The aftermath of the dawn raid: what next? Veronica Roberts, - - PowerPoint PPT Presentation

The aftermath of the dawn raid: what next?

Veronica Roberts, Partner Herbert Smith LLP 11 May 2007

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Examining the materials taken by the regulator

• Is there a competition issue?
• Dealing with any outstanding privilege issues

– EC position – national position

• A further search?

– by the regulator; or – by advisers

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Interviewing employees

• Willingness to co-operate?
• Interplay between civil and criminal law
• No-action letters (individual immunity)

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Application for leniency - upsides and downsides

• If so, when?

– ‘Pandora’s box’ of other problems – Difficult to challenge infringement finding at later stage – Financial and administrative burden of cooperating

• Which regulator?
• Corporate statement
• Impact on any eventual fine
• Spectre of damages actions

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The process from here on in

• Further questions/raids?
• Statement of objections
• Written and oral representations
• Decision

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Going forward

• Review systems/procedures in the light of the outcome of the

investigations

• Provide revised employee training

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Herbert Smith LLP, Gleiss Lutz and Stibbe are three independent firms which have a formal alliance