While many European companies claim to have a regulatory compliance plan in place as part of ongoing risk management, just under half (49%) fail to review it regularly, according to a survey of 250 decision makers by law firm DLA Piper.
Slightly less than half of the respondents, from Europe's largest companies, admitted that there was no crisis management plan in place in areas such as tax and customs, competition and money laundering. However 85% of companies have a plan in place for health and safety.
The European regulatory awareness survey also found that in the countries where the rules apply only 51% knew that tax and customs authorities could use force to enter premises; 63% know that they could be made to answer questions under a compulsion interview; 27% knew that their stock exchange regulator could search their premises; and 35% that their financial services regulator could undertake a raid.
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