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What Is Board Responsibility For Compliance?

The nightmare of every corporate director is to wake up to find out that the company of the Board he or she sits on is on the front page of the New York Times (NYT) for alleged illegal conduct. Originally Published in...more

The Floodgates are Open: Second Whistleblower Award Sparks Speculation Over What's Next

Last week, the Securities and Exchange Commission (SEC) issued an order awarding three whistleblower awards to tipsters who helped the SEC with its enforcement action against Locust Offshore Management, LLC and its CEO Andrey...more

Australian Securities & Investment Commission In The Matter Of Northwest Resources Limited V Craigside Company Limited BVI Company...

This case, Australian Securities & Investment Commission (ASIC) in the matter of Northwest Resources Limited v Craigside Company Limited BVI company number 74124 named in the Schedule [2013] FCA 201 considered when it is...more

A Rising Voice on FCPA Compliance: The Court

One FCPA compliance topic we are often asked about by clients is how government investigations start. The U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) have developed a number of mechanisms...more

The Ralph Lauren FCPA Case: Are There Any Limits to Parent Corporation Liability?

Much of the coverage of the recent Foreign Corrupt Practices Act case against Ralph Lauren Corp. (RLC) focused on the fact that both the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) awarded it...more

The Top 5 FCPA Fallacies

In 2010, the number of federal prosecutions for violation of the Foreign Corrupt Practices Act (FCPA) more than quadrupled. The Department of Justice (DOJ) set a new record for fines and penalties – collecting nearly $1B. The...more

Keeping Internal Investigations Independent and Conflict-Free

Internal investigations can arise in a number of different ways and can concern a number of different subjects. Allegations of financial misconduct, employment-related missteps, and breaches of fiduciary duty, among others,...more

Playing With Ralph Lauren: A Fair Settlement?

The FCPA Paparazzi has been at it again – it is fascinating to watch the reaction of practitioners and commentators in the FCPA arena. ...more

Four Key Board Responsibilities for Monitoring Risk and Compliance

Introduction: High Pressure Regulatory Environment - Now more than ever, there is increased regulatory pressure on organizations – and their Boards of Directors – to create and maintain effective ethics and compliance...more

DOJ and SEC Scrutinize Potential Misuse of Rule 10b5-1 Trading Plans by Corporate Directors Affiliated with Investment Advisers

Over the past four years, the U.S. Department of Justice (“DOJ”) and U.S. Securities and Exchange Commission (“SEC”) have focused on insider trading involving private funds as one of their key targets in the fight against...more

What Companies Can Learn From The Ralph Lauren Corporation FCPA Case

Last week, a subsidiary of American fashion designer Ralph Lauren Corporation made global news for violations of The Foreign Corrupt Practices Act of 1977 ("FCPA"). In short, FCPA prohibits covered entities – i.e., those that...more

Using the Privilege: Fifth Amendment Fundamentals for Corporations

Most in-house lawyers, if they're fortunate, haven't bumped up against the Fifth Amendment and its related issues since the bar exam. After all, the so-called "nickel" typically arises solely in the criminal context, and...more

The Harder They Fall

As the old saying goes, even a broken clock is correct two times a day. My prediction several weeks ago is turning out to be on target. FCPA enforcement is continuing and will increase throughout the year – DOJ/SEC...more

Corporate Aspects of the UK Financial Services Act 2012

Long-heralded reform of the UK financial services regulation architecture impacts the listed company regime. On 1 April, a new financial regulation architecture became operative in the UK through the Financial...more

The Truth Behind Gifts, Meals And Entertainment Enforcement

It is time for everyone to take a deep breath. The DOJ/SEC Guidance could not have been clearer. The message to companies – stop devoting so much time to building, tinkering with, and monitoring their policies governing...more

Third Circuit Reinforces Limits to Directors' Exposure for Misconduct by Corporate Employees

In Belmont v. MB Investment Partners, Inc., No. 12-1580, 2013 WL 646344 (3d Cir. Feb. 22, 2013), the United States Court of Appeals for the Third Circuit held that a mere failure by corporate directors to oversee enforcement...more

SEC And FBI Try To Ketchup To Heinz Insider Traders

In the latest development in an SEC lawsuit filed Friday, February 15, U.S. District Judge Rakoff extended a freeze on a Swiss Goldman Sachs account linked to possible insider trading in H.J. Heinz Company call options. The...more

New FCPA Decision: How Long is the FCPA’s Reach?

A little more than a year after Deustche Telekom (“DT”) and Magyar Telekom entered into multi-million dollar settlements with the SEC and DOJ to resolve claims that the two companies violated the FCPA, three former Magyar...more

DOJ Announces Criminal Charges And Penalties For LIBOR Manipulation, Regulators Announce Parallel Civil Enforcement Actions

On February 6, U.S. and U.K. authorities announced that a Japanese financial institution and its British bank parent company agreed to pay roughly $612 million to resolve criminal and civil investigations into the firms’ role...more

Failing To Act: Lessons From 2012 FCPA Enforcement

FCPA practitioners tend to repeat themselves. Some of the points we make need to be repeated, and some do not. Businesses are not able to react as quickly as they should in response to potential risks and possible...more

Occupational fraud involves a personal breach of trust

Ed. Note-today we are pleased to begin a three part guest series from our colleague Mary Shaddock Jones. My husband, Brian R. Jones, is a CPA, a Certified Fraud Examiner and a member of the Association of Certified...more

Federal District Court in New Jersey Closes Door (Again) on Selective Waiver

Subjects of government investigations routinely face the question: To be or not to be forthcoming with information otherwise protected by the attorney-client privilege?...more

White Collar Watch - January 2013

In This Issue: - Death and Taxes? Recent Supreme Court Arguments in Gabelli v. SEC Concerning a General Statute of Limitations for Civil Fines May Also Affect How Long the IRS Has to Assess Penalties - Avoiding...more

The Tube and Updating Your Compliance Policies

2013 is the 150th anniversary of the London Underground, affectionately known as “The Tube.” It truly is one of the great urban architectural marvels of all-time. The oldest sections of the London Underground completed 150...more

Tribute to Stan The Man and 11 Rules for Compliance Success

Today we honor Stan ‘The Man’ Musial who played 22 seasons for the St. Louis Cardinals (1941–1963) who passed away on Saturday. Musial was a record 24-time All-Star selection and is widely considered to be one of the greatest...more

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