DOCSLIB.ORG

What It Takes to Dominate in the Elite Game of International Litigation

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
What It Takes to Dominate in the Elite Game of International Litigation What It Takes to Dominate in the Elite Game of International Litigation By Scott Flaherty September 28, 2017 Some call it “three-dimensional chess,” and it’s a game of strategy that lawyers with expertise in antitrust, secu- rities fraud, corruption, insolvency and other areas may find themselves playing more often these days, as litiga- Credit: posteriori/Shutterstock.com tion matters proceed in multiple countries at once. But not everyone can play at the highest level—while many large law firms now have offices all over the world map, it takes a special set of lawyering and project coordina- tion skills to be able to handle a piece of truly interna- tional litigation, according to lawyers who have spent years in the arena. A cadre of firms that includes Different situations can give rise to international, or Cleary Gottlieb Steen & Hamilton, “multijurisdictional,” litigation—matters marked by a Dechert, Allen & Overy and Kobre dispute or crackdown on conduct that has effects in & Kim—an international disputes boutique that jumped onto The Am Law 200 for the first time this year— “While many large law firms now have have devoted resources to building Steven Kobre. offices all over the world map, it takes up their capacity to handle cross- a special set of lawyering and project border litigation matters; lawyers at some of those coordination skills to be able to handle a heavy hitters also point to Debevoise & Plimpton as piece of truly international litigation.” having a strong global litigation group. Also in the mix is Quinn Emanuel Urquhart & Sullivan, a firm that does a majority of its work on the defense side, multiple countries. But often, they start with a gov- but also has a plaintiffs-side practice willing to take ernment regulatory investigation and spiral out from on the world’s largest financial institutions. And, there. increasingly, firms such as Hausfeld LLP, which focuses Take, for instance, the allegations that some of the exclusively on plaintiffs side litigation, are looking world’s largest financial institutions conspired to manip- abroad to expand offices and take advantage of recent ulate the foreign exchange markets. The forex scandal plaintiffs-friendly reforms in the U.K. and European prompted investigations and regulatory fines in the Union. United States, United Kingdom and Switzerland, plus a private class action in U.S. courts that plaintiffs lawyers What It Takes later looked to replicate in the U.K. And much of the With several litigators describing an uptick in interna- action happened concurrently, albeit with pieces of the tional litigation matters, it’s not surprising that at least litigation and regulatory enforcement heating up in dif- some law firms have focused on building the capability ferent places at different times. to effectively manage these types of cases for corporate That, in turn, kept a lot of lawyers busy. The banks clients. What it takes to develop such an expertise is a embroiled in the investigation tapped firms such as set of unique skills, having people on the ground in the Cleary, which represented Citigroup Inc.; Sullivan & right places and maintaining the kind of partnership that Cromwell, which worked for Barclays plc; and Skadden, guards against tribalism within a firm, according to sev- Arps, Slate, Meagher & Flom, which represented eral lawyers in international litigation practices. JPMorgan Chase & Co. For starters, firms have to disabuse themselves of the “These are increasingly the scenarios that we’re see- idea that litigation is the same regardless of the venue, ing,” says John Quinn, founding partner of litigation says Cleary’s Friedman. It takes much more, he says, than powerhouse Quinn Emanuel. His firm sought a lead plain- overcoming basic logistical challenges, such as an over- tiffs counsel role to challenge the banks in a U.S. class seas client in a different time zone who needs to jump on action over the forex scandal, and although it lost out to a conference call at off hours. While many lawyers could Hausfeld LLP and Scott + Scott, Quinn Emanuel is now figure out how to work through those issues, there aren’t actively seeking European clients for a similar case abroad. as many steeped in the more critical challenges, such as Quinn and other lawyers with experience in inter- navigating cultural barriers. national litigation say there’s a growing need for the Friedman’s partner Victor Hou adds that it’s not just cli- specialty, driven in part by increased activity among reg- ents that need guidance. The same can be true of judges, ulatory agencies in the United States, United Kingdom, who may be dealing with novel questions about the Europe, Asia and