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Global Investigations Review - The Guide to International Enforcement of the Securities Laws globalinvestigationsreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from globalinvestigationsreview.com Daily Mail and Mail on Sunday newspapers.
By Richard Sallybanks, Umar Azmeh10 May 2021 Much has been written about the Financial Conduct Authority’s (FCA) recent decision to commence criminal proceedings against NatWest plc for offences under the Money Laundering Regulations 2007 (MLR). However, as the FCA also started two insider dealing prosecutions in February, does this signal an increased willingness to flex its muscles as a criminal prosecutor, as opposed to dealing with misconduct in the areas for which it has responsibility through its civil regulatory regime? Richard Sallybanks Umar Azmeh On 11 February, the FCA announced that it had charged Stuart Bayes and Jonathan Swann with various offences of insider dealing under the Criminal Justice Act 1993 (CJA) in respect of trading in shares in British Polythene Industries plc in 2016; the profit from the alleged insider dealing was just under £140,000 (the case has been listed for trial on 4 April 2022, neither defendant has been arraigned, and there will be a case management hearing on 10 September 2021).
Compliance, Culture And Evolving Regulatory Expectations, Speech By Mark Steward, UK Financial Conduct Authority Executive Director Of Enforcement And Market Oversight, Delivered At NYU Law School Date Event: NYU Law School (Virtual) Delivered: 31 March 2021 Highlights The Senior Managers Regime (SMR) has changed the way firms allocate responsibilities, align those responsibilities to relevant controls and ensure oversight as to how these controls operate down the line. The 5 Conduct Questions (5CQ), which start with ‘tone from the top’, are increasingly focussing on ‘tone from within’ which requires every person in an organisation to be personally accountable and engaged. Every employee of a regulated firm is subject to individual conduct rules, which impose broad obligations.
Event: Expert Forum: Market Abuse 2021 Delivered: 25 February 2021 Highlights Surveillance and investigation work has reduced trading by certain actors whose trading prompted high numbers of suspicious transaction and order reports. Increase in the FCA’s proactive market monitoring and the introduction of some new initiatives, notably a new approach to short selling reporting. Introduction of a new market cleanliness measure, the Potentially Anomalous Trading Ratio. Enforcement action taken in key market abuse cases against individuals and firms. I am very happy to be able to be here for this year’s virtual webinar and thank the organisers for convening it. Last year’s event feels about 5 years ago. How strangely time has passed since then.
Insider Trading Tipster Brothers Walk Away With Millions msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Citigroup Help With Insider-Trading Case Detailed in Appeal This content was published on December 23, 2020 - 13:47 December 23, 2020 - 13:47 (Bloomberg) -- Among the 10,000 emails and other pieces of information that Citigroup Inc. provided to U.K. prosecutors was an item that a pair of convicted insider traders apparently thought was crucial: Two investment bankers co-owned an apartment in the Swiss Alps in Verbier. The link between the two bankers was to form the crux of an ultimately unsuccessful attempt by a former compliance officer at UBS Group AG and a day trader to overturn their high-profile convictions. The appeal cast some light on “some of the murkier aspects” of insider trading, the judges said.
Citigroup Cooperation With Regulator Detailed in Trading Case swissinfo.ch - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from swissinfo.ch Daily Mail and Mail on Sunday newspapers.
The Court of Appeal (Criminal Division) released its decision Wednesday. Fabiana Abdel-Malek, a former senior compliance officer at UBS, was sentenced to three years in prison in 2019 but had not completed the sentence while the appeal process proceeded. In addition, the court upheld the convictions against her coconspirator, Walid Choucair, who was also sentenced to three years in prison. “They are now required to surrender to custody to serve the remainder of their sentences,” the U.K. Financial Conduct Authority (FCA) said in a press release. According to the FCA, Abdel-Malek used her position at UBS to identify inside information on UBS’s compliance system regarding mergers and acquisitions—in particular how the deals would affect the stock prices of the companies involved. She passed that information to Choucair, her family friend and experienced day trader of financial securities. Abdel-Malek repeatedly accessed inside information, across several transactions, over a sustained period, the FCA said.
ADVERTISEMENT ADVERTISEMENT Ex-UBS Worker, Day Trader Lose Insider Dealing Conviction Appeal Law360, London (December 16, 2020, 2:07 PM GMT) -- A former compliance officer at UBS and her day trader friend lost their appeal on Wednesday after they sought to overturn their convictions for insider dealing, as a judge rejected arguments that prosecutors failed to present evidence at trial that could have helped their case. The Court of Appeal has found that "there was no irregularity or unfairness" to make the insider dealing convictions of the former UBS compliance officer and her friend unsafe. (Getty) The Court of Appeal upheld the convictions of former UBS Group AG compliance officer Fabiana Abdel-Malek and her friend Walid Choucair. The pair had accused the...
ADVERTISEMENT ADVERTISEMENT Ex-UBS Worker, Day Trader Lose Insider Dealing Conviction Appeal Law360, London (December 16, 2020, 2:07 PM GMT) -- A former compliance officer at UBS and her day trader friend lost their appeal on Wednesday after they sought to overturn their convictions for insider dealing, as a judge rejected arguments that prosecutors failed to present evidence at trial that could have helped their case. The Court of Appeal has found that "there was no irregularity or unfairness" to make the insider dealing convictions of the former UBS compliance officer and her friend unsafe. (Getty) The Court of Appeal upheld the convictions of former UBS Group AG compliance officer Fabiana Abdel-Malek and her friend Walid Choucair. The pair had accused the...