Latest by Lucy Kerr

Blog

The Senior Managers and Certification regime: The Final Countdown

Published on 08 August 2019. By Lucy Kerr, Senior Associate

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With only a few months to go until the Senior Managers and Certification Regime (SMCR) is extended to apply to all sole-regulated firms, the FCA has released further near-final rules and produced a report on its findings as to how firms in the banking sector have embedded the regime since March 2016.

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Blog

All bets are off for binary options

Published on 04 April 2019. By Lucy Kerr, Senior Associate

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Following consultation, the Financial Conduct Authority (FCA) announced on 29 March 2019 that, as of 2 April 2019, the sale, marketing and distribution of binary options (including securitised binary options) to retail consumers will be prohibited indefinitely.

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Blog

The Barclays Case – Criminal Corporate Liability

Published on 20 November 2018. By Sam Tate, Partner and Lucy Kerr, Senior Associate

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The UK Serious Fraud Office's (SFO) final attempt to prosecute Barclays in connection with Qatari loans ended on October 26 with the rejection of its High Court application to reinstate criminal charges against the bank.

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Blog

Reflections on the UK Bribery Act seven years on

Published on 23 October 2018. By Davina Given, Partner and Lucy Kerr, Senior Associate

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Following the appearance of RPC's Sam Tate at the annual IBA conference earlier this month, where he joined a panel of experts discussing Corruption and Corrupt Contracts, here are our reflections on how the Bribery Act has changed the landscape of bribery offences and corporate criminal liability, first published by the IBA earlier this year and now updated.

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Blog

Relief for Skilled Persons as the Court of Appeal rules they are not amenable to judicial review

Published on 04 October 2018. By Davina Given, Partner and Lucy Kerr, Senior Associate

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In what circumstances might skilled persons appointed under FSMA be subject to judicial review? The Court of Appeal recently explored the vulnerability of skilled persons to judicial review and dismissed an application for judicial review against KPMG, acting as a skilled person on behalf of Barclays Bank, as it found the framework in which KPMG operated was not sufficient to bring it into the public law arena.

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Blog

ESMA renews restrictions on CFDs and binary options

Published on 02 October 2018. By Lucy Kerr, Senior Associate

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The European Securities and Markets Authority (ESMA) has decided to renew intervention measures, which restrict the sale of contracts for difference (CFDs) and binary options to retail investors, for a further three months.

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Blog

Breaking news – a victory for privilege

Published on 05 September 2018. By Davina Given, Partner and Jonathan Cary, Partner and Alan Williams, Partner and Lucy Kerr, Senior Associate

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Today the Court of Appeal handed down its eagerly anticipated judgment in the appeal of Andrews J's controversial High Court decision in Serious Fraud Office v Eurasian Natural Resources Corporation.

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Blog

ESMA formally adopts new measures to restrict the sale of binary options and CFDs

Published on 08 June 2018. By Lucy Kerr, Senior Associate and Charlotte Thompson, Associate

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On 1 June 2018, the European Securities and Markets Authority (ESMA) formally adopted new measures to prohibit the sale of binary options and to place restrictions on the provision of contracts for difference (CFDs) to retail investors. The measures will apply to binary options from 2 July 2018 and CFDs from 1 August 2018.

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Blog

FCA success in the High Court: Compensation of £16.9m awarded to misled investors

Published on 16 April 2018. By Lucy Kerr, Senior Associate

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A five-year court battle between the Financial Conduct Authority ("FCA") and Capital Alternatives Limited concluded on 26 March 2018 when the High Court used its restitution powers under the Financial Services and Markets Act 2000 to award compensation to investors who lost money invested with Capital Alternatives.

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Blog

ESMA cracks down on the sale of binary options and CFDs to retail investors

Published on 29 March 2018. By Lucy Kerr, Senior Associate

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The European Securities and Markets Authority (ESMA) has announced its intention to prohibit the sale of binary options to retail investors and to place restrictions on the sale of contracts for difference (CFDs). This is the first use of ESMA's new intervention powers under MiFID II.

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Blog

ESMA to use new powers to attack the sale of CFDs and binary bets to retail investors

Published on 25 January 2018. By Lucy Kerr, Senior Associate

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ESMA has launched a public consultation on measures to protect retail investors investing in contracts for difference (CFDs) and binary bets. Potential changes include wide-ranging restrictions on the marketing and sale of CFDs, and a complete prohibition on the sale of binary bets to retail investors. An intervention would mark ESMA's first use of its new powers under MiFID II, which came into force on 3 January.

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Blog

The FCA pledges to take action against providers of contracts for difference

Published on 12 January 2018. By Lucy Kerr, Senior Associate

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The FCA has concluded that consumers are at "serious risk of harm" due to the poor practices of some providers and distributors of CFDs. The regulator will take further action against at least one firm in its latest crack-down on these "complex, high-risk" products.

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Blog

FCA criticised by Complaints Commissioner for its handling of enforcement limitation issues

Published on 04 October 2017. By Lucy Kerr, Senior Associate

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The Office of the Complaints Commissioner recently upheld two complaints against the FCA for making a "serious mistake" in its management of limitation issues for two connected investigations. The Commissioner criticised the FCA not only for its mismanagement of the limitation issue, but also for the unnecessary delays in concluding its own internal investigation into these complaints.

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Publication

The FCA: key themes for 2017/18

Published on 29 September 2017. By Lucy Kerr, Senior Associate

A look at key developments for the FCA in 2017 and looking forward to 2018

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Blog

Retail CFD firms face potential EU market-wide restrictions and further criticism from the FCA

Published on 03 July 2017. By Lucy Kerr, Senior Associate

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The European Securities and Markets (ESMA) has announced it is considering imposing restrictions on contracts for difference (CFD) trading that would mean seismic changes for the industry, whilst the FCA has announced its serious concerns about the CFD industry's continued failure to meet expectations regarding the treatment of retail clients.

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