Dan Hudson speaks at Financial Regulatory and Disputes Summit
10 November 2023
Dan Hudson of Seladore Legal was yesterday joined by Chris Coltart KC and Nick Querée at Legal Business’ annual Financial Regulatory and Disputes Summit, to discuss developments brought in by the recent Economic Crime and Corporate Transparency Act.
The panel discussed the implications for businesses, institutions, and individuals or employees, of the enactment of new provisions which:
(1) After Christmas, create criminal liability for corporates where their senior managers commit economic crimes such as fraud, bribery, tax evasion, money laundering, theft, false accounting, fraudulent trading, and certain financial services offences (including making misleading statements); and
(2) Will create corporate liability for failure to prevent fraud by third parties or ‘associates’ (the panel also discussed what “reasonable prevention procedures” entail for businesses).
As well as the impact of the new provisions in terms of criminal and regulatory liability for corporates, the panel also addressed the potential consequences in relation to increased scrutiny of senior managers, contractual exposure of counterparties and civil liability of corporates (including securities liability) for statements.
We would like to thank Legal Business for hosting yesterday’s event as well as Chris and Nick for their contributions.