elsewhere. Those enforcement actions interplay between laws from different countries. Cleary tend to lead to private disputes, which are increasingly was among the firms that learned those lessons first hand finding their way into courts outside the United States. in the massive Nortel Networks Inc. bankruptcy. That Meanwhile, there’s also been rapid globalization of busi- case included a first-of-its-kind trial—held simultane- nesses and reductions in trading barriers, according to ously in Delaware federal bankruptcy court and a court in lawyers who practice in the space. Ontario, Canada by way of a video feed—to determine “As much as we thought, 30 years how to divvy up more than $7 billion raised by selling off ago, ‘The world is shrinking’—it has Nortel’s assets. Working on that trial involved an intense now shrunk,” says Lawrence Friedman, level of coordination and a willingness by multiple par- a litigation partner at Cleary. ties to proceed in an unusual forum, according to Cleary Responses from regulators and law- lawyers [see “Taming the Perfect Storm,” page 72]. makers over the past decade or so to “You have to be creative and flexible because you’re the global financial crisis have likely helping the courts make this up as they’re going,” says Larry Friedman. added to the rise in litigation playing Hou. “This is brand new law, brand new procedures.” Courtesy photo out internationally, says Tim House, Beyond inventive lawyering, firms also have to put head of Allen & Overy’s global disputes practice. resources on the ground in key markets. There isn’t an “I just think the world has concentrated more on exact formula for where to have offices, but some mar- business integrity issues,” he says. “Those, by their very kets stand out as critical jurisdictions in which to have nature, are cross-border.” local teams. “I think it would be very difficult a strong result, then, becomes about managing those to do it effectively without having a complexities to ensure the strategy for a given case plays team in London that can do this, and, out in the correct sequence. A firm whose partners can’t to almost the same extent, I think it work well across offices is going to run into trouble. would be very difficult without hav- Several international litigators described a cohesive ing a team in New York,” says Dennis partnership—one free of turf wars that might cause Hranitzky, co-head of Dechert’s inter- lawyers in one office to try to hoard more work for them- Dennis Hranitzky. Photo by Rick Kopstein national and insolvency litigation selves—as perhaps the most important aspect of having group. “Most of these cases involve a successful international litigation practice. litigation in one or both of those places, among other House of Allen & Overy suggests that maintaining a places.” single profit pool for a firm’s partners, regardless of which Other international litigators pointed to places such office they’re in, is one way to ensure the type of cohe- as Hong Kong, which can serve as a hub for working on siveness that amounts to a strong international litigation cases with implications elsewhere in Asia. Firms looking practice. “I don’t think it’s any more complicated than to do antitrust work internationally would also want to not creating any economic incentive for a partner, or an consider a presence in Brussels, the home city of the EU’s office or a team, unnaturally to hold work in their hands competition watchdog, says Quinn. when it could be better done to the client’s advantage by But of course, as Quinn, Hranitzky and others recog- somebody else,” he says. nize, no firm is likely to have an office in every single The leaders of Kobre & Kim, which focuses on inter- jurisdiction that might impact a given client’s case. In national disputes involving allegations of fraud, strike a those situations, the best international litigation firms similar chord in describing their approach. typically have a network of local firms that they’ve “You need a team in each jurisdic- worked hard to build and maintain relationships with. tion, but then you need the firm Where a firm doesn’t have an office of its own, says to be unified enough,” says Michael Hranitzky, “It’s absolutely critical that you have deep, Kim, a founding partner of the inter- highly functional relationships with lawyers in those national litigation firm. His partner places that know how to do this.” Steven Kobre adds, “Implicit in that For its part, Cleary, which often represents Argentinian is a firm that’s managed in such a way Michael S. Kim. public and private sector clients, has an office in Buenos Photo by Michael N. Meyer that people are incentivized to follow Aires, but the firm has also worked to establish partner- whatever lead the case takes you.” ships with local lawyers in South America, according Their firm maintains a single-tier partnership and, to Friedman.
