GOVERNMENT GIVES GREEN LIGHT TO DEFERRED PROSECUTION AGREEMENTS 06 Nov 2012 On 23 October, the Ministry of Justice confirmed that it intends to introduce Deferred Prosecution Agreements [DPAs] by way of an amendment to the Crime and Courts Bill currently before the House of Lords. In this briefing we consider the key aspects of the […]

Court of Appeal considers the concept of “by way of business” in the context of regulated activities – In the case of R v Napoli [2012] EWCA Crim 1129, the Court of Appeal (Criminal Division) considered what constituted “by way of business” in the context of the regulated activity of accepting deposits. The Court concluded […]

Court quashes FSA decision notice – Judicial review of a decision made by the FSA’s Regulatory Decisions Committee (RDC) succeeded because the RDC failed to give adequate reasons for its decision and rejecting an individual’s submissions. This is an interesting decision since judicial review proceedings against the FSA rarely succeed but the FSA is likely […]

A Comsure workshop “JFSC – Under the Court’s Microscope” – The Workshop Content – The workshop is intended to expand on the Royal Court’s judgment and compare this current case to cases brought by others which have been unsuccessful. The workshop will also provide discussion in respect of Mr Leslie-Smith’s other allegations against the Commission […]

Successive sets of professional disciplinary proceedings based on the same conduct – The Institute of Chartered Accountants in England and Wales was estopped from bringing disciplinary proceedings in respect of a member’s conduct, where another complaint based on the same conduct had been dismissed. The effect of the Court’s decision was that a chartered accountant, […]

On 15 December 2010, the FSA published the final notice it has issued to Vijay Kumar Sharma, a former director at Exetra (UK) Ltd.  Mr Sharma has been prohibited from performing any function in relation to any regulated activity because he is not a fit and proper person. Mr Sharma was convicted in September 2009 […]

IN MAINTAINING COMPLIANCE NEWS COMSURE THOUGHT IT WOULD REVISIT a landmark decision – in fact it was the first of its kind in the United Kingdom or any of the offshore jurisdictions. In 2005 the Jersey Royal Court has ruled that the obligation on financial institutions to maintain identification procedures is a continuing obligation. A single derogation […]

In Springwell Navigation Corporation v JP Morgan Chase Bank & Others [2010] EWCA CIV 1221 the Court of Appeal confirmed that JP Morgan Chase Bank (JP Morgan) did not owe Springwell Navigation Corporation (Springwell), an experienced and sophisticated commercial counterparty, a general advisory duty as a result of entering into a relationship for the lending […]