On May 22, 2017, the U.S. Commodity Futures Trading Commission (CFTC) approved changes to the Whistleblower Rules articulated in the Commodity Exchange Act (CEA). The recent amendments strengthen anti-retaliation protections for whistleblowers and bring the CFTC’s whistleblower program more in line with that of its sister agency, the Securities Exchange Commission (SEC).
In April the High Court in England approved the Deferred Prosecution Agreement (“DPA”) agreed between the Serious Fraud Office (“SFO”) and Tesco Stores Limited (“TSL”), a wholly owned subsidiary of Tesco PLC (“Tesco”), the UK’s biggest retailer, in connection with the much-publicised accounting scandal in 2014. Whilst the DPA itself has not been published because of reporting restrictions (due to the on-going prosecution of individuals by the SFO in relation to this matter), it was approved by Sir Brian Leveson, the same judge that has so far approved all of four of the SFO’s DPAs.
On January 13, 2017, the Ministry of Justice of the United Kingdom issued a (“call for evidence,”) seeking comment on potential changes to corporate criminal liability law for economic offences, such as fraud, false accounting and money laundering. Currently, corporate criminal liability in the UK, apart from offences charged under the Bribery Act of 2010, follows the common law “identification doctrine” or “directing mind theory.” Continue Reading UK MOJ Calls for Evidence to Weigh Reform Effort Aimed at Tightening Corporate Criminal Liability