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.

Lawyer

Philip Clarke Partner

T:  +971 4407 3907
M:  +971 50 707 3750 Email Philip | Vcard Office:  Dubai

Lawyer

Sean Jeffrey Partner

T:  +44 20 7809 2034
M:  +44 7584 235 262 Email Sean | Vcard Office:  London

Lawyer

Justin McClelland Partner

T:  +44 20 7809 2127
M:  Email Justin | Vcard Office:  London

Lawyer

William Robertson Partner

T:  +44 20 7809 2808
M:  Email William | Vcard Office:  London

Latest news & insights

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..

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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..

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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,

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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.

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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..

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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.

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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.

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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..

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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.

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15 May 2023

From Insights

Blowing the whistle to the FCA – the regulator's assessment of its processes for handling reports yields "disappointing" results

On 4 May 2023, the FCA published a report setting out the findings of its own qualitative assessment in relation to its handling whistleblowers who directly report to ..

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05 May 2023

From Insights

Summary of the Consultation Conclusions of the SFC proposal to implement a regulatory regime for depositaries of SFC-authorised CIS

To understand more about the comments made by the SFC in response to the public consultation as well as how this may affect you please read the article.

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19 Apr 2023

From Insights

First SMCR enforcement decision for failure to take "reasonable steps"

On 13 April 2023, the Prudential Regulation Authority published a Final Notice in relation to Mr. Carlos Abarca imposing a financial penalty of £81,620

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13 Apr 2023

From Insights

New UK "failure to prevent fraud" offence

On 11 April 2023, the UK Government announced that it intends to create a new and broad corporate offence of failing to prevent fraud.

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11 Apr 2023

From Insights

Reform of SMCR: UK Government and regulators commence Review

In December 2022, the Chancellor of the Exchequer announced the Edinburgh Reforms, "to drive growth and competitiveness in the financial services sector."

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27 Mar 2023

From News

David Capps joins Stephenson Harwood as partner

Law firm Stephenson Harwood LLP has strengthened its contentious regulatory, economic crime, and investigations practice with the arrival of David Capps.

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02 Mar 2023

From Insights

HKMA's conclusion of discussion paper on crypto-assets and stablecoins

The Hong Kong Monetary Authority recently issued the "Conclusion of Discussion paper on Crypto-assets and Stablecoins" to set out the approach that they intend to take..

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© 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.