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Asset 3

Regulatory Enforcement in the UK gets tough on firms and senior individuals

Fines levied by the Financial Conduct Authority (and its predecessor the FSA) during 2013 amounted to £474,138,738, an increase of over fifty percent on the previous year’s total. There were 46 cases in which fines were imposed and the average fine was over £10million. Whilst these results were skewed by some very large fines, they […]

Increases in minimum wages: Who will benefit? Who will pay?

With a great deal of fanfare, President Obama signed an Executive Order entitled “Establishing a Minimum Wage for Contractors.”  (The E.O. may be found here.)  This order establishes a minimum wage of $10.10 for workers employed by contractors on Federal Government contracts effective January 1, 2015. The knee jerk reaction may be to argue that […]

New powers for UK enforcement agencies from this week

From this week, prosecutors in the UK from the Serious Fraud Office and the Crown Prosecution Service will be able to consider the possibility of making a Deferred Prosecution Agreement (“DPA”) available to a corporate entity instead of pursuing a criminal prosecution against them in appropriate cases of economic crime (read our full alert Brown […]

Whose Beach is it Anyway? Part I

With its pristine beaches, cool waters, and classic New England charm, the southern coast of Maine has long been a respite for vacationers seeking to enjoy Maine’s rich maritime history.  But on February 4, in what’s been heralded as a landmark case for property owners, the Maine Supreme Judicial Court issued an opinion that casts […]

UK Regulatory Enforcement Developments

Last week the FCA published details of the regulatory charges that it has decided to bring against two individuals (read our full alert on this – Greater transparency at an earlier stage of disciplinary proceedings – FCA publishes its first two warning notice statements).  This was the first time FCA had exercised the new power […]

Will restructured electric industry finally result in innovation?

In 1998, Massachusetts deregulated its electric utility industry.  The move forced utility monopolies to sell their generation assets, but allowed them to keep their networks of distribution and transmission wires.  Electric deregulation followed the pattern of other industries that were deregulated in the 1980s and 1990s – including the phone companies, airlines, and trucking.  Policy […]

Financial Advisors Warned about Alternative Investment Due Diligence

Financial advisors were recently warned by the SEC’s Office of Compliance Inspections and Examinations (OCIE) in its latest risk alert to take care when providing advice to clients about putting their assets in alternative investment products. With alternative investment funds, including hedge funds, private equity funds, and funds of private funds, continuing to attract interest […]

What You Can Expect from the SEC in 2014

In the coming year, you can count on the SEC to (i) continue to distance itself from its “no admit, no deny” policy- where it typically did not require individuals or entities to admit wrongdoing in order to enter settlement – in favor of securing more admissions of guilt in settlements involving large numbers of […]