Load more

Recommended publications
  • Open Door for Forces of Finance at the ECB Five Hundred Lobbyists for the Financial Sector at Large in the European Central Bank – by Invitation Table of Contents
    Open door for forces of finance at the ECB Five hundred lobbyists for the financial sector at large in the European Central Bank – by invitation Table of contents Table of contents 2 Introduction 3 1. The ECB advisory groups: mandates and composition 5 2. Regulatory capture via advisory groups 10 3. Ethics rules 15 Conclusion 20 Endnotes 21 Published by Corporate Europe Observatory, October 2017 Written by Kenneth Haar Edited by Katharine Ainger With thanks to Vicky Cann, Theresa Crysmann and Pascoe Sabido Design and layout by Stijn Vanhandsaeme ([email protected]) 2 Table of contents Open door for forces of finance at the ECB Introduction It matters how the European Central Bank (ECB) makes its decisions, and it matters who it considers its experts and advisors. Especially if those advisors bear all the traits of lobbyists for the financial sector, and not least when the ECB is becoming a more and more powerful institution. In response to the financial crisis it has seen its mandate and working area increased. Supervision of the biggest banks has been handed over to the ECB, it is taking on a bigger role in setting up rules and procedures for financial markets, it has become co-administrator of debt ridden countries, and a series of asset purchasing programmes have seen it spend trillions to boost the European economy. Yet an incredible two thirds of the banks and financial entities under ECB supervision hold 346 seats in its own advisory groups, and this is just the tip of the iceberg when it comes to conflicts of interest between the role of the ECB and those whom it chooses to advise it.
    [Show full text]
  • The Vital Triad for Fraud Prevention: Horizon Scanning, Analytics, and Machine Learning
    WHITE PAPER The Vital Triad for Fraud Prevention: Horizon Scanning, Analytics, and Machine Learning Abstract Financial institutions have evolved into multifaceted organizations with diversied operations, complex products, multiple channels, and a diverse workforce including multiple vendors. This massive ecosystem has increased the vulnerabilities within the people-process-technology triad necessitating a robust fraud prevention mechanism. In addition, as regulatory and compliance requirements become more stringent than before, nancial rms need an intrinsically intelligent, multi-pronged approach to fraud prevention. We believe horizon scanning, analytics, and machine learning to be three key tenets of a robust fraud prevention mechanism. This paper explores how banks and nancial services rms can apply the ‘vital triad’ to improve the ability to embrace risk and adopt new or unexplored operating models, thereby creating value for customers and partners in addition to their businesses. WHITE PAPER The Rocky Road to Fraud Prevention Fraud management is a tricky area for nancial services rms. While on one hand, divisive technology landscapes add to the complexity in preventing fraud, tightly integrated systems backed by opaque and inefcient processes are no good either. Early detection of fraud and a clear understanding of fraud schemes are key to its prevention. Historically, the focus was on continuous, real-time monitoring of systems and their applications to detect malicious activity. Analytics at best was used for deriving ‘trends’ from the voluminous, siloed historical data sets. However, given the increasing ‘creativity’ of fraud perpetrators, we believe that analytics and machine learning aided by a horizon scanning program can go a long way in identifying fraud schemes and their manifestation.
