Energy, Marine and Trade Regulatory Compliance and Investigations Newsletter July 2022
Market Insight 14 July 2022 14 July 2022
Energy & Natural Resources
Our clients in the energy, marine and natural resources industries are facing unprecedented regulatory scrutiny of their international operations. To assist in keeping track of developments, our Global Team have identified a series of challenges and considerations relating to regulatory compliance and investigations, which are discussed across a series of papers.
In this edition, we visit themes on international sanctions, ESG compliance, data protection, employee investigations, cyber fraud, and litigation privilege among other topics. The newsletter contains analyses from our experts across Asia, Europe, the Middle East, the UK, and the Americas.
We hope you and your compliance teams find the articles useful and we welcome any feedback on the content and format that might help us with future editions. You are welcome to get in touch with us if you would like to discuss in more detail any of the issues covered in this issue.
If you, or a member of your compliance team, would like to receive these updates going forward, please update use the form found here.
Regulatory Reporting on ESG Matters and the First Greenwashing-Related Cases
A report on recent EU, US, and UK legislation and initiatives undertaken in respect of environmental, social and governance (ESG) matters. The report also includes details of penalties imposed by both the US Securities and Exchange Commission and the UK Serious Fraud Office against companies and individuals engaged in ESG breaches, one case in particular involving the intervention of our Team.
The Economic Crime (Transparency and Enforcement) Act 2022
The UK continues to drive forward legislative change to increase transparency of ownership in the market and legislate in respect of financial crime and the ability of the government to confiscate the proceeds of crime. The Economic Crime (Transparency and Enforcement) Act 2022 entered into force earlier this year and introduced important changes.
Part 2 of Preliminary Applications Used in Fraud and Corruption Cases – Evidence Preservation Orders
Evidence plays a critical role in any proceedings in providing potential clarification on the issues and supporting the parties’ separate arguments. Evidence Preservation Orders ensure that evidence of any kind - paper documents, digital data, or any other type of information - is carefully preserved and protected from third-party interference.
UK Financial Crime News Update
A compilation of recent news reporting on companies charged with financial crime offences, including bribery and fraud.
UK & US
The Great LIBOR Divide
A lookback at various investigations reveals a great divide between how defendants or respondents in Libor and Euribor proceedings fared in the UK, and globally. The findings of the US court of appeal suggest that, what was a massive crime in the UK leading to initial sentences of 14 years for one defendant, was not a crime in the US.
UK & CHINA
Which Dispute? The Limits of Litigation Privilege
Lawyers often assume that correspondence with their advisory experts is protected by legal professional privilege, but that is not always the case. In a recent decision concerning multiple disputes, the Commercial Court has emphasised the need to consider, carefully, when an advisory expert was engaged, and in relation to which precise dispute, before asserting privilege over documents connected to their work.
Cyber Fraud in International Trade – Precautionary Measures and Remedies
Clyde & Co’s Shanghai Office recently received several instructions regarding international trade-related cyber fraud incidents from clients seeking assistance to recover funds diverted and wrongfully paid into third-party bank accounts in Mainland China. We examine the main methods used by fraudsters and provide guidance on the precautionary measures to minimise the risks as well as the effective remedies available for recovering such funds.
UK & SINGAPORE
Standards and Safeguards in Internal Investigations
The Singapore High Court (Appellate Division) recently considered the applicable standards and procedural safeguards to be adopted when conducting investigations into employees. We explore some of the key observations made by the Court and consider their impact on the conduct of internal corporate investigations.
Singapore and UK - Sanctions Update
A round-up of recent financial measures, export controls and key recommendations introduced in Singapore and the UK.
Qatar Financial Centre Updates its Data Protection Law in Line with the GDPR
The Qatar Financial Centre (QFC), a financial services free zone in Doha in Qatar, issued its updated Data Protection Regulations and Rules in December 2021, which align the QFC with international data protection laws, such as the European General Data Protection Regulation (Regulation (EU) 2016/679).