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Recent Editions
Risk Channel
North America
Federal prosecutors in Manhattan are promoting a more lenient approach to corporate fraud enforcement, encouraging Wall Street firms to voluntarily disclose wrongdoing in exchange for avoiding criminal charges, fines, and public disclosure of settlements. The U.S. Attorney’s Office for the Southern District of New York, historically known for aggressive prosecutions of firms such as Drexel Burnham Lambert and SAC Capital, has been meeting with law firms and corporate advisers to explain its revised self-reporting policy under U.S. Attorney Jay Clayton, the former chair of Apollo Global Management. Under the new framework, companies that self-report fraud could receive private non-prosecution agreements, even in cases involving widespread misconduct, senior executives, significant harm, or prior media exposure. Prosecutors may still pursue individuals involved, but corporations themselves could avoid charges and financial penalties if they cooperate and attempt to compensate victims.
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Risk Channel
UK/Europe
The UK's Financial Conduct Authority (FCA) is reportedly planning tougher reporting requirements for private credit managers as it seeks greater oversight of the fast-growing sector. Proposed reforms could require firms to provide more detailed fund-level or even loan-level data, replacing the current broader reporting template. The potential move comes amid growing global concern over risks in private credit; recent borrower failures; redemption caps at major firms including KKR, Apollo Global Management, BlackRock and Blue Owl Capital; and warnings from the Bank of England about market opacity. An FCA spokesperson told Reuters that "improving how we collect data so it is timely, accurate and proportionate will maintain the UK’s position as a world-leading asset management centre," adding: "Better data means we can supervise risks effectively, support market confidence and identify opportunities for growth."
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