    [Show full text]
  • Banking Competition and Misconduct: How Dire Economic Conditions Affect Banking Behavior”
    “Banking competition and misconduct: how dire economic conditions affect banking behavior” Ezelda Swanepoel https://orcid.org/0000-0002-2045-0880 AUTHORS Ja’nel Esterhuysen Gary van Vuuren https://orcid.org/0000-0001-6811-0538 Ronnie Lotriet Ezelda Swanepoel, Ja’nel Esterhuysen, Gary van Vuuren and Ronnie Lotriet ARTICLE INFO (2016). Banking competition and misconduct: how dire economic conditions affect banking behavior. Banks and Bank Systems, 11(4), 31-39. doi:10.21511/bbs.11(4).2016.03 DOI http://dx.doi.org/10.21511/bbs.11(4).2016.03 RELEASED ON Friday, 09 December 2016 JOURNAL "Banks and Bank Systems" FOUNDER LLC “Consulting Publishing Company “Business Perspectives” NUMBER OF REFERENCES NUMBER OF FIGURES NUMBER OF TABLES 0 0 0 © The author(s) 2021. This publication is an open access article. businessperspectives.org Banks and Bank Systems, Volume 11, Issue 4, 2016 Ezelda Swanepoel (South Africa), Ja’nel Esterhuysen (South Africa), Gary van Vuuren (South Africa), Ronnie Lotriet (South Africa) Banking competition and misconduct: how dire economic condi- tions affect banking behavior Abstract Increasingly, in the last decade, largely due to perceived greater shareholder pressures for more profitable performance, compensation maximization has taken center stage in some segments of the banking industry. Banks need to establish board governance committees with explicit responsibilities to monitor corporate ethics and culture. This paper aims to measure the correlation between dire economic conditions, competition, banking profitability, and misconduct. This is done by means of GDP comparisons to determine economic conditions, calculating z-scores to determine bank risk taking, and analysis of variance of return on assets, return on equity and z-scores, to determine profitability, and fines comparisons to determine misconduct.
    [Show full text]
  • United States District Court Southern District of New York
    UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK MAYOR AND CITY COUNCIL OF BALTIMORE, on behalf of themselves and all others similarly situated, Case No.: 19cv2900 Plaintiff, v. BANK OF AMERICA, N.A.; BARCLAYS BANK JURY TRIAL DEMANDED PLC; BARCLAYS CAPITAL INC.; BNP PARIBAS SECURITIES CORP.; CITIGROUP GLOBAL MARKETS INC.; CREDIT SUISSE AG; CREDIT SUISSE SECURITIES (USA) LLC; DEUTSCHE BANK AG; DEUTSCHE BANK SECURITIES INC.; FIRST TENNESSEE BANK, N.A.; FTN FINANCIAL SECURITIES CORP.; GOLDMAN SACHS & CO. LLC; JEFFERIES GROUP LLC; JPMORGAN CHASE BANK, N.A.; J. P. MORGAN SECURITIES LLC; MERRILL LYNCH, PIERCE, FENNER & SMITH INC; AND UBS SECURITIES LLC; and UNNAMED CO- CONSPIRATORS; Defendants. Plaintiff Mayor and City Council of Baltimore (the “City of Baltimore”), on behalf of itself and all others similarly situated, by its counsel, asserts claims for violations of federal antitrust law against the Defendants identified below (collectively, “Defendants”) arising from the collusion among Defendants to fix the prices of bonds sold to investors from January 1, 2009 through April 27, 2014 (the “Class Period”). The bonds were issued by the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) (collectively, these bonds are called “FFBs”). 1 INTRODUCTION 1. The City of Baltimore paid almost $1 billion for 108 FFBs during the Class Period, and therefore suffered enormous monetary losses when it was overcharged in these transactions, as a direct result of Defendant’s price fixing conspiracy. 2. Defendants are horizontal competitors and the leading dealers of FFBs. FFBs are unsecured debt securities and do not include the mortgage-backed securities issued by Fannie Mae and Freddie Mac.
    [Show full text]
  • Banks and Climate Governance
    Banks and Climate Governance S ARAH E. L IGHT & C HRISTINA P. S KINNER* Major banks in the United States and globally have begun to assert an active role in the transition to a low-carbon economy and the reduction of climate risk through private environmental and climate governance. This Article Essay situates these actions within historical and economic context: it explains how the legal foundations of banks’ sense of social purpose in- tersect with their economic incentives to finance major structural transitions in society. In doing so, the Essay sheds light on the reasons why we can expect banks to be at the center of this contemporary transition. The Essay then considers how banks have taken up this role to date. It proposes a novel taxonomy of the various forms of private environmental and climate gov- ernance emerging in the U.S. banking sector today. Finally, the Essay offers a set of factors against which to normatively assess the value of these ac- tions. While many scholars have focused on the role of shareholders and equity in private environmental and climate governance, this Essay is the first to position these steps taken by banks within that larger context. INTRODUCTION Major banks, both in the United States and globally, have begun to assert an active role in the transition to a low-carbon economy and the reduction of climate risk. All six major U.S. banks have committed publicly to achieve global net-zero emissions by 2050, and to align with the goal of the Paris 1 Agreement on Climate Change to limit global warming to well below 2°C.
