Corporate Crime & Compliance UK

Competing Libor-Transition Proposals Create More Problems

While the U.S., U.K. and EU have proposed legislation in anticipation of the approaching Libor end date, the multiplicity of their approaches gives rise to uncertainty for market participants rather than eliminating it, say Anne Beaumont at Friedman Kaplan and Janine Alexander and Audrey Favreau at Collyer Bristow.

Comparing UK's Foreign Investment Bill To US Law

The U.K.'s forthcoming National Security and Investment Bill differs significantly from the Committee on Foreign Investment in the United States' framework for reviewing potentially dangerous foreign investment transactions by establishing nonmandatory notifications and a six-month time limit for formal review, say Angella Castille and Jonathon Gunn at Faegre Drinker.

US Push For Iran Sanctions Heightens Trade Uncertainty

The Trump administration’s recent attempt to trigger United Nations sanctions against Iran under the 2015 nuclear deal's dispute resolution mechanism, despite U.S. withdrawal from the accord, adds uncertainty to an increasingly difficult commercial landscape and could strain trade relations between the U.S. and its European allies, say Leigh Crestohl and Stephanie Limaco at Zaiwalla & Co.

Parsing The DOJ's Flawed Spoofing Theory

In U.S. v. Vorley, the U.S. Department of Justice has signaled it may present high-frequency traders as victims of a spoofing scheme, but analysis of testimony from two similar cases reveals flaws in this approach, says Joshua Ray at Rahman Ravelli.

How Credit Card Fee Antitrust Cases Fare In UK Versus US

When compared with the U.S. Supreme Court’s Ohio v. American Express opinion, two recent U.K. Supreme Court rulings holding that credit card companies' payment schemes violated antitrust law suggest that corporations operating two-sided platforms are much more likely to win an antitrust case in the U.S., say Allison Gorsuch and Lauren Weinstein at MoloLamken.

Opinion

German Facebook Antitrust Ruling Should Prompt FTC Action

Following the German high court's recent holding that Facebook abuses its market dominance through data collection, the Federal Trade Commission should increase the severity of sanctions for user data exploitation in anticipation of potential U.S. antitrust violations, says Garrick Josephs at Wilson Elser.

Wirecard Class Action Raises Regulator Immunity Questions

Investors in German payment processor Wirecard are suing the German Federal Financial Supervisory Authority, calling attention to whether allegations of gross failings can overcome regulator immunity, say Anna Battams and Isobel McNaught at Collyer Bristow.

8 Questions For Cos. After EU Top Court Privacy Shield Ruling

While the European Union high court's recent privacy shield invalidation makes complying with the General Data Protection Regulation harder, eight practical considerations can help companies shape their business practices, including using standard contractual clauses for personal data transfer, to avoid violations, say Alan Brill and Yvette Gabrielian at Kroll.

The Tiger In The Car Wash

The continuing story of wrongdoing at the Brazilian state-owned oil producer Petrobras uncovered by an anti-corruption investigation called Operation Car Wash is both disturbing and instructive of the country's system of law, says Stephen Baker at Baker & Partners.

Differences Between US And UK Data Sharing Legislation

The recently effective cross-border data sharing agreement offers U.K. law enforcement easier access to data held by U.S. communications providers, and allows the U.S. scope to streamline its own processes, say Alison Geary and Joanna Howard at WilmerHale.

UK Court Of Appeal Ruling Clarifies US Sanctions Compliance

The U.K. Court of Appeal's recent decision in Lamesa Investments v. Cynergy Bank considered whether U.S. secondary sanctions were a mandatory provision of law under a standard agreement clause and is a valuable reminder of the importance of bespoke drafting of sanctions-related contractual clauses, say Jason Hungerford and Paul Whitfield-Jones at Mayer Brown.

HSBC Suit Shows Challenge Of Designing Tax Relief Laws

Investors' recent lawsuit against HSBC over film-related tax avoidance schemes spotlights the difficult balancing act of crafting practical tax relief legislation while safeguarding against abuse, says Andrew Parkes at Andersen Tax.

Post-Brexit Law Enforcement Will Require EU, UK Cooperation

As Brexit approaches, the U.K. and the EU have many law enforcement measures left to negotiate, such as how they will cooperate on matters of extradition and anti-money laundering, says Nicola Sharp at Rahman Ravelli.

Opinion

A Modest Proposal For Judge-Only Trials In Fraud Cases

Any legally represented defendant prosecuted by the Serious Fraud Office or the Crown Prosecution Service's Specialist Fraud Division should have the right to demand a judicial method of determining their guilt or innocence — and COVID-19 could be a catalyst for necessary change, says David Corker at Corker Binning.

Swipe Fee Ruling Brings Clarity To UK Competition Litigation

While the U.K. Supreme Court decision last month in the MasterCard and Visa multilateral interchange fees cases rectifies a number of inconsistent decisions in the litigation saga, the court's findings on the "pass-on defense" in competition damages claims are of wider application, says Kim Dietzel at Herbert Smith.