The events of last year have led to a less benign economic outlook and have changed the financial landscape considerably. Tighter financial conditions have led to the emergence of new risks and the FSA is tackling those by greater enforcement activity. The threat of civil fines for market abuse has not worked as well as the FSA had hoped. This has led to a new focus on using all of the FSA's powers, including criminal actions, to achieve credible deterrence. After failing to bring a single criminal prosecution for insider dealing in seven years, the FSA has already filed several criminal prosecutions this year, with more still in the pipeline. The aim is that bolder and more resolute actions may finally bring about a change in City culture. This has been coupled with a more assertive approach to evidence gathering including cold calling, early interviews and the possibility of leniency being offered in return for testimony against others.
The recent arrests of eight workers, including investment bank employess, highlight the FSA's new emphasis on using enforcement cases and a more assertive style to establish credible deterrence. The FSA believes that action against individuals has a far greater effect than action against firms, which can be seen through their actions this year.
The FSA has studied how the US regulators and prosecutors approach enforcement and its new assertiveness feels much more US in style. At the same time, there have been developments leading to greater cooperation between financial services regulators internationally, which is likely to improve their effectiveness in enforcement actions involving cross border issues.
Firms and individuals in the financial markets need to be prepared to deal effectively with this bolder, more assertive FSA. Fraud and market conduct investigations often involve issues in multiple jurisdictions and there may be parallel litigation involving investors. In such cases it is vital to understand the interplay between the various relevant regulators and courts in order to reach an effective resolution.
This well established and highly topical conference brings together a speaker faculty of exceptional quality to discuss the latest developments in this critically important area and to guide delegates through how best to prepare for and to handle an FSA investigation, and, if this leads to enforcement action, the strategies and tactics that are likely to result in the best outcome. The conference will be invaluable for all compliance officers, directors, senior managers with financial institutions, as well as their legal and other advisors.
£675
$1343
€852 
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