Regulation

Businesses face an increasing burden of regulation, which is being more extensively monitored and aggressively enforced than ever before. Non-compliance has serious consequences both for the businesses and those who work in them. Our specialist teams are adept at providing prompt, focused and commercial advice and support to avoid the pitfalls.
  • Profile
  • Experience
  • Key contacts

Our regulatory practice has many facets, and is able to advise on regulation in all its manifestations. We have a strong banking and financial services capability, experienced in providing advice in areas including regulatory reporting, authorisation and approval applications, and the implications of the new senior managers regime.

Our regulatory compliance team advises on all aspects of the PRA and FCA conduct of business rulebooks, with particular experience in matters relating to client assets and custody, giving support to our diverse corporate teams. We advise on FCA and PRA supervisory visits.

Our renowned regulatory litigation team, which includes former prosecutors and regulators, has been at the forefront of the highest profile FCA investigations and enforcement actions over many years. It acts for individuals and corporates, and undertakes advocacy when appropriate.

The team also advises on business crime and corporate criminal liability over a wide spectrum. It has had significant involvement in all the high profile SFO investigations since that office was established in 1987 and the CMA, and increasingly finds itself dealing with cases having an international element, particularly with the US Department of Justice.

We advise in other areas of corporate liability, including consumer protection and health and safety. We act in professional standards and disciplinary matters.

"Responsive and highly effective in their handling of a range of complex issues." 

The Legal 500 UK 2020

Regulatory reporting

Advising institutions on compliance with obligation to make reports regarding capital adequacy, suspected rule breaches, money laundering and corruption.

Supervisory visits and section 166 FSMA 2000

Piloting clients through a regulatory inspection and their response to thematic reviews.

Conduct of business

Advising on financial service regulatory aspects of corporate transactions, and business issues arising out of the FCA and PRA Handbooks, including best execution, dealing commissions, conflicts of interest and client assets.

Authorisations and applications

Assisting in difficult applications for authorisation and approval to undertake business, including authorisation under the financial services legislation.

Senior manager responsibilities

Advising on the implications of the Senior Managers Regime established by the Banking Reform Act 2013.

Systems and controls failures

Representing senior executives in relation to allegations of systems and controls failures in the LIBOR and FX businesses, and following the crash in the UK banking sector in 2008.

Sanctions

Advising on the implications for transactions of the sanctions legislation; litigating the legality of sanctions legislation; obtaining relevant government licences.

Financial crime

Representing individuals under investigation by the FCA and the SFO, including several individuals involved in proceedings relating to the manipulation of LIBOR and collusion in the G10 FX Spot market.

Remediation

Acting for financial institutions in relation to selling issues concerning retail products and the design of schemes of arrangement to provide redress.

Policies and procedures

Advising on and drafting policies and procedures to secure compliance with regulatory and corporate governance requirements, including those required under the banking legislation, the Money Laundering Regulations 2017, the Bribery Act 2010, and similar legislation.

Latest news & insights

02 May 2024

From Insights

AI update – regulatory approach to AI in financial services

In response to the government's White Paper on its approach to regulating artificial intelligence and machine learning (AI), and call for action to the regulators, the..

More

28 Mar 2024

From Insights

The FCA's 2024/25 business plan – Some key takeaways for firms

The FCA's latest Business Plan for 2024-25 had just been published. They make a number of forward- looking "Commitments". We touch upon some of those plans and express..

More

28 Feb 2024

From Insights

Uptick in enforcement action in 2024? – Multiple arrests and strong rhetoric from UK Enforcement Agencies

In this alert we explore the implications for firms of the FCA’s focus on insider dealing and the SFO’s apparently renewed appetite for criminal prosecutions under the..

More

09 Jan 2024

From Insights

Stablecoin regulations – Consultation paper on the proposed regulatory framework

In January 2023, the Hong Kong Monetary Authority ("HKMA") and the Financial Services and the Treasury Bureau ("FSTB") jointly published the result of a discussion pap..

More

04 Jan 2024

From Insights

Greenlight for retail investors – SFC-authorised virtual asset funds

In October 2022, the Hong Kong Securities and Futures Commission (the "SFC") published a circular setting out its readiness to accept applications for authorisation of..

More

12 Dec 2023

From Insights

Preparing for the changes: a guide to the new Securities and Futures (Contracts Limits and Reportable Positions) Rules

After two rounds of public consultations, on 5 June 2023, the Securities and Futures Commission published the Consultation Conclusions

More

05 Dec 2023

From Insights

London Metal Exchange wins High Court ruling over cancelled nickel trades

On 29 November 2023, the Administrative Court handed down its judgment in the case of Elliott Associates L.P. and other and Jane Street Global Trading v The London Met..

More

15 Nov 2023

From Insights

The Financial Conduct Authority tells payment services firms to strengthen their anti-fraud systems and improve their treatment of victims of fraud

In this article, we look at some of the takeaways from the FCA's recent review of payment services firms' anti-fraud systems and controls, in particular around authori..

More

10 Oct 2023

From Insights

Whistleblowing in the financial services sector – A global perspective

Whistleblowing is a global issue whether in the financial services sector or more broadly. It is deployed by those with a genuine issue to raise as well as by those wi..

More

11 Sep 2023

From Insights

SFC's consultation conclusions on proposed risk management guidelines for futures brokers

The SFC recently published the Consultation Conclusions on Proposed Risk Management Guidelines for Licensed Persons Dealing in Futures Contracts on 25 August 2023,

More

05 Jul 2023

From Insights

Art law - recent developments July 2023

Welcome to the latest issue of our "Art law - recent developments" newsletter in which we discuss legal issues currently affecting the global art community.

More

26 Jun 2023

From Insights

The Bank of England/PRA’s consultation on its approach to enforcement

On 21 June 2023, the BoE/PRA)'s Head of Enforcement and Litigation, Oliver Dearie, gave a speech the Financial Services Lawyers Association explaining the rationale be..

More

13 Jun 2023

From Insights

The UK Financial Conduct Authority's new rules in relation to the regulation of financial promotions in respect of cryptoassets

The UK Financial Conduct Authority ("FCA") has published its near-final rules in relation to the regulation of financial promotions in respect of cryptoassets.

More

13 Jun 2023

From Insights

AI, machine learning, big data laws and regulations 2023 | France

In recent years society has been confronted with the increasing development of new technologies.

More

07 Jun 2023

From Insights

Conclusion to the regulatory requirements for the virtual asset trading platform operators licences

Following the Consultation Paper on the Proposed Regulatory Requirements for Virtual Asset Trading Platform Operators Licensed by the Securities and Futures Commission..

More

24 May 2023

From Insights

The Financial Services and Markets Bill – a "bonfire" of retained EU financial services law, or something less?

The Government has recently announced that it had dropped plans to get rid of European laws by the end of 2023.

More

print-footer
logo
© Stephenson Harwood LLP 2016. Any reference to Stephenson Harwood in this document means Stephenson Harwood LLP and/or its affiliated undertakings. Any reference to a partner is used to refer to a member of Stephenson Harwood LLP.