Publication
“AI and sustainability - cure or curse?”
While AI can help resolve data issues in sustainable investing, it can create problems such as information breaches and inherent bias in data.
United Kingdom | Publication | March 2023
The FCA and PRA are empowered under the Competition Act 1998 and the Financial Services and Markets Act 2000 to carry out unannounced visits, commonly referred to as “dawn raids”, provided that certain legal criteria are met. These powers enable the regulators to enter and search a firm’s premises, conduct interviews with staff and to require production and take copies of documents onsite. Regulators may also visit staff working at home and seek documents and devices used for work purposes.
Given that fighting financial crime underpins the FCA’s key priorities, firms and their staff may be subject to dawn raids if the regulator has serious concerns in relation to financial crime activity. As noted in our Regulation Tomorrow blog, in January 2023 the FCA announced that it had commenced criminal proceedings against five individuals for conspiracy to commit insider dealing and money laundering following a multi-site search and arrest operation conducted by the FCA in March 2021 with the assistance of the Metropolitan Police.
Firms should have in place, and keep up to date and easily accessible, a documented policy and procedure which employees must follow in the event of an unannounced visit. To assist firms in this area we set out below a reminder of some of the key steps to take to prepare for and manage an unannounced visit from the FCA or PRA.
Where an unannounced or short notice visit is being carried out at domestic premises, the same principles apply and legal/ external counsel should be contacted immediately to request their presence at the premises.
Publication
While AI can help resolve data issues in sustainable investing, it can create problems such as information breaches and inherent bias in data.
Publication
In this edition of Regulation Around the World we review recent steps that financial services regulatory authorities have taken as regards investment research.
Publication
The proliferation of internet-enabled devices has allowed children to access the internet at an increasingly younger age, often sharing their personal data without fully appreciating the risks and consequences of doing so. Accordingly, organisations that collect children’s personal data online have a shared responsibility to ensure that such personal data is collected with the appropriate consent obtained and is adequately protected, and to allow children to safely participate in the online space.
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