<img height="1" width="1" style="display:none;" alt="" src="https://dc.ads.linkedin.com/collect/?pid=378468&amp;fmt=gif">

Our experts partner with compliance teams around the world to provide customizable, user-friendly software solutions designed to simplify every-day compliance processes while ensuring you meet the strictest regulatory standards.

Our system offers a host of benefits and reassurances for compliance leaders, compliance teams and technology specialists.

Automated conflict of interest detection and mitigation helps your compliance teams work better, faster and more effectively. The rigor of our reporting, surveillance, certification and security systems provides complete peace of mind for Chief Compliance Officers and board members.

Helping you to detect and prevent market abuses that could jeopardize your reputation and regulatory compliance. Actively manage insider lists and investigate employee trading in the context of current market activity and events.

Clear deals faster. Centralize deal data. Reduce your risk. Compliance Control Room lets you organize, manage, and monitor your firm's most important information flows from a single platform.

Whether for work or pleasure, it’s a mobile world. And a mobile workforce calls for mobile solutions. Introducing STAR Mobile. With STAR Mobile, employees pre-clear activity and report transactions on-the-go. Supervisors review escalated requests anywhere there’s a cell connection.

Ensure employees’ personal trading and investments comply with all regulatory requirements and company policies.

Ensure employees’ personal investments comply with all regulatory requirements and company policies.

Automatically pre-clear client gifts or entertainment to prevent breaches of anti-bribery regulations.

Avoid regulatory compliance breaches arising from employees’ external business activities.

Save time and resources in safeguarding your business from political conflicts of interest among employees worldwide.

Helping you to actively manage employee trading in the context of market activity and events to guard against insider trading.

Create unlimited projects to easily manage and monitor dynamic lists of employees who have access to insider information.

Compliance Control Room's enterprise-level single platform centralizes all your firm's deal-related activity—letting you manage control room activities more efficiently and effectively.

Increase employee participation. Increase data accuracy. Increase responsiveness. STAR Mobile is a native app that makes compliance simple, easy, and convenient.

blog-banner-image.png

Blog

Under Review: Deferred Prosecution Agreements In The UK

DPAs remain popular enforcement mechanisms around the world, but questions linger

If it's possible for something to be "all the rage" in the financial regulatory space, it's deferred prosecution agreements, or DPAs. They've become a standard feature of anti-corruption legislation around the world. France's Sapin 2, adopted in 2016, uses them. Brazil's Clean Company Act, which went into effect in 2014, uses them. America's Foreign Corrupt Practices Act, or FCPA, also uses them.

In 2010, the UK's anti-corruption law went into effect: The Bribery Act. DPAs came into use under it in 2014. Since then, four major companies have entered into DPAs with the UK's Serious Fraud Office. And now The Wall Street Journal is reporting that UK lawmakers are "conducting a formal review of the Bribery Act of 2010." Part of that review will include examining "the impact of deferred prosecution agreements on corporate conduct."

The idea behind a DPA is, a prosecutor and an organization come to an agreement to defer, i.e., suspend, criminal prosecution for an organization found to have broken the law in return for that organization meeting certain criteria. This may include fines, compliance program requirements, or disgorgement: the paying back of ill-gotten gains.

While a formal review of the UK Bribery Act is standard practice whenever there's been a notable change to the law, which the introduction of DPAs certainly qualifies as, DPAs are also viewed with suspicion in general by some watchdog organizations. These independent observers fear DPAs let organizations and the individuals who work for them too easily off the hook for breaking the law.

This concern regarding lack of criminal accountability for misconduct appears to be a significant factor in Parliament's decision to conduct a review, or at the very least enough of one to make DPAs a notable focus.

Double vision
In May 2018, the House Of Lords also announced an enquiry into the UK Bribery Act, though through a very different lens: that the law might be placing too much of a regulatory burden on businesses. At the time, there was concern the Lords enquiry might seek to water down important provisions of the law.

At less than a decade old, the UK Bribery Act is very new. The use of DPAs is even newer. With just four cases having been resolved using DPAs, it may seem like there's not much to review, and there really isn't. Under the FCPA, there have been 25 related enforcement actions in 2018 alone. But to say suspicion of large corporate entities is on the rise since the financial crisis is an understatement. Anger and resentment that big companies and the people who run them are getting off scott free, or with just a slap on the wrist, for gross violations of the public trust is helping drive politics in the UK and elsewhere to a significant degree.

Theresa May's Conservative government isn't nearly as pro City as David Cameron's was. And it's safe to say Jeremy Corbyn's very left-leaning Labour Party—perhaps just one election away from power in a highly volatile UK political scene—would be no great friend to the City either. Always a space filled with competing interests, financial regulation and enforcement has become a space filled with even more divergent viewpoints. And with politics no longer the reliable predictor it once was, expect more once-reliable predictors to become less predictable.

StarCompliance has been designing and developing compliance software for nearly 20 years. With clients in more than 70 countries and hundreds of thousands of users around the globe, including the UK, we have to be experts on the ever-evolving world of financial regulation and enforcement just about everywhere. Chances are, that includes wherever in the world your enterprise financial firm operates. Find out. Book a FREE demo today.

SHARE THIS STORY | |

Search

Follow

Recent Posts

Posts by Topic

see all

Subscribe to Blog