MyComplianceOffice Blog

ESMA published its annual report on December 21, summarising administrative and criminal sanctions and other measures imposed under the Market Abuse Regulation in 2019. A sum of 279 administrative sanctions and measures and 60 criminal sanctions were imposed for infringements of MAR in 2019. The total value of the penalties exceeds €88 million.

A recent Deloitte study found that organizations surveyed indicated that that as their compliance programs mature, they are increasingly being asked to ‘do more with less’. Compliance teams must constantly balance meeting regulatory requirements with managing costs and increasing efficiency.

2020 was a different year, but some things never change. MCO once again hosted several webinars to update compliance and risk professionals on the latest regulations, enforcements and industry best practices. Here are some of the highlights of what we learned from our expert speakers in 2020.

In 2021, Compliance expects to face a reduction of staff and budget dedicated to its department, contrasting with the current need for better monitoring of employees’ activities and the raising of regulatory enforcement. This year was a time to re-evaluate compliance programs and review processes. Many Compliance departments spent weeks doing so, coming to the conclusion that a more efficient technology is the only way to reduce the cost of its activities, improve the monitoring of employees and transform inadequate Compliance programs.

When looking at the Goldman Sachs’ $3.3 billion settlement and analyzing other similar cases where FCPA applied penalties and disgorgement, we see common failures in financial institutions to maintain internal controls. But what can we learn from the top 10 FCPA fines?