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The aftermath of the dawn raid: what next? Veronica Roberts, Partner Herbert Smith LLP 11 May 2007 Examining the materials taken by the regulator Is there a competition issue? Dealing with any outstanding privilege issues EC


  1. The aftermath of the dawn raid: what next? Veronica Roberts, Partner Herbert Smith LLP 11 May 2007

  2. 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 2

  3. Interviewing employees • Willingness to co-operate? • Interplay between civil and criminal law • No-action letters (individual immunity) 3

  4. 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 4

  5. The process from here on in • Further questions/raids? • Statement of objections • Written and oral representations • Decision 5

  6. Going forward • Review systems/procedures in the light of the outcome of the investigations • Provide revised employee training 6

  7. Herbert Smith LLP, Gleiss Lutz and Stibbe are three independent firms which have a formal alliance 7

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