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FCPA Compliance and Ethics Report-Episode 94-Internal Controls for Gifts, Travel and Entertainment in a FCPA Compliance Program,... [Video]

In this episode of the FCPA Compliance and Ethics Report I continue my visit with Henry Mixon on internal controls for gifts, travel and entertainment in a best practices FCPA compliance program. ...more

Blog: A Peek Into Corp Fin’s Assessment Of The First Year Of Conflict Minerals Filings

As those who worked on conflict minerals this past year can attest, the SEC was not exactly lavish in providing guidance on the application of its rules. As reported by Bloomberg, director of Corp Fin, Keith Higgins, speaking...more

Is the SEC Doing Enough to Promote Capital Formation?

If you believe Commissioner Daniel M. Gallagher, the answer is an emphatic “no”, at least with respect to small businesses. On September 17, 2014, at a Heritage Foundation event, Commission Gallagher gave a speech criticizing...more

Regulators Publish Re-proposed Margin Requirements for Uncleared Swaps

On September 3, 2014, the Board of Governors of the Federal Reserve System (the Board) jointly adopted, with certain federal banking regulators, re-proposed rules that will require registered swap dealers, security-based swap...more

Financial Services Weekly News Roundup - September 2014 #2

In this Issue: Last week brought news of several enforcement actions by the SEC against investment advisers on a number of issues: Rule 105 of Regulation M, improper withdrawals characterized as management fees, violation of...more

SEC Charges Officers, Directors, Stockholders and Companies for Failure to Timely File Reports Under Sections 13 and 16 of the...

The director of the SEC’s Division of Enforcement, Andrew Ceresney, said that using quantitative analytics the SEC has identified various individuals and companies with especially high rates of filing deficiencies and...more

Canadian securities regulators reach consensus on more target-friendly take-over bid legislation

The Canadian Securities Administrators (“CSA”) have announced that they intend to publish a new proposal for changes to the regulation of take-over bids, replacing the two alternative proposals published for comment in March...more

Crowdfunding: Tips for the Start-Up

If you are a start-up considering the crowdfunding route, let’s talk. Here are a few tips to consider: - IP: Most crowdfunding portals require extensive disclosure of the start-up’s business plans and product...more

Are Stock Buybacks Hurting The Economy?

According to “Companies’ Stock Buybacks Help Buoy the Market,” by Dan Strumpf, published in the WSJ on September 15, 2014, “[c]ompanies are buying their own shares at the briskest clip since the financial crisis, helping fuel...more

CEO Hit With Sarb-Ox Clawback

The former CEO of Saba Software, Inc. agreed to repay over $2.5 million in bonuses, other incentive-based or equity-based compensation, and stock sale profits pursuant to Section 304(a) of the Sarbanes-Oxley Act. The action...more

The More Things Change….

Today, September 23rd, is the one year anniversary of the effective date of the changes relaxing the prohibition against general solicitation in certain offerings made under Rule 506 and resales made pursuant to Rule 144A....more

Bridging the Week - September 2014 #2

CFTC Proposes Margin Rules for Uncleared Swaps and Approves Special Treatment for Operations-Related Swaps With Certain Government-Owned Natural Gas and Electric Utilities - A few weeks after the Federal Reserve Bank...more

Barclays Is Sanctioned By The FCA and The SEC

Barclays took a double hit from regulators yesterday. First the Financial Conduct Authority in the UK fined Barclays Bank Plc, about £38 million for putting £16.5 billion of client assets at risk. Then the SEC imposed a $15...more

Liquidity Coverage Ratio Rule: Birds Gotta Fly, Fish Gotta Swim…and Regulators Gotta Regulate

With apologies to Jerome Kern and Oscar Hammerstein, and in the afterglow of a relatively amiable final AB Rule, we are reminded this week that our business remains hogtied to a regulatory establishment that can’t seem to...more

Financial Regulatory Developments Focus - September 2014 #4

In this issue: - Derivatives - Compensation - Bank Prudential Regulation & Regulatory Capital - Recovery & Resolution - Credit Ratings - Financial Services - Consumer...more

US, EU Regulators Voice Hopes for Deal on Clearinghouse Oversight

Top US and EU regulators have indicated in the last week a shared desire to agree on a framework for the trans-Atlantic supervision of clearinghouses. ...more

CFTC Proposes Margin Rules for Uncleared Swaps

On September 17, the Commodity Futures Trading Commission issued proposed rules that would impose margin requirements on certain market participants with respect to their transactions in uncleared swaps. ...more

SEC to consider change to definition of Accredited Investor

At its next meeting of the Investor Advisory Committee of the SEC, to be held on October 9, 2014, the Commission’s agenda includes a discussion of recommendations regarding amendments to the definition of “accredited...more

SEC Brings First Action Against a Private Equity Fund Adviser for Misallocation of Portfolio Company Expenses

On September 22, 2014, the Securities and Exchange Commission (“SEC”) charged private equity fund adviser Lincolnshire Management, Inc. (“Lincolnshire”) with breaching its fiduciary duty to two of its private equity funds by...more

Crowdfunding: A Canadian Update

A Canadian company, Vrvana, Inc. is seeking $350,000 through Kickstarter, to finance its development of a virtual reality headset marketed as the Totem. Vrvana has elected to pursue a reward-based crowdfunding model. For...more

Criminal Conduct and Corporate Liability

Some blame a general quest for the almighty dollar, others, a decline in moral fiber, but white-collar crime has been around as long as commerce itself, or at least as long as there have been white collars. The film "The Wolf...more

Public Companies Take Note: SEC Launches Enforcement Initiative Targeting Section 16 and Other Shareholder Filings

The Securities and Exchange Commission (SEC) recently announced charges against 28 public company officers, directors and ten percent shareholders for repeated violations of federal securities laws requiring them to promptly...more

FCPA Compliance and Ethics Report-Episode 93-Internal Controls for Gifts, Travel and Entertainment in a FCPA Compliance Program [Video]

The FCPA Compliance and Ethics Report is out! Today I begin a two-part series with Henry Mixon on internal controls around gifts, travel, entertainment and business courtesies in a FCPA best practices compliance program....more

SEC Compliance Manual for NASDAQ-Listed Non-US Companies

As a result of registration of ordinary shares including in the form of American Depositary Shares (“ADSs”) under the US securities laws and the listing of ordinary shares or ADSs on the NASDAQ Stock Market (“NASDAQ”), non-US...more

New House Bills Seek To Relax Some SEC Requirements And Help Reverse The Growth In Income Inequality

Hat tip to thecorporatecounsel.net blog for identifying these two new House bills. H.R. 5405, Promoting Job Creation and Reducing Small Business Burdens Act, is intended to relax some additional requirements for Emerging...more

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