GRIP Publishes Akin Article Comparing US and UK Regulatory Enforcement Trends

“The SEC and FCA: A pond, 362 investigations, and $4 billion in penalties apart” has been published by Global Relay Intelligence & Practice (GRIP). The article was authored by co-head of white collar defense & government investigations Michael A. Asaro and financial services regulatory counsel Joe Hewton and associate Phil Davies. 

The article looks at trends from both the Securities and Exchange Commission (SEC) in the U.S. and the Financial Conduct Authority (FCA) in the U.K., which can be useful indicators of the regulators’ direction of travel or likely areas of scrutiny.

In comparing statistics published by the two regulators, the piece provides insight on topics such as the number, length and type of cases; staff headcounts; and financial penalties, disgorgement and redress.

The authors note, “One area of stark contrast, however, is the focus on crypto: the SEC has brought a number of high-profile enforcement actions in this area while the FCA has previously distanced itself from crypto business, which has typically been outside the regulatory perimeter.”

The article concludes that both regulators have made it clear that they do not view increasing regulatory interventions as a measure of success. Enforcement action, the regulators say, should not be necessary in a well-run system, but, rather, issues should be dealt with on their own.

To read the full article, please click here.