The Government of the British Virgin Islands has today announced that the independent regulator, the Financial Services Commission (FSC), has issued an enforcement action against Mossack Fonseca & Co (B.V.I) Limited that sees the firm fined $440,000 for its contravention of numerous sections of the Anti-Money Laundering and Terrorist Financing Code of Practice and BVI […]

Experience in recent years has led many to comment on the increasingly “grey area” between the regulator’s supervisory and enforcement work. This, in turn, can cause issues for FI insurers when seeking to determine whether and when investigation costs cover has been triggered. However, we now have some clarity as, on 10 July 2015,   the […]

The Enforcement Directorate (ED) has sought legal assistance from Singapore and Mauritius to take forward its probe in the alleged financial irregularities in the Indian Premier League tournament (IPL) and its former chairman Lalit Modi. Officials said the agency has initiated the “legal procedures” to obtain from a court two Letters Rogatories (overseas judicial requests) […]

Recently, the SEC filed an Enforcement Action against a former Wells Fargo Advisors Compliance Officer. According to the SEC, the Compliance Officer, Judy K. Wolf, was responsible for performing trading surveillance reviews to identify potential insider trading activity. Wolf ‘s September 2010 surveillance review of a particular employee’s trading found no issues. Apparently, in December […]

The Guernsey Financial Services Commission (GFSC) has appointed Michael Blair QC as President of its panel of Senior Decision Makers, which has recently been established to sit and determine the Commission’s major enforcement cases. Michael is a specialist in financial services and financial services regulation. He joined 3VB Chambers in 2000, after serving as General […]

The FCA has published warning notice statements in relation to two individuals on an anonymous basis. These are the first such statements to be issued since the FCA was granted the power to do so by the Financial Services Act 2012. Warning notices are sent to the subjects of enforcement action at the outset of […]

This month’s bulletin deals with the FCA’s enforcement powers and process, aiming to provide a user-friendly overview and practical tips for the smooth management of the regulated firm’s relationship with the FCA at each stage of the process. In this month’s bulletin, we: „„consider the FCA’s enforcement powers; „„look at an overview of the FCA’s […]

Tracey McDermott, the Director of Enforcement and Financial Crime at the new Financial Conduct Authority (FCA), has made it plain that the new financial regulator means business. In a speech at the Thompson Reuters Compliance & Risk Summit on 18 June, she set out her vision for a new, improved regulator which will take a […]