    [Show full text]
  • FX Claims Following on the Heels of the Wave of Claims Against Banks
    Worldwide Currencies Ltd Alder Castle t +44 (0)20 3326 4444 10 Noble Street f +44 (0)20 7113 2241 London EC2V 7JX w www.worldwidecurrencies.com United Kingdom e [email protected] FX Claims Following on the heels of the wave of claims against banks for SWAPS mis-selling and the LIBOR rigging scandals which have led to billions of pounds of payments, the Banks are bracing themselves for a large number of claims for years of FX mis-selling and misconduct. FX mis-selling is now following the pattern of those established other sectors of misconduct and is showing every sign of leading to substantial claims by hundreds of thousands of customers both domestic and international , who have been misled, missold to or otherwise inadequately served in the $5.3 trillion (FT figures, October 2014) a day FX market. First, following the revelations of a whistleblower in Switzerland in 2011 there have been widespread investigations by banking regulators in Britain, USA and Switzerland leading to admissions by a number of the biggest banks of widespread abuse leading to billions of dollars of fines for market-rigging. RBS, HSBC, Citibank, JP Morgan Chase and UBS are among them but the net is expected to widen. A large number of traders have lost their positions. Even the US Department of Justice is investigating misconduct. These banks (and also some of the world’s largest FX brokers are recognising the serious failings that their staff and their practices have caused, apologising for the behaviour and bracing themselves for a tidal wave of claims, as demonstrated by the substantial provision that most are making for what they know to be practically certain Forex claims.
    [Show full text]
  • Bitwise Asset Management, Inc., NYSE Arca, Inc., and Vedder Price P.C
    MEMORANDUM TO: File No. SR-NYSEArca-2019-01 FROM: Lauren Yates Office of Market Supervision, Division of Trading and Markets DATE: March 20, 2019 SUBJECT: Meeting with Bitwise Asset Management, Inc., NYSE Arca, Inc., and Vedder Price P.C. __________________________________________________________________________ On March 19, 2019, Elizabeth Baird, Christian Sabella, Natasha Greiner, Michael Coe, Edward Cho, Neel Maitra, David Remus (by phone), and Lauren Yates from the Division of Trading and Markets; Charles Garrison, Johnathan Ingram, Cindy Oh, Andrew Schoeffler (by phone), Amy Starr (by phone), Sara Von Althann, and David Walz (by phone) from the Division of Corporation Finance; and David Lisitza (by phone) from the Office of General Counsel, met with the following individuals: Teddy Fusaro, Bitwise Asset Management, Inc. Matt Hougan, Bitwise Asset Management, Inc. Hope Jarkowski, NYSE Arca, Inc. Jamie Patturelli, NYSE Arca, Inc. David DeGregorio, NYSE Arca, Inc. (by phone) Tom Conner, Vedder Price P.C. John Sanders, Vedder Price P.C. The discussion concerned NYSE Arca, Inc.’s proposed rule change to list and trade, pursuant to NYSE Arca Rule 8.201-E, shares of the Bitwise Bitcoin ETF Trust. Bitwise Asset Management, Inc. also provided the attached presentation to the Commission Staff. Bitwise Asset Management Presentation to the U.S. Securities and Exchange Commission March 19, 2019 About Bitwise 01 VENTURE INVESTORS Pioneer: Created the world’s first crypto index fund. 02 TEAM BACKGROUNDS Specialist: The only asset we invest in is crypto. 03 Experienced: Deep expertise in crypto, asset management and ETFs. 2 Today’s Speakers Teddy Fusaro Matt Hougan Chief Operating Officer Global Head of Research Previously Senior Vice President and Senior Previously CEO of Inside ETFs.
