Author: Niall Hearty 24 July 2023
With the Financial Conduct Authority (FCA) having brought its largest Cum-Ex-related enforcement action to date, Niall Hearty wrote about various countries’ response to the controversial share-selling practice.
In his piece, which was published by Thomson Reuters’ Regulatory Intelligence, Niall explains how Cum-Ex was carried out. He states that the £17.2 million penalty the FCA imposed on the now-dormant ED&F Man Capital Markets is an indicator of the impact that Cum-Ex continues to have, more than a decade after efforts began to tackle it.
Niall outlines how the authorities that have closed the loopholes that allowed Cum-Ex to flourish are now looking to hold to account both the architects of the share-selling schemes and those who benefited from them. As Cum-Ex was so widespread, these efforts now involve many financial institutions as well as those who worked for them.
This, according to Niall, means that many organisations and individuals will need to examine closely their conduct in the years in question.
The full article can be read here.
Niall has a wealth of corporate crime expertise and an ability to coordinate global bribery and corruption cases. His achievements in such investigations have made him a logical choice for corporate clients.