the firm does not believe there has been any act of misconduct
Does this translate to;
"The firm believes that it managed to carry out the immoral and unethical tasks referred to in a sufficiently convoluted and obscure manner that despite clearly breaching the spirit of the law there is nothing substantial enough to hang us for" ?
We can only hope that the regulator finds enough to morph this into;
"The firm was unaware of the purpose or intent of the myriad shell companies and offshore entities it advised on the creation of and it was all the big bad BAE, we'll squeal like stuck pigs sir!"