Welcome to Allen & Overy’s Investigations Insight blog, sharing with you our views and insights into the latest trends, risks and developments in financial services investigations

Shining a light into dark pools

Stacey McEvoy

The Financial Conduct Authority (FCA) has published the results of its Thematic Review into UK equity market dark pools. There is a broadly positive view of dark pools and their contribution to the market, although with a cautionary note sounded on management of conflict of interests and governance, complete with a list of 75 questions Read More

Incentives, mindsets and behaviours: How the FCA defines and assesses culture

Ian Rodgers

The FCA has been stressing the importance of culture for a considerable time. Now, they’re at it again. Jonathan Davidson, the Director of Supervision – retail and authorisations at the FCA, spoke this summer on the topic of ‘Getting culture and conduct right – the role of the regulator’. I’ve set out below his main Read More

UK Law Society set to defend privilege in investigations?

Sarah Hitchins

The UK Law Society is consulting on new guidance regarding legal professional privilege (LPP). A considerable section of the draft guidance focuses on ‘contentious’ privilege issues that may arise in the context of internal or regulatory investigations. Understandably, the draft guidance does not provide definitive answers to some of these issues. However, the Law Society Read More

Maxwellisation: Critiquing the critics

David Odejayi

You may have varying opinions about the legacy of publishing mogul Robert Maxwell. However, there is no doubt that one aspect of his contribution to public life, the legal process known as ‘Maxwellisation’, is almost as controversial as the man himself. Maxwellisation is the process by which people who may be subject to criticism in Read More

The real-world impact of the Yates Memo

Kurt Wolfe

In September 2015, the U.S. Department of Justice (DOJ) released its policy on Individual Accountability for Corporate Wrongdoing—better known as the “Yates Memo”—which is ‘designed to ensure that individual accountability is at the heart of [DOJ’s] corporate enforcement strategy’. (Investigations Insight has posted a number of helpful pieces on the Yates Memo.) I recently published an Read More