Lessons from the credit crisis: a subtle shift in the long reach for top executives
As the extended aftermath of the 2007–08 subprime mortgage and global financial crisis continues to unfold, financial markets regulators have been criticised by members of the punditry for missed opportunities to charge senior executives.
There are many sound reasons for this purported lapse in regulatory assertiveness. For offences that often require proof of fraudulent intent or severe recklessness, senior executives tend to be removed from the reporting chain and information flow that surround decisions made about highly technical accounting rules or valuation judgments.
Also, the approval processes for significant business practices or transactions involve the participation of professional advisers, such as outside accountants and law firms, which may negate any attempt to show that executives intended to mislead counterparties or investors…
Click on the link below to read the rest of the Allen & Overy briefing.
News from Allen & Overy
News from The Lawyer
Briefings from Allen & Overy
Money purchase deconstructed: working with the new definition — a checklist for trustees and administrators
The definition of money purchase benefits is changing, as are the rules on how schemes are required to deal with any benefit that becomes classified as a ‘non-money purchase’.
Despite the progress that has been made towards launching the European unitary patent system and the Unified Patent Court, Spain continues to actively oppose the changes.
Analysis from The Lawyer
At the time of its launch Accutrainee was described as a revolutionary change to the training model. Has it proved to be so? Not really.
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.