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Articles by Stacey Mcevoy
Practical tips for large organisations to ensure reasonable procedures to prevent fraud are in place | JD Supra
We distil key practical takeaways from the UK Government’s official guidance on the corporate criminal offence of failure to prevent fraud (the Guidance). Businesses and compliance teams will be working to review and prepare fraud prevention procedures for the September 1, 2025 implementation date.
New UK guidance on failure to prevent fraud - what does it tell businesses about how the offence will apply? | JD Supra
The UK Government has finally published its official guidance on the corporate criminal offence of failure to prevent fraud (the Guidance). The offence will come into force on 1 September 2025. By then, businesses that fall within scope should have undertaken comprehensive risk assessments and implemented any necessary changes to demonstrate that they have 'reasonable procedures' in place to prevent fraud.
Mother Seton Regional High School Junior Kate Robimon Achieves Perfect PSAT Score
Mother Seton Regional High School junior Kate Robimon of Westfield achieved a perfect score on the PSAT that was given in the fall, garnering the highest result possible in the math and verbal sections. Junior Colby Tavares of Belford scored a perfect score on the math section of the PSAT and almost perfect in the verbal section.
Court of Appeal confirms FCA power to impose single-firm redress schemes | JD Supra
[co-author: Ollie Bradgate] The UK Court of Appeal has confirmed that the UK Financial Conduct Authority (FCA) has the power to impose single-firm schemes of redress where it considers this is desirable to satisfy one of its statutory operational objectives. The exercise of this power is subject only to the usual public law constraints.
Impact of recent corporate criminal liability reforms for PE firms | JD Supra
The new failure to prevent fraud offence and new ‘senior manager’ attribution test for corporate criminal liability contained in the Economic Crime and Transparency Act 2023 are relevant to private equity firms for two key reasons: There is an increased risk of criminal enforcement against a large portfolio company (PC) whose employees, agents etc commit fraud in order to benefit the PC.
Criminal Justice Bill proposes further reforms to the identification doctrine | JD Supra
The UK government is already proposing further expansion to the basis on which companies can be fixed with criminal liability. The Economic Crime and Corporate Transparency Act 2023 (ECCTA), passed in October, significantly changed the rules on whose conduct can be attributed to a company for an economic crime offence. With the ink barely dry on the ECCTA, the new Criminal Justice Bill will extend the change to all criminal offences, not just economic crimes.
Extended pre-investigative powers for the UK Serious Fraud Office coming soon | JD Supra Original
The UK Government is expanding the scope of the Serious Fraud Office’s (SFO) power to compel individuals and companies to provide information before a formal SFO investigation is commenced. Currently the power can only be used in international bribery and corruption cases but soon the SFO will be able to use it in all types of case. We consider the practical impact of this change.
Reform of the identification doctrine - significant expansion of corporate criminal liability for economic crimes | JD Supra
Last Thursday, the government publicised its intention to use the Economic Crime Bill to significantly expand corporate criminal liability through reform of the ‘identification doctrine’. This is the English law rule on how criminal liability is attributed to a company or partnership via the conduct of certain senior individuals.
What financial services firms should know about the new UK 'failure to prevent fraud' corporate criminal offence | JD Supra
Financial services firms are already subject to significant obligations to prevent financial crime. The proposed introduction of the new failure to prevent fraud offence will no doubt prompt the question within such institutions: what more would be required to address the additional risks created by this offence?
Priorities, Priorities: what is not in the FCAs latest Business Plan | JD Supra
The UK Financial Conduct Authority’s (FCA) 2023 Business plan suggests some subtle amendments to the priorities previously set out in its three-year strategy. Last year, the FCA set out a bold new plan for a more innovative, more assertive, more adaptive FCA with its 2022-2025 Strategy.
Threat of follow-on civil claims against companies suffering cyberattack dampened by recent court judgment | JD Supra
Cyber incidents have a serious regulatory and reputational impact, and increasingly form the subject of follow-on civil litigation. Such civil claims may be less financially attractive for claimants as a result of this case, in which the High Court struck out certain claims against a company that had been the victim of a cyberattack, seeking civil damages for breach of confidence, misuse of private information and negligence.
Impact of proposed changes to decision making at the UK Financial Conduct Authority | JD Supra
The FCA is proposing to streamline decision-making and governance by moving some decision-making powers from the more independent, board level, Regulatory Decisions Committee (RDC) to senior members of the Authorisation, Supervision and Enforcement Divisions. What impact will this have on the FCA and enforcement cases in particular?
UK FCA extends annual financial crime reporting obligation (REP-CRIM) to more firms | JD Supra
The FCA is extending its existing annual financial crime reporting obligation (termed the “REP-CRIM” by the FCA) to a broader range of firm types. The change is expected to impact approximately 4500 firms who were previously not in scope. We take a look at what this means for the new firms in scope, and how they can draw some benefit from this new obligation.
