Tactics to win: A practical guide to handling cross-border actions by financial regulators

Tuesday 7 October 2008
Registration: 4:00 p.m. - 4:30 p.m.
Programme: 4:30 p.m. - 7:30 p.m.
Questions, drinks and canap‚s: 6:00 p.m. - 7:30 p.m.

Programme Timings
4:30 p.m. - 5:00 p.m.
Overview of recent regulatory and legal developments affecting cross-border actions

5:00 p.m. - 6:00 p.m.
Case study highlighting key practical issues that arise in responding to investigations and defending enforcement proceedings (including in relation to interviews, cross-border document disclosure, impact of leniency deals and settlements on parallel investigations and proceedings)

6:00 p.m. - 7:30 p.m.
Questions, drinks and canap‚s

Location (View Map)
Mayer Brown International LLP
11 Pilgrim Street
London EC4V 6RW

The Financial Services Authority in the UK really is becoming more assertive in its approach to investigations and enforcement, particularly in the area of market abuse. For example we have recently seen an operation involving some 40 FSA staff supported by City of London police that led to dawn raids with search warrants being executed at locations across London and the South East and eight arrests. This was part of a major investigation into an alleged insider dealing ring. Very controversially the FSA has also attempted to use cold calling, seeking there and then interviews with traders and other staff in financial institutions, when investigating irregular dealing.

At the same time, the FSA has an appetite to use offers of leniency to potential suspects in return for giving evidence against others and the UK Attorney General, with the FSA's involvement, is considering the introduction of a formalised plea negotiation process in the hope of reducing the length and complexity of UK trials for financial crime.

All of this coincides with developments leading to closer cooperation between financial regulators and prosecutors internationally, not just in information sharing but also in coordinating parallel investigations. There is a significant danger in enhanced cooperation when the legal consequences of particular conduct and the investigative tools still differ materially between jurisdictions. Settlements and leniency deals reached in one jurisdiction may offer little protection from prosecution in another and little protection against litigation by investors and counterparties that have suffered losses.

These developments mean that it is increasingly important for institutions with international business to have legal counsel who can coordinate advice in all relevant jurisdictions and are competent in dealing with both criminal and civil aspects of investigations.

The seminar begins with a short overview of the legal and regulatory changes that are happening affecting cross-border investigations. Then, using a case study, our speakers will discuss the practical issues that arise in dealing with parallel and cross-border investigations by financial regulators and how these can be resolved successfully. Our speakers include two of our Washington partners. All have significant experience in dealing with cross-border regulatory investigations involving fraud and market abuse and in dealing with major criminal investigations.

Andrew Legg - London

Angela Hayes - London
Ed Sautter - London
Joe Goldstein - Washington, DC
Adriaen Morse - Washington, DC

If you would like to attend, please email or call +44 (0)20 7782 8527.