Jail time on the rise for regulatory non-compliance
Non-financial penalties for regulatory non-compliance are becoming more prevalent according to a new report.
Analysis by research firm Corlytics found that global regulators have imposed market conduct fines totalling over U$26.41 billion since 2012 with 80% from US regulators; but enforcements including jail and bans are increasing.
Asian regulators are becoming more active, especially those in Australia, Hong Kong and Singapore.
Australian regulators have brought almost twice the number of market conduct enforcements actions (131) since 2012 as the UK (74), with the Hong Kong regulators bringing 89 cases and Singapore at 55.
There has also been an increase globally of cases brought against non-financial firms. Of the 34 enforcements across global regulators for issues related to disclosure, 33 of them have been against non-financial institutions, including technology firms, pharmaceutical companies, ratings agencies and individuals.
“Making individuals responsible for their own actions through threat of penalties is becoming a favourite mechanism for regulators to improve compliance with market conduct regulation,” commented Corlytics CEO John Byrne.
Global firm appoints IPT co-chair
Frank Ryan has been named global co-chair of DLA Piper
’s intellectual property and technology practice.
Ryan joins Stephane Lemarchand as co-chair and will continue to chair the firm’s US IPT practice alongside newly-appointed Ann Ford. He is also deputy co-chair of the firm’s global media, sport and entertainment sector group, and a member of the executive committee and global board.
UK appoints its first solicitor as lord chancellor
A former solicitor at London firm Macfarlanes has been appointed lord chancellor and justice secretary in the UK government’s latest reshuffle.
David Gauke becomes the first solicitor to take the powerful role and ends the recent run of non-legally qualified incumbents. He left his law firm role in 2015 when he became an MP.
Law Society president Joe Egan has welcomed the appointment and says Gauke takes over at an important time.
“Priorities include promoting access to justice, ensuring the viability of legal aid and delivering an effective court modernisation programme,” Egan said. “In addition, the lord chancellor will be a prominent voice as we seek to gain the best possible deal for the UK legal sector in the government’s negotiations for a new relationship with the European Union post-Brexit.