April 2014

This month we report on investigations into the alleged manipulation of Libor in the UK and the Far East and note the differing approaches of authorities across jurisdictions. New legislation from the European Council aims to clamp down on market abuse and impose harsher penalties on those found guilty of economic crime. The absence of such an important financial centre as the UK from the Directives’ ambit may be considered by other EU member states as watering down their effectiveness. The latest judgment in the Kerviel case in France has overturned long-established principles of compensation for financial loss. International companies have been assessing their anti-corruption credentials and disclosed that they continue to face business risk. Meanwhile, the performance of financial regulators and prosecutors across the globe has been rated - and some have been found wanting.

Download entire issue (as pdf)