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As regulatory rules are increasingly made in Europe, within the UK, the new Financial Conduct Authority will move to becoming as Hector Sants put it a “supervisory arm” of Europe in relation to conduct issues
In May 2012 the FSA issued Final Notices fining Habib Bank AG Zurich (“Habib”) £525,000 for failure to take reasonable care to establish and maintain adequate anti-money laundering (“AML”) systems and controls and fining its former Money Laundering Reporting Officer (“MLRO”) Syed Hussain £17,500 for failure to take reasonable steps to ensure that Habib complied with relevant AML requirements
Two recent decisions of the Australian High Court have significant corporate governance implications for companies subject to the Commonwealth Corporations Act 2001
The FSA has fined Exillon Energy, a premium-listed Isle of Man company, £292,950 for breaching the rules on related party transactions in LR 11 of the Listing Rules
