £300,000 in order to secure contracts worth £12m. The bribes were paid to purchasing manager1 of a German company over the… Continue Reading

Roll Up, Roll Up: ‘Cannabis Inc.’ Is Open for Business, but UK Investors Must Wait Their Turn

Posted in cannabis, criminal law, Proceeds of Crime Act, White collar
With the U.S. cannabis market reported to be worth around $10 billion, sales in Canada expected to reach $6.5 billion by 2020, and the UK having recently decriminalised the use of the drug for medicinal purposes, UK-based investors are eyeing the potential for profit from this new business area. Click here to read the full GT… Continue Reading

UK Financial Conduct Authority Anti-Money Laundering Investigations Underway With Threats of Civil and Criminal Enforcement

Posted in GT Alert, White collar
Speaking on 4 April 2019, the head of enforcement for the UK FCA, Mark Steward, warned those subject to the UK’s anti-money laundering regulations that ‘it is time that the FCA gave effect to the full intention of the Money-Laundering Regulations which provides for criminal prosecutions’. He added: ‘[The FCA is] now conducting ‘dual track’ AML investigations,… Continue Reading

Nike Fined €12.5 Million for Restricting Intra-EEA Sales

Posted in Antitrust Trade & Regulation
In a warning shot to businesses using intellectual property rights to restrict cross-border sales within the European Economic Area (EEA), on 25 March 2019 the European Commission fined Nike €12.5 million for banning traders of licenced football merchandise from selling to other EEA countries. The decision underscores the Commission’s commitment to eliminating commercial practices that threaten the… Continue Reading

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