Investment Bank

This involved one of the LIBOR (London Inter Bank Offer Rate) investigations. The client was required by the EC to provide records of all communications that involved the setting of the rate.

To respond to the demands of the regulator in the best interests of the client.

Negotiation with the regulator as to a reasonable breadth of search and workable deadlines; identification and collection of relevant documents from diverse sources.

The documents requested covered a large period of time so a significant amount of information including huge numbers of backup tapes had to be sifted.

On behalf of the client, PLT went through an extensive data mapping process. The EC had asked for data of any form of communication from telephone calls to email, Reuters and Bloomberg, so the team had to identify which of those were in use during the relevant period and how they were going to go about collecting them.

PLT provided arm’s-length consultancy that equipped the lawyers with the technical components they needed to correspond effectively with the commission in order to negotiate more workable deadlines and a more reasonable breadth of search. This was achieved by:

  • Refining the keyword search that the commission had requested by adding keywords together to mitigate their effect. This meant that far fewer documents had to be reviewed than would originally have been the case;
  • Advising the client that searching audio, as requested by the commission, would be extremely expensive. Once again, we suggested narrowing the search – this time, by only searching audio when a telephone conversation was referred to in another form of correspondence such as a letter or an email;
  • PLT’s consultative approach and experience of working with regulators gave the client the confidence to allow our experts to guide them through the process from inception to completion and ease the pressure of what is always an extremely demanding and distressing process.

The regulator accepted the submitted documents at the agreed deadline with no further or subsequent requests.

Both of the measures detailed above were welcomed by the commission as being not only reasonable but also time-efficient. They also cast the client in a very favourable light before the regulator as well as saving them a significant amount of money. All revised deadlines proposed to the commission were also accepted.