Futures and Options Association Bribery Act Update Workshop
Tower 42 25 Old Broad Street
As you may know, the UK Bribery Act 2010 will come into force in Spring 2011. Although this may seem like a long time away, it does not actually give firms much time to prepare. The Bribery Act is more far-reaching than current UK law or the US Foreign Corrupt Practices Act, and will open firms up to much wider potential liability.
By Spring 2011:
- All companies that "carry on business" in the United Kingdom will be expected to have implemented Bribery Act compliant procedures in their worldwide operations; and
- Employees and third parties acting on behalf of such companies will need to be trained and bound by such policies.
The extraterritorial effect of the Bribery Act, as well as the liability that firms will have for third parties who act on their behalf, is causing many firms to restructure the way that they do business. Coupled with the Financial Services Authority's focus on financial crime systems and controls, firms not only have to revise their anti-corruption policies and procedures, but are under increasing pressure to focus on the key risk areas of: gifts and hospitality, outsourcing, introducing brokers, agents, and other third parties.
The Futures and Options Association has arranged for Oliver Kerridge and Keith Korenchuk of Arnold & Porter's London and Washington, DC offices to provide members with a step-by-step guide as to their obligations under the new regime. The workshop (which is timed to take place after the UK government opens its consultation on "adequate procedures") will include an overview of the main provisions of the Bribery Act and will then focus on:
- What systems and controls firms are expected to have in this area;
- Practical advice as to how to design and implement those systems and controls;
- How to deal with third parties, which third parties should be covered, and extraterritorial issues;
- How to limit risk to the firm and to senior managers; and
- Practical experience from the United Kingdom and United States on common pitfalls and how to avoid them.