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ARTICLE · 13 NOVEMBER 2026

Fifty Issues Of Enforcement Watch

Mishcon de Reya LLP
Mishcon de Reya LLP
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Mishcon de Reya LLP

Mishcon de Reya LLP

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Enforcement Watch launched in May 2010 with editor, a youthful Adam Epstein declaring: “At various times, I have heard regulators talk about getting tough.

United KingdomFinance and Banking
Guy Wilkes
Guy Wilkes

New beginnings – credible deterrence – 2010-2012

Enforcement Watch launched in May 2010 with editor, a youthful Adam Epstein declaring: “At various times, I have heard regulators talk about getting tough. Now for the first time we are seeing them act on their rhetoric.” The first edition reported a then-record individual fine of £2.8m for market abuse and a “heavy” penalty of £700,000 against Tenon. A new penalty regime, a 23% increase in the FSA’s enforcement budget and the first insider dealing imprisonment signalled the era of credible deterrence. Readers may recognise, in the report that “six people were arrested and 16 addresses were searched,” the beginnings of Operation Tabernula.

LIBOR and the birth of the twin-peaks regime 2012-2014

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