The Monetary Conduct Authority and the Severe Fraud Workplace have signed a joint deal to co-operate extra extensively on investigations together with launching joint probes.
The deal could imply extra joint investigations launched by the 2 organisations with workers working as a “single staff.”
Each say the deal, signed earlier this month, will imply nearer co-operation however no new guidelines or obligations are being created.
The deal could imply a more durable joint method to monetary crime which has risen considerably in recent times with the SFO changing into extra concerned in probing regulated companies.
The ‘Memorandum of Understanding between the FCA and SFO’ will see the 2 our bodies probably working joint investigations or parallel investigations and swapping data and potential proof extra ceaselessly.
The co-operation deal can be designed to, “promote and facilitate the sharing of knowledge between the FCA and SFO.”
The settlement was signed for the SFO by Sara Lawson KC, common counsel and Therese Chambers, government director of enforcement and market oversight.
Beneath the deal the FCA and SFO will notify each other of any investigation or pre-investigation, “of mutual curiosity” on the earliest alternative. Workers will focus on on the outset whether or not there’s a want for a joint investigation or parallel investigation.
The FCA may also seek the advice of with the SFO in “issues of mutual curiosity” earlier than settling a case or continuing to Warning Discover stage to permit the SFO to contemplate whether or not to ask the FCA to defer proceedings briefly or forgo settling at the moment. Which means the FCA could maintain off issuing a warning discover if the SFO asks for a delay so it could perform additional investigations right into a case.
The brand new settlement replaces the Joint Protocol signed by the FCA and SFO in Might 2014.
Each says that data will solely be exchanged, “the place it’s lawful to take action.”
In future, senior leaders from the SFO and the FCA’s Enforcement and Market Oversight Division will meet regularly to debate issues of “key significance” to each organisations regarding technique, coverage and collaboration. They may also focus on the standing of any stay investigations being performed by the SFO and the FCA
When investigations are launched the FCA and SFO say they’ll seek the advice of with each other earlier than making any public statements or issuing communications about any investigation the place the opposite is offering help.
Within the memorandum, the FCA and SFO add that will probably be “inappropriate” for both the FCA or the SFO to touch upon an investigation being undertaken by the opposite.
• Memorandum of Understanding between the Severe Fraud Workplace and the FCA [PDF]