Investigations and Enforcement: Financial Services

In recent years, international economic transactions have increased both in frequency and amounts in and between the world's various economic blocks. The main factors that have enhanced commercial activity between countries include: Greater access to international finance. Greater flow of goods and services between countries attempting to satisfy the growing market demand. The globalisation phenomena. Due to increasing global activity, more stringent regulation and alignment is required in every country that is involved in the economic status quo. The growth and development of commercial transactions between nations requires that the legal framework of the countries involved must consistently suit the incessant operations taking place around the world. Efforts towards avoiding law-infringement in piracy, data protection, international trade, transparency in government procurement and public bidding and foreign investment (among others) as well as with anti-corruption, aim to establish the rule of law and certainty for cross-border investors. Bribery is one of the most common challenges for foreign investors when they arrive at unknown territories to do business. Bribery is a major threat to commercial activity and economic factors, therefore, stronger anti-bribery measures are required wherever foreign investment is welcomed. Many countries have now embodied regulations and policies in their legal frameworks in order to ban, limit and sanction undue p

A number of states, including Switzerland, have enacted blocking statutes which may prevent or hinder the collection of evidence in multi-jurisdictional proceedings. Article 271 of the Swiss Criminal Code (Criminal Code) prevents an "official act" from being performed on behalf of a foreign authority on Swiss soil. This can have the effect of blocking the collection of evidence located in Switzerland that is intended for use in proceedings outside of Switzerland. Against this backdrop, this article: Considers the practical effects of Article 271 for parties gathering evidence outside Switzerland. Highlights the circumstances in which it is possible to breach Article 271 in the context of the gathering of evidence. Addresses how parties outside Switzerland can avoid risking infringement of Article 271 when gathering evidence during multi-jurisdictional proceedings or investigations. This article is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

A Q&A guide to corporate crime, fraud and investigations in Argentina. The Q&A gives a high level overview of matters relating to corporate fraud, bribery and corruption, insider dealing and market abuse, money laundering and terrorist financing, financial record keeping, due diligence, corporate liability, immunity and leniency, and whistleblowing. To compare answers across multiple jurisdictions, visit the Corporate Crime, Fraud and Investigations Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

A Q&A guide to corporate crime, fraud and investigations in Canada. The Q&A gives a high level overview of matters relating to corporate fraud, bribery and corruption, insider dealing and market abuse, money laundering and terrorist financing, financial record keeping, due diligence, corporate liability, immunity and leniency, and whistleblowing. To compare answers across multiple jurisdictions, visit the Corporate Crime, Fraud and Investigations Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

A Q&A guide to corporate crime, fraud and investigations in China. The Q&A gives a high level overview of matters relating to corporate fraud, bribery and corruption, insider dealing and market abuse, money laundering and terrorist financing, financial record keeping, due diligence, corporate liability, immunity and leniency, and whistleblowing. To compare answers across multiple jurisdictions, visit the Corporate Crime, Fraud and Investigations Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

A Q&A guide to corporate crime, fraud and investigations in Germany. The Q&A gives a high level overview of matters relating to corporate fraud, bribery and corruption, insider dealing and market abuse, money laundering and terrorist financing, financial record keeping, due diligence, corporate liability, immunity and leniency, and whistleblowing. To compare answers across multiple jurisdictions, visit the Corporate Crime, Fraud and Investigations Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

A Q&A guide to corporate crime, fraud and investigations in Indonesia. The Q&A gives a high level overview of matters relating to corporate fraud, bribery and corruption, insider dealing and market abuse, money laundering and terrorist financing, financial record keeping, due diligence, corporate liability, immunity and leniency, and whistleblowing. To compare answers across multiple jurisdictions, visit the Corporate Crime, Fraud and Investigations Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

A Q&A guide to corporate crime, fraud and investigations in Japan. The Q&A gives a high level overview of matters relating to corporate fraud, bribery and corruption, insider dealing and market abuse, money laundering and terrorist financing, financial record keeping, due diligence, corporate liability, immunity and leniency, and whistleblowing. To compare answers across multiple jurisdictions, visit the Corporate Crime, Fraud and Investigations Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