    [Show full text]
  • FOREX Scandal: Top Banks Face Antitrust Fines
    34 REVIEW OF BANKING & FINANCIAL LAW VOL. 35 IV. FOREX Scandal: Top Banks Face Antitrust Fines A. Introduction Foreign exchange, more popularly known as “Forex” or “FX,” is the “conversion of one currency into another.”1 Forex is a virtual, global market where users continuously buy and sell currencies at an exchange rate, which is “the price paid for one currency in exchange for another.”2 Big banks and other providers control the electronic platforms where trading occurs.3 The Forex market is the “largest financial market in the world,” with daily trade volumes exceeding $5 trillion,4 even though physical money rarely exchanges hands.5 While there are numerous global currencies, most international Forex trading is conducted using the U.S. Dollar, Yen, and Euro.6 In 2013, evidence revealing deliberate manipulation of Forex rates by traders at several large banks came to light.7 In what later became known as the “Forex Scandal,”8 Forex traders conspired to rig market rates in order to accrue substantial financial gains, to the 1 Foreign Exchange, INVESTOPEDIA, http://www.investopedia.com/terms /f/foreign-exchange.asp [http://perma.cc/3P26-6WYT]. 2 Matt Cavallaro, The Forex Market: Who Trades Currency and Why, INVESTOPEDIA, http://www.investopedia.com/articles/forex/11/who-trades- forex-and-why.asp [http://perma.cc/8QXA-H939] (“An exchange rate is the price paid for one currency in exchange for another.”); Philip Augar, How the Forex Scandal Happened, BBC (May 20, 2015), http://www.bbc.com/news/business-30003693 [http://perma.cc/2K9Z- GHUJ]. 3 Augar, supra note 2.
    [Show full text]
  • Global Foreign Exchange Cracking the Code.Pdf
    LJMU Research Online Chijioke-Oforji, C and Vasani, A Global Foreign Exchange: Cracking the Code http://researchonline.ljmu.ac.uk/id/eprint/10101/ Article Citation (please note it is advisable to refer to the publisher’s version if you intend to cite from this work) Chijioke-Oforji, C and Vasani, A (2017) Global Foreign Exchange: Cracking the Code. Journal of International Banking Law and Regulation, 32 (8). pp. 358-366. ISSN 0267-937X LJMU has developed LJMU Research Online for users to access the research output of the University more effectively. Copyright © and Moral Rights for the papers on this site are retained by the individual authors and/or other copyright owners. Users may download and/or print one copy of any article(s) in LJMU Research Online to facilitate their private study or for non-commercial research. You may not engage in further distribution of the material or use it for any profit-making activities or any commercial gain. The version presented here may differ from the published version or from the version of the record. Please see the repository URL above for details on accessing the published version and note that access may require a subscription. For more information please contact [email protected] http://researchonline.ljmu.ac.uk/ Global Foreign Exchange: Cracking the Code Chijioke Chijioke-Oforji and Amar Vasani Abstract: The Foreign Exchange Global Code comes to the fore against a backdrop of ethical drift, which has affected the Foreign Exchange markets of late. In précising recent market scandals, this article shall outline why the Global Code is needed, before assessing the drafts which emerged out of the Code’s first and second developmental phases in May 2016 and May 2017 respectively.
