As part of Reed Smith’s webinar series on crisis management, on Monday, 8 October 2019, partners Doug Cherry and Jane Howard delivered a webinar to clients on self-reporting and notifications within the context of the ICAEW, FCA, PRA and the FRC.
This client alert focuses on the key themes arising out of the webinar and aims to serve as a helpful reminder to everyone when considering how best to deal with internal investigations and reporting to the relevant regulator(s).
Being mindful of Timing, Information and Communication
Some key issues for any internal investigation will include:
- Is the self-report or notification mandatory or does a trigger point need to be determined;
- Do the facts require consideration of evaluative judgments and principles as opposed to a yes/no/binary/prescriptive application of a rule; and
- Is the timing for the self-reporting obligation prescribed and what standard is to be applied?
- Is sufficient information already available or is further investigation required before making a notification; and
- Who will be responsible for gathering and assessing the standard of information and how limited should that circle of people be?
- Consideration of legal privilege and how best to preserve it;
- The importance of the avoidance of unnecessary evaluative statements in writing; and
- The avoidance of any speculation on the position, facts, or outcome while the investigation is ongoing.