The minefield of cross-border investigations by Sona Ganatra, James Carlton and Julianna Tolan

February 1, 2018

The upsurge in cross-border investigations, notably in a succession of recent market manipulation cases, has given rise to unprecedented levels of cooperation between UK and foreign law enforcement agencies. As indicated by then Assistant Attorney General Leslie R. Caldwell in March 2016, “collaboration and coordination among multiple regulators in cross-border matters is the future of major white-collar criminal enforcement”.

One aspect of this increased cooperation has been the subject of recent commentary: the appropriateness of the US authorities’ use of compelled testimony obtained in foreign jurisdictions.

This is the subject of an application currently playing out in the US, where ex-Deutsche Bank traders are on trial for manipulating LIBOR. The defendants, Matthew Connolly and Gavin Black in United States v. Connolly et al, have been contesting the use of compelled interviews provided by Mr Black to the UK Financial Conduct Authority (FCA), in related criminal proceedings in the US.

Sona, James and Julianna's article is in the February 2018 edition of Financier Worldwide, and can be read here.

Related pages:

FCA Enforcement and Market Investigations more

Financial Services more

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