Marketing of Cryptoassets – UK’s Financial Conduct Authority Issues ‘Final Warning’
Regardless of whether you are in the UK, or the type of technology you use, companies marketing ‘qualifying cryptoassets’ to customers in the UK will need to comply with the financial promotions regime of the Financial Conduct Authority (FCA), the UK’s financial regulator. These measures will have a significant impact […]
Supreme Court Rules FCA Liability Turns on Subjective Belief, Not Objective Reasonableness
Key takeaways In a much-anticipated opinion released on June 1, 2023, the US Supreme Court held that the scienter element of the False Claims Act (FCA) turns on the defendant’s “knowledge and subjective beliefs” – not on “what an objectively reasonable person may have known or believed.” The unanimous decision […]
Are Courts Reining in Causation and Remuneration in False Claims Act and Anti-Kickback Cases?
In US ex rel. Martin v. Hathaway, the US Court of Appeals for the Sixth Circuit joined the US Court of Appeals for the Eighth Circuit in requiring False Claims Act (FCA) plaintiffs to establish a direct causal relationship between alleged kickbacks and specific healthcare claims. This decision widens an […]
Failing to Prepare is Preparing to Fail: UK Government Proposes ‘Failure to Prevent Fraud’ Corporate Criminal Offence
Economic crime has risen to such a level in the United Kingdom that UK Finance, a trade association for the UK banking and financial services sector, considers financial fraud to be a ‘national security threat’. More than £750 million was stolen from banking customers by fraudsters in the first half […]
DOJ Issues Further Guidance, Warnings on Ephemeral Messaging Apps
At the March 2023 American Bar Association National Institute on White Collar Crime, senior Department of Justice officials offered their most expansive guidance yet about the dangers of using ephemeral messaging for company communications. Officials noted that when conducting an investigation, DOJ prosecutors will consider a company’s use of ephemeral and […]
When the Whistle Blows, Listen Carefully – and Consider Self-Disclosure
On February 22, 2023, the US Department of Justice announced a new voluntary self-disclosure policy for corporate criminal enforcement in US attorney’s offices nationwide. The policy offers concrete and meaningful incentives – including significant discounts on fines and not guilty plea resolutions – for corporations that meet the criteria for […]
US Government ‘Strike Force’ to Block Foreign Adversaries From Obtaining Disruptive Technologies
Key takeaway The federal government sent another big signal that it’s stepping up efforts to keep cutting-edge, dual-use and military technologies out of the hands of adversarial foreign governments when it announced the launch of the Disruptive Technology Strike Force (DIS-TECH) on February 16, 2023. The strike force, led by […]
Considering Texting About Work? Beware.
As the rise in remote work has led to an increased reliance on mobile devices to stay connected – with cellphones at our fingertips virtually 24/7 – the use of third-party messaging applications to communicate about work has become commonplace. From WhatsApp to Telegram, corporate executives, financial services professionals and […]
Corporate Criminal Liability in the UK – What’s Next?
On 10 June 2022, the UK Law Commission published the results of its review into the laws that govern corporate criminal liability in the UK and its proposals to reform them. There has been a long-held concern amongst enforcement authorities, and legal commentators, that current UK law makes it exceptionally difficult […]
Bloomberg LP v. ZXC: Privacy Triumphs
The UK Supreme Court has handed down its highly anticipated judgment in the matter of Bloomberg LP v. ZXC [2022] UKSC 5. As we explained in our 16 February 2022 Cooley blog, the case highlighted the tension between the privacy interests of individuals under investigation who have not been charged with a crime and […]