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.
 

The 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 gatekeepers

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.

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