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Taming the Markets: Regulatory and Criminal Justice Responses to Misconduct in Financial Services

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credit: flickr.com/imosaad

18 September 2015

Time: 9:00am - 4:50pm
Venue: Centre for Commercial Law Studies, Queen Mary University of London, 67-69 Lincoln's Inn Fields, London WC2A 3JB

This workshop comprises a group of invited scholars and practitioners to consider the broader issues of misconduct in the UK financial markets, and the variety of enforcement efforts undertaken to tackle noncompliance. The financial crisis and the recent serious allegations of misconduct in the wholesale markets connected to the LIBOR and ForEx benchmarks revealed the wide-ranging consequences of financial misconduct. However, the markets’ complex and increasingly global nature is equally reflected in the special challenges regulators and prosecutors alike face in detecting, investigating and sanctioning non-compliance and crime within them. Certain governmental actions such as the reform of LIBOR, the new legal regime for senior managers and the proposals for a tougher market abuse regime have been undertaken, but questions remain on their effectiveness and implications.

Speakers at the workshop represent the cutting edge of those working in the area of financial misconduct. The participants have been invited to make short presentations on either regulatory or criminal justice approaches, and to engage in dialogue and discussion about their relevance and relative success. This would also contribute towards an overall discussion on the variations in the mobilisation of these systems in times of crisis and post-crisis responses. The workshop brings a highly topical theme and brings together well-known academics and practitioners, as well as a comparative insight from the United States.

Within the workshop we are also organising a special Roundtable on the Dynamics of Investigating and prosecuting Financial Crimes in the UK. The aim of the Roundtable is to identify good UK operational models for investigating financial and economic crimes which could be replicated for the future European Public Prosecutors Office. There will be consideration of investigative powers, shared competencies and coordination with European actors. Discussion will try to draw out thoughts from those with practical experience in order to identify particular best practices.

Programme

Please note that the names, titles and timings may be subject to change.

  • 09.00 - Registration / Arrival Tea & Coffee
  • 09.30 - Welcome and Opening
  • 09.45 - Keynote address  - Charles L B Lowndes Professor of Law Sara Sun Beale, Duke University Law School
  • 10.30 - Coffee Break
  • 11.00 - Regulatory Justice Responses
    • Professor Iain MacNeil, School of Law, University of Glasgow - 'Individual responsibility: problems and possibilities'
    • Mr Dorian Drew, Partner, Clifford Chance - 'The Senior Managers Regime and the law of unintended consequences'
    • Mr Nathan Willmott, Partner, Head of Litigation and Dispute Resolution, Berwin Leighton Paisner - 'Is more intrusive regulation really capable of improving standards of conduct in financial services?'
    • Discussant: Professor Rosa Lastra, Centre for Commercial Law Studies, Queen Mary University of London.
  • 12.40 – Lunch
  • 13.40 - Criminal Justice Responses
    • Mr David Kirk, Partner, McGuire Woods, former Chief Criminal Counsel, FCA - 'Building a SMART law enforcement response to economic crime in the UK Financial Markets'
    • Mr Michael Bowes QC, Outer Temple Chambers - 'Libor prosecutions - stock take and sign posts'
    • Mr Jonathan Fisher QC, Devereux Chambers Temple and Visiting Professor, London School of Economics - 'Reckless risk taking on the financial markets - is this fraudulent behaviour, or simply the capitalist system at work?'
    • Dr Rinita Sarker, Manager, Economic Crime Command, National Crime Agency, UK - 'Joint money laundering intelligence taskforce: redefining the boundaries on public and private sector collaboration'.
  • 15.20 - Coffee Break
  • 15.50 - Roundtable: The Dynamics of Investigating and prosecuting Financial Crimes in the UK
  • 16.50 – Conclusions

 

How to Book

Registration fees:

  • General Registration - £10
  • QMUL Student Registration – Free

Book and pay online via the Queen Mary e-shop.

Contact

For more information please contact lawevents@qmul.ac.uk.

 


Photography, video and audio recording

Please note that School of Law events may be photographed or video and audio recorded. These materials will be used for internal and external promotional purposes only by Queen Mary University of London. If you object to appearing in the photographs, please let our photographer know on the day. Alternatively you can email lawevents@qmul.ac.uk in advance of the event that you are attending.

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