A Q&A guide to corporate crime, fraud and investigations in South Africa. The Q&A gives a high level overview of matters relating to corporate fraud, bribery and corruption, insider dealing and market abuse, money laundering and terrorist financing, financial record keeping, due diligence, corporate liability, immunity and leniency, and whistleblowing. To compare answers across multiple jurisdictions, visit the Corporate Crime, Fraud and Investigations Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

A Q&A guide to corporate crime, fraud and investigations in Turkey. The Q&A gives a high level overview of matters relating to corporate fraud, bribery and corruption, insider dealing and market abuse, money laundering and terrorist financing, financial record keeping, due diligence, corporate liability, immunity and leniency, and whistleblowing. To compare answers across multiple jurisdictions, visit the Corporate Crime, Fraud and Investigations Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

A Q&A guide to corporate crime, fraud and investigations in the United States. The Q&A gives a high level overview of matters relating to corporate fraud, bribery and corruption, insider dealing and market abuse, money laundering and terrorist financing, financial record keeping, due diligence, corporate liability, immunity and leniency, and whistleblowing. To compare answers across multiple jurisdictions, visit the Corporate Crime, Fraud and Investigations Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

Hackers attack large and small companies in every industry seeking secrets, notoriety, profits or revenge. This article explores how hacking began, evolved over the years, and what can we expect in the future. The article also examines what organisations and individuals can do to protect themselves against hacking. This article is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

Following the collapse of the world financial markets, many jurisdictions are experiencing increased litigation activity, much of which involves elements of fraud and asset tracing. Mavera injunctions (freezing orders) remain a crucial tool in ensuring that dishonestly obtained assets are not put beyond the reach of successful litigants or legitimate creditors. However, to meet the increasing complexity of corporate dealings and commercial relationships the law in this area is evolving significantly. Against this background, this article: Sets out the difficulties faced by litigants/creditors when seeking freezing orders against third parties in foreign jurisdictions. Details the case law development of the Chabra jurisdiction. Details how the Chabra jurisdiction has been specifically recognised and applied in the Cayman Islands. This article is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

This article looks at how organisations have responded to the UK Bribery Act and makes suggestions as to how organisations should focus going forward to reduce their bribery and corruption risk. This article is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

This article explores the current issues surrounding establishing an effective whistleblowing system in the light of recent legislation, in particular the US Dodd-Frank Act. While many companies do not fall under the jurisdiction of Dodd Frank, the issues and potential solutions involved in responding to its provisions can provide valuable insights to any company looking to implement or improve a whistleblowing system. This article is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

This chapter considers the new regulatory regime for the insurance sector in the UK, which is expected to come into force in 2013. It provides an overview of: the old regime, including its characteristics and alleged failures; an overview of the reform proposals, including the splitting of the functions of the FSA between the FCA and the PRA; the regulatory objectives of the reform, including the supervisory approach of the PRA and the interventionist approach of the FCA; detailed aspects of the reforms; the new emphasis on the wholesale markets; and the crucial importance of behavioural and cultural change for the reforms to have their effect. This article is part of the PLC multi-jurisdictional guide to insurance and reinsurance. For a full list of contents visit www.practicallaw.com/insurance-mjg.

An examination of how the extradition framework operates, the risks UK executives face when doing business connected to the US and some of the steps companies can take to minimise extradition risks.This article is part of the PLC US Special Report, which was published to mark the launch of PLC's first US services.

PLC Cross-border has a new Corporate Crime, Fraud and Investigations multi-jurisdictional guide, which answers key questions on white-collar crime from the perspective of legal practitioners in 18 jurisdictions.

HM Treasury has published a statement by George Osborne, Chancellor of the Exchequer, on the FSA's investigation into the manipulation of the setting of the London Interbank Offered Rate (LIBOR) and the Euro Interbank Offered Rate (EURIBOR).

The European Parliament has passed a legislative resolution adopting, with amendments, the European Commission's proposal for a regulation on short selling and certain aspects of credit default swaps. (Free access.)

On 10 June 2010, the International Organization of Securities Commissions published a press release announcing that it has revised its Objectives and Principles of Securities Regulation to include eight new principles based on lessons learned from the financial crisis.