    [Show full text]
  • Misconduct Risk
    MISCONDUCT RISK Christina Parajon Skinner* Financial misconduct and systemic risk are two critical issues in financial regulation today. However, for the past several years, financial misconduct and systemic risk have received markedly different treatment. After the global financial crisis, regulators responded to the traditional quantitative risks that banks pose—those found on their balance sheets and in their business models—with sweeping reforms on an internationally coordinated scale. Meanwhile, with respect to misconduct, regulators have reacted with a traditional enforcement approach—imposing fines and, in some cases, prosecuting individual malefactors. Yet misconduct is not only an isolated or idiosyncratic risk that can be spot treated with enforcement: misconduct can also be a significant source of risk to the financial system, particularly when it arises on an industry-wide basis. This Article creates a framework for understanding how and under what circumstances misconduct imposes such broad social and economic costs: “misconduct risk.” This Article explores three features of the banking industry that, in combination, can give rise to misconduct risk—deficient accountability systems, performance-based compensation, and a fluid and transient labor market. Drawing on this conceptual foundation, this Article argues that misconduct risk requires a holistic and preventive approach on par with regulators’ efforts to reduce classic balance sheet risks. Specifically, this Article urges bank supervisors to design regulatory tools that proactively target these contagion mechanisms in order to combat misconduct risk. This Article proposes a novel supervisory tool— “compliance stress testing”—and suggests how this tool can be incorporated into the existing international framework for regulating global banks. * Associate in Law, Columbia Law School.
    [Show full text]
  • Dr. Nicholas Ryder, Professor in Financial Crime, Department of Law, Faculty of Business and Law, University of the West of England, Bristol
    ‘The good, the bad and the ugly’ Dr. Nicholas Ryder, Professor in Financial Crime, Department of Law, Faculty of Business and Law, University of the West of England, Bristol Introduction The fight against financial crime in the United Kingdom (UK) has gone through numerous cycles, just like the economy, over the last thirty years. Gripped by the fear of fraud in the 1980s, the then Conservative government, as a result of the recommendations of the Roskill Committee, created the Serious Fraud Office (SFO) by virtue of the Criminal Justice Act 1987. Similarly, following the ‘regrettable’ decsion of the House of Lords in R v Cuthbertson,1 the Conservative government commissioned the Hodgson Committee to investigate how it could tackle the problems associated with confiscating the proceeds of crime. The recommendations of the Hodgson Committee were instrumental in the implementation of the Drug Trafficking Offence Act 1986 which introduced a broader set of confiscation measures, criminalised money laundering and also the first anti-money laundering reporting (AML) obligations. In the following decade, the Conservative government responded to the threat posed by money laundering and implemented the 1993 Money Laundering Regulations and the Criminal Justice Act 1993.2 Following the General Election victory in the 1997 the Labour government introduced an AML and counter-terrorist financing strategy that was administered by HM Treasury. This was followed by the implementation of the recommendations of the Performance and Innovation Unit Report via the Proceeds of Crime Act 2002. This legislation sought to bolster the AML reporting obligations and the ability of the then Assets Recovery Agency to confiscate the proceeds of crime.
    [Show full text]
  • Market Manipulation and Insider Trading
    Market Manipulation and Insider Trading Regulatory Challenges in the United States of America, the European Union and the United Kingdom Ester Herlin-Karnell and Nicholas Ryder HART PUBLISHING Bloomsbury Publishing Plc Kemp House , Chawley Park, Cumnor Hill, Oxford , OX2 9PH , UK HART PUBLISHING, the Hart/Stag logo, BLOOMSBURY and the Diana logo are trademarks of Bloomsbury Publishing Plc First published in Great Britain 2019 Copyright © Ester Herlin-Karnell and Nicholas Ryder , 2019 Ester Herlin-Karnell and Nicholas Ryder have asserted their right under the Copyright, Designs and Patents Act 1988 to be identifi ed as Authors of this work. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or any information storage or retrieval system, without prior permission in writing from the publishers. While every care has been taken to ensure the accuracy of this work, no responsibility for loss or damage occasioned to any person acting or refraining from action as a result of any statement in it can be accepted by the authors, editors or publishers. All UK Government legislation and other public sector information used in the work is Crown Copyright © . All House of Lords and House of Commons information used in the work is Parliamentary Copyright © . This information is reused under the terms of the Open Government Licence v3.0 ( http://www.nationalarchives.gov.uk/doc/ open-government-licence/version/3 ) except where otherwise stated. All Eur-lex material used in the work is © European Union, http://eur-lex.europa.eu/ , 1998–2019.
    [Show full text]