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The PCAOB, Audits, and Compliance - Considerations for the Chief Compliance Officer

by Thomas Fox on

I recently had the chance to visit with Joe Howell, the Executive Vice President of Workiva LLC, to discuss, among other things, the function of the Public Companies Accounting Oversight Board (PCAOB) and what role it might...more

SFO Criminally Charges Barclays, 4 Executives Tied to Market Crisis

by Dorsey & Whitney LLP on

Judge Roy Bean was known as a hanging judge. A saloon-keeper and justice of the peace he called himself the law west of the Pecos. ...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

A jury in Connecticut largely acquitted three former Nomura Securities RMBS trades charged with conspiracy, securities and wire fraud tied to allegations that the securities were mismarked. This is the second criminal case...more

U.S. Agencies Step Up Insider Trading Enforcement Against Foreign Nationals, Particularly Chinese Traders

by Perkins Coie on

Investigations and enforcement actions by the U.S. Securities and Exchange Commission (SEC) and U.S. Department of Justice (DOJ) targeting potential illegal insider trading by foreign nationals, particularly by those in...more

2016 - A Year for the FCPA Record Books & What It Means for Compliance Practitioners

by Thomas Fox on

We have never seen and may well never see again a year of Foreign Corrupt Practices Act corporate enforcements as we did in 2016. ...more

SEC Continues to Use Advance Data Analytics to Investigate Insider Trading

The SEC has continued to pursue a number of insider trading cases this year, both large-scale and small. Some of those matters involved trades that yielded relatively small amounts of profits: $40,000-$60,000. Why does the...more

Landmark Decision on Criminal Liability of 'Money Mule' Company Nominee Directors

by Morgan Lewis on

A recent Singapore High Court decision has clarified the situations in which nominee directors can be convicted of money laundering offences in banking and wire fraud, and the appropriate penalties to be imposed....more

Compliance Lessons for Executive Leadership from The Wells Fargo Investigation Report

by Thomas Fox on

Compliance lessons from truly one of the most damning reports of complete corporate failures around ethics and culture that has recently been seen....more

Bridging the Week - May 2017 #3

ICE Futures U.S. Settles Disciplinary Actions Against Three Respondents For Alleged Block Trade Violations For US $325,000 Combined Fine - ICE Futures U.S. settled two related disciplinary actions against three persons for...more

Investment Banker Charged with Insider Trading by SEC, USAO

by Dorsey & Whitney LLP on

Investment banker Avaneesh Krishnamoorthy was supposed to report his outside brokerage account and that of his wife to his firm. He did not....more

Beneficial Ownership Due Diligence Requirements

by Michael Volkov on

The new FinCEN regulations requiring financial institutions to secure beneficial ownership information is fast approaching – May 2018. The US has been way behind in this regulatory area. As a result, money-laundering activity...more

Bridging the Week - April 2017 #3

Employees Criminally Charged With Theft of Trade Secrets From Two Financial Services Trading Firms: One former employee of Susquehanna International Group LP (“SIG”) and another from KCG Holdings, Inc. were criminally charged...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

In a holiday shortened week the Commission began preparation for argument before the Supreme Court in an action which could have a significant impact on its enforcement program. The question for resolution is whether the...more

Anti-money laundering bulletin - Spring 2017

by DLA Piper on

DLA Piper’s Financial Services Regulatory team welcomes you to the Spring 2017 edition of our Anti-Money Laundering (AML) Bulletin. In this issue, we provide updates on AML developments and enforcement actions in the UK and...more

Bridging the Week - April 2017 #2

SEC Chairman Nominee Advances: Jay Clayton took another step to becoming chairman of the Securities and Exchange Commission when the US Senate Committee on Banking, Housing and Urban Affairs approved his nomination for the...more

Policing and crime act 2017: how sharp will OFSI's teeth prove to be?

by DLA Piper on

The Policing and Crime Act 2017 (PCA) received Royal Assent on 31 January 2017. Buried within Part 8 are a number of provisions which make significant changes to the financial sanctions regulatory landscape. Most likely to be...more

Amendments to the regulation on money laundering prevention and financing of terrorism applicable to financial institutions

by White & Case LLP on

Amendments to the general provisions on money laundering and financing of terrorism applicable to banking institutions, brokerage houses, regulated and unregulated non-bank lending and finance institutions, currency exchange...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

U.S. Senators Elizabeth Warren, Sherrod Brown, Robert Menendez and Brian Schatz requested that Inspector General Carl Hoecker investe Acting SEC Chairman Michael Piwowar in a letter dated March 29, 2017. The letter notes that...more

Bridging the Week - March 2017 #4

Clearing Firm’s Failure to File Suspicious Activity Reports in Response to Red Flags Charged as Violation of FINRA Requirements: Electronic Transaction Clearing, Inc., a registered broker-dealer, was charged by the Financial...more

Securities Law Recidivist Pleads Guilty in Offering Fraud Case

by Dorsey & Whitney LLP on

The Commission and the DOJ have recently brought a number of securities fraud cases in which a key person in the misconduct concealed a prior criminal conviction for securities related offenses from investors. Another case in...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission brought two insider trading cases this week, one which is being litigated and another that settled prior to filing. The agency also brought a financial fraud action against five firm executives who essentially...more

DOJ Announces Extension of FCPA Pilot Program

by Morgan Lewis on

The US Department of Justice plans to extend its FCPA Pilot Program, an initiative developed to encourage companies to self-report bribery violations and provide extensive cooperation in exchange for reduced penalties,...more

FinCEN Enforcement Action Highlights AML Compliance Program Failures and Conflicts of Interest for High-Risk MSB Customers

On February 27, 2017, FinCEN announced a $7 million civil monetary penalty against Merchants for willful violations of the BSA. Additionally, the Office of the Comptroller of the Currency (OCC), Merchants’ federal functional...more

"Key Takeaways: Corporate Governance Series — Key SEC Financial Reporting, Accounting and Enforcement Matters"

On February 2, 2017, Skadden hosted a webinar titled “Key SEC Financial Reporting, Accounting and Enforcement Matters,” the third installment of our four-part Corporate Governance Series focused on trends in corporate...more

"CFTC’s Enforcement Division Issues New Advisories on Cooperation"

On January 19, 2017, the U.S. Commodity Futures Trading Commission’s Division of Enforcement issued two new enforcement advisories outlining the factors the division will consider in evaluating cooperation in the agency’s...more

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