PUBLICATIONS & POLICY BRIEFINGS
Who Should Prosecute Fraud, Corruption and Financial Markets Crime?
In this briefing, Jonathan Fisher QC argues that City fraud, financial markets
offences and corruption should be investigated and prosecuted by a single
enforcement authority instead of the multiplicity of agencies currently
involved. The recent establishment of the Economic Crime Command at the National
Crime Agency has muddied the waters further. It is high time for the Government
to deliver on its Coalition Agreement commitment by allowing the Serious Fraud
Office to mutate into an enlarged new economic crime-busting agency, leaving the
Financial Conduct Authority to concentrate on the imposition of civil penalties
for regulatory and compliance breaches which do not demand a criminal response.
Criminalising Bank Managers (Julia Black and David Kershaw, Professors of Law, LSE)
This Policy Briefing evaluates the Parliamentary Commission on Banking Standards
recommendation to criminalise the reckless behaviour of senior bank managers.
Commission on Banking Standards Report and Bank Incentives: A Missed Opportunity
(Julia Black and David Kershaw, Professors of Law, LSE)
This Policy Briefing asks whether the Commission has missed an opportunity to
address the skewed incentives for bank managers created by the UK’s system of
corporate law and governance.
Legal Risks and
Risks to Lawyers (Julia Black, LSE and Karen Anderson, Herbert Smith Freehills
LLP) June 2013
The financial crisis exposed risks that were not foreseen and in the subsequent
quest to attribute blame to the financial institutions, their managers,
auditors, regulators, credit rating agencies, and politicians, a question was
also asked: where were the lawyers? Were lawyers close enough to the events that
they should be blamed, whether for their actions, or for a failure to act as
In its most recent roundtable, discussion the Herbert Smith Freehills and London
School of Economics Regulatory Reform Forum debated the role that lawyers can
and should play in managing risks in financial institutions.
This paper summarises some of the issues debated, including:
• Practical challenges in identifying, assessing and monitoring legal risks
• Expectations on the role of lawyers in financial institutions
• Consequential liability for lawyers
It also reports on a survey conducted of the firms invited to the forum, on the
involvement of the legal function in legal risk management.
'Creating an ethical framework for the financial services industry' (Julia
Black, LSE and Karen Anderson, Herbert Smith Freehills LLP) February 2013
The Herbert Smith Freehills and London School of Economics Regulatory Reform
Forum held a roundtable event to discuss creating an ethical framework for the
financial services industry. The event was attended by senior members of the
financial services industry, academics, lawyers and key policy makers. This
paper summarises some of the matters discussed.
'Breaking up is hard to do : The next stage' (Julia Black, LSE and Martyn
Hopper, Herbert Smith LLP) May 2012
LFMP and Herbert Smith hosted a seminar in December 2010 with
HM Treasury on the future of UK financial regulation. The accompanying
discussion paper, by Julia Black and Martyn Hopper (revised, 2012) discusses the objectives,
remit, powers and accountability of the new regulators and sets out key
principles to guide the reform.