Last year ended with a bang on the FCPA front, with the announcement of two large settlements.

Last month saw the publication of the Commercial Court’s judgment in BP v Aon, one of the most substantial pieces of litigation against an insurance broker in recent years.

Investigating and punishing companies for paying bribes to win public business is an increasing priority of law enforcement agencies around the world.

In a recent application before Mr Justice Langley in the Commercial Court in London, two of the world’s largest reinsurance broking houses came head to head in a claim concerning the due process of an overseas court. The dispute between broking giants Benfield and Aon arose from the procedural steps taken to gather evidence in dual proceedings in the fall out from the resignation of a number of Benfield’s facultative team.

The provision of what should be one of the more straightforward employee benefits to provide and to administer can have more complications when providing this benefit to your executive staff.

The Commercial Court recently considered the disclosure of brokers’ commission and the fiduciary duties owed by brokers to clients when asked to quote for the renewal of cover.

The first in a series of bulletins detailing the impact of the coming changes in pension legislation on high earners – executives and other senior employees

This quarter continued the trend of active FCPA enforcement, with the DOJ winning a historic prison sentence and reaching several settlements with high profile corporations.

The Bribery Act 2010 (UK) (the "Bribery Act") came into force on 01 July 2011. The Financial Services Authority (the "FSA") has shown an intention to ensure that the firms which it regulates and, in particular, investment banks, adequately address the risk that they, or anyone acting on their behalf, might act corruptly.

On 29 March, the UK’s Financial Services Authority ("FSA") published the findings of its recent thematic review into anti-bribery and corruption systems and controls in investment banks.

In 1977, the United States Congress passed The Foreign Corrupt Practices Act. The FCPA was introduced as an attempt to ensure commercial fair dealing, government integrity and accountability, and the efficient and equitable distribution of limited economic resources.

The UK’s Bribery Act 2010 came into force on 1 July 2011, following a long period of government consultation.

The recent fine of £6.895 million levied by the UK’s Financial Services Authority ("FSA") against insurance broker Willis Limited, a subsidiary of Willis Group Holdings, ("Willis") represents the largest penalty imposed by the FSA in its history for inadequate financial crime systems and controls.

In recent weeks, each of the DOJ, SEC and UK's FSA have provided detailed guidance on the elements of an effective anti-corruption compliance program.

After blowing hot and cold for more than 10 years over the need to radically reform and modernise the UK's criminal anti-bribery and corruption laws, the Government finally appears to be moving towards a simplified body of new laws that would include unlimited fines for a new corporate criminal offence of failure to prevent bribery and corruption at home and abroad.

Yesterday’s decision by the Court of Appeal in Bonner v Cox & Others, provides guidance to the reinsurance market as to whether a reinsured owes a duty to its reinsurers in respect of its own underwriting.

In this newsletter, we provide a snapshot of the principal European and US governance and securities law developments of interest to European corporates and financial institutions during the third quarter of 2011.