Regulatory Compliance
Compliance with regulations to protect the public, investors which are imposed by law is a fact of business, and increasingly so. As businesses grow, the focus of the business tends to be on the goods and services it produces, growth and the day-to-day administration. Attention to regulatory regimes which serve to protect business customers and consumers keeps businesses away from trouble and mitigates being a victim of their own success.
Regulatory Requirements
Data protection and consumer protection legislation pervade most business activities with customers and suppliers alike. By maintaining good track record of oversight and adhering to the legislative requirements, businesses are able to place themselves in a position to guard against frivolous claims, enhance the ability to manage and address the complaints and investigations by relevant authorities. In addition to this, tenders for projects are not marked by failures to comply with regulations down the line as the business succeeds. Our company lawyers are able to provide adept legal advice to assist.
For limited companies, directors hold the responsibility of ensuring that the company complies with the relevant standards expected by the law. Indeed, it could be seen as forming part of the statutory duty to promote the success of the company.
Policies and Procedures
Implementation of appropriately simple policies, procedures and business practices has become important to meet paper compliance requirements and certain practical situations on the ground. The vast majority of regulatory compliance applies to all companies, regardless of size. Small, medium and large companies alike are obliged to meet minimum requirements to continue to trade lawfully.
Getting it Wrong
Get it wrong and the business could face fines or in the worst case criminal penalties for the directors of companies (for such things as failing to file accounts). On the upside, well run and compliant businesses are likely to be in better shape when the eye of investors turns their way.
Compliance
Our regulatory compliance & company solicitors assist foreign and domestic companies trading in the UK comply with the onerous regulatory requirements governing the conduct of English companies.
Legal requirements differ depending on the sector that the business trades in. For instance, all businesses must comply with the Data Protection Act. All companies must adhere to the provisions of the Companies Act, such as filling annual accounts and annual returns. There are also company secretarial requirements for filings of resolutions at Companies House and maintaining statutory books; as well as complying with the anti-bribery legislation and health and safety legislation. In many cases, foreign parent companies are ultimately responsible for compliance with English domestic regulatory compliance laws.
In addition to these fundamental requirements, we assist our clients with:
- independent adjudications;
- freedom of information requests and responses;
- managing confidentiality;
- privacy obligations to members of the public and Information Commissioners Office;
- tribunals, such as the General Medical Council;
- public procurement process compliance; and
- competition law.
In situations where things do not go as they should, we also assist our clients with judicial review proceedings.
For Directors
There is a fundamental distinction between companies and their directors, in that companies have a separate legal personality to their directors. Company directors have a series of statutory duties to act in good faith, to be honest, to promote the success of their companies and importantly to avoid conflicts of interest and put the interests of the company above their own interests.
London Business Solicitors & Lawyers
Our Solicitors in London assist businesses in the UK and internationally to create options, achieve realistic and attainable goals, and providing guidance to assist decision-making in a commercial context.
For more information, legal advice or to find out more about the legal services we provide, call 020 7353 1770 or contact us online.