SFO rebuked for overreaching: no power to seek overseas documents from non-UK companies | JD Supra
The Supreme Court has decided the Serious Fraud Office does not have the power to issue a section 2 notice to a non-UK company with extraterritorial application. It can, however, continue to compel production of documents held extraterritorially by UK companies: The Queen on the application of KBR Inc v The Director of the Serious Fraud Office [2021] UKSC 2, 5 February 2021.
Sticker Shock Campaign: All Four Chatham Liquor Retailers Embrace “21 Means 21”
Chatham, NJ—Volunteers from the Madison Chatham Coalition (MCC), Municipal Alliance Committee of the Chathams (MACC), law enforcement of the Chathams, Chatham Borough government and all four alcohol retailers in Chatham participated in the second Sticker Shock campaign of the year on June 24 and 25. The first one was held in February.
Surveying the financial crime landscape in the UK: insights across the market from the annual financial crime return | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
Corporate trustees – considerations in seeking declaratory relief | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
Contracting with a foreign sovereign: capacity and authority | JD Supra
The second round of the legal battle between Russia and Ukraine over repayment of Eurobonds issued by Ukraine has ended with a victory for Ukraine: it can defend Russia’s claim for repayment on the grounds it entered into the Eurobond under unlawful duress exerted by Russia. The Court of Appeal unanimously found that foreign sovereign states have unlimited capacity to contract which cannot be constrained by domestic law restrictions (constitutional or otherwise).
SFO can request overseas documents from non-UK companies | JD Supra
The Serious Fraud Office can validly issue a section 2 notice with extraterritorial application. It can compel production of documents held extraterritorially by a UK company, or issue a notice to foreign companies in respect of documents held outside the UK if there is a “sufficient connection” between that company and the UK. The ruling comes at a time when the SFO is testing the limits of its powers to seek disclosure of documents.
ENRC v SFO appeal: internal corporate investigation documents were protected by privilege | JD Supra
Documents, including interview notes, generated by mining company ENRC during an internal corruption investigation were protected by privilege and therefore did not have to be disclosed to the Serious Fraud Office (SFO).
Negligent valuations and refinancing: a lesson for lenders on recovery
The Supreme Court unanimously held that a lender was only entitled to recover new money, which had been advanced as part of a loan refinancing, in its claim against a negligent valuer (whose report it relied upon in entering into the refinancing). The portion of the refinancing used to repay the lender's original facility could not be recovered.
Supreme Court rules on test for dishonesty
In a landmark case, the UK Supreme Court has clarified the test for dishonesty under criminal law. This re-alignment of the criminal test for dishonesty is significant for both organisations and their employees The court overruled the long-standing second subjective limb of the test for criminal dishonesty (as set out in R v Ghosh) in favour of the objective civil law test.
Hard lessons from the English court on legal professional privilege
?Financial institutions engaged in cross-border business are increasingly at risk of being caught in the middle of a complex web of internal, regulatory and criminal investigations as well as civil litigation and employment claims when something has gone wrong. These may be conducted simultaneously or at different times, but they will often arise out of essentially the same underlying facts.
Nonna's Italian Restaurant Gets Special Visit Monday
FLORHAM PARK, NJ - There is no one who knows New Jersey eats like Peter Genovese. Writer, NJ Advance Media, author of several books, food seeker, and the undisputed champion of grading Garden State grub, will visit Nonna's Italian Restaurant Monday, as they have landed among 50 semi-finalists in New Jersey's Best Pizzeria. Of the 50 semifinalists, 24 were voted in by readers and fans, with votes totalling over 45,000. The other 26 were chosen by Genovese himself, from reader recommendations.
Capacity of state to contract
?A political battle between Russia and Ukraine has ended up before the English courts, in the context of a dispute over repayment of Eurobonds issued by Ukraine. The decision in The Law Debenture Trust Corporation plc v Ukraine [2017] EWHC 655, 29 March 2017 is the first English law authority on the capacity of a state to contract.
Refinancing provides negligent advisors with windfall
?A loan refinancing transaction led to both the original lender and new lender being unable to recover damages against a negligent advisor who had advised on the original loan, after the borrower defaulted. In Lowick Rose LLP v Swynson Ltd & anr [2017] UKSC 32, the Supreme Court’s ruling illustrates, even in what Lord Mance describes as a windfall for the negligent advisor, that normal rules relating to recoverability of loss will not easily be avoided.
Supreme Court confirms that both commercial common sense and the natural meaning of the words matter in contractual interpretation
?In Wood v Capita Insurance Services Ltd [2017] UKSC 24, the Supreme Court again examined the principles of contractual interpretation. In Arnold v Britton the Supreme Court had cautioned against commercial common sense overriding the natural meaning of a provision. In Rainy Sky SA v Kookmin Bank, it had explained that, if there were two possible constructions, the court was entitled to prefer the construction consistent with business common sense.
Park Avenue Club Hosts Morris County Chamber of Commerce and others to Discuss the Future of New Jersey Manufactoring
FLORHAM PARK, NJ- On the morning of March 31st, the Park Avenue Club in Florham Park was inundated with some of New Jersey’s most elite manufacturing leaders and state officials to discuss the current state of the manufacturing business sector and its future.
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