Compliance programs typically refer to formalized institutional procedures within corporations and organizations to detect, prevent and respond to indvidual and widespread instances of regulatory... more +
Compliance programs typically refer to formalized institutional procedures within corporations and organizations to detect, prevent and respond to indvidual and widespread instances of regulatory violations.  In response to many corporate scandals evidencing rampant unethical business practices, many nations, including the United States, began passing strict regulatory frameworks aimed at curbing these abuses. Notable pieces of legislation in this area include the U.S. Foreign Corrupt Practices Act (FCPA), Sarbanes-Oxley (SOX), and the U.K. Bribery Act, to name a few. The foregoing statutes and the severe penalties often associated with them form the basis of many modern institutional compliance programs. less -
News & Analysis as of

SEC Seeks Public Comment on Regulation S-X

On September 25, the U.S. Securities and Exchange Commission (the “SEC”) announced that it is seeking public comment on the effectiveness of financial disclosure requirements in Regulation S-X. The request for comments...more

FCA publishes consumer credit rules and guidance

FCA has issued a policy statement in response to its consultation on proposed changes to its consumer credit rules and guidance, as well as publishing the final rules and guidance. The changes made to Threshold Conditions,...more

Florida Court Confirms Substantial Compliance Standard Concerning Foreclosures

The Florida Second District Court of Appeal recently issued a long-awaited opinion in Green Tree Servicing v. Milam. Until this decision, the district courts in Florida had not spoken directly on the issue of whether strict...more

Bristol-Myers Squibb FCPA Enforcement Action

Yesterday, the Securities and Exchange Commission (SEC) announced a Foreign Corrupt Practices Act (FCPA) enforcement action against Bristol-Myers Squibb Company (BMS) for the actions of the company’s joint venture (JV) in...more

Agencies Unveil Student Loan Servicing Regulatory Framework

On September 29, the CFPB issued a report examining public comments and providing policy recommendations to address issues in the student loan servicing market. The report follows a May 2015 Request for Information notice...more

California Passes Law Aimed to Bridge the Gender Wage Inequality Gap

On October 6, 2015, California's Governor Edmund G. Brown, Jr. signed into law Senate Bill (SB) 358, legislation intended to increase wage transparency and which will make it more difficult for an employer to defend against...more

CA AG Requires Chief Privacy Officer and Privacy Compliance Program

California’s Attorney General, Kamala Harris, has required Houzz, a home décor information and e-commerce website and mobile app publisher, to hire a chief privacy officer (CPO), conduct a company-wide privacy assessment, and...more

Ethics and Simplicity

Groucho Marx was (and is) my hero. No one else had a sharper wit. One of my favorite scenes was in Duck Soup when Groucho conducts a meeting as the President of Fredonia. In particular, when Groucho is given a report...more

TRID: New Requirements for Real Estate Closing Disclosures Are Here, Will There be A Grace Period?

It’s finally here. Over the weekend, the Consumer Financial Protection Bureau’s (CFPB) long awaited and oft delayed integration of the disclosures required by the Federal Truth in Lending Act (TILA) and Real Estate...more

Reports Instruct Office of Civil Rights to Increase HIPAA Enforcement Activities

On September 29, 2015, the Office of Inspector General (OIG) released two reports that reviewed the Office of Civil Rights’ (OCR) enforcement of the Health Insurance Portability and Accountability Act of 1996 (HIPAA). The...more

Recent Settlements Signal Increased Political Law Enforcement by Government Officials

The U.S. government reached settlements with two federal lobbyist registrants recently in what appears to signal increased enforcement of political activity laws. On August 28, 2015, the U.S. Attorney’s Office for the...more

BOEM’s “Proposed Guidance” Shakes Up the Agency’s Supplemental Bonding Requirements

The Bureau of Ocean Energy Management (“BOEM”) has backed away from its proposed rulemaking regarding financial assurance requirements for the Outer Continental Shelf (“OCS”). On August 19, 2014, BOEM published an Advance...more

Add-On Products Add up to $63M Settlement With FDIC

Why it matters - Credit card add-on products were the subject of a recent enforcement action brought by the Federal Deposit Insurance Corporation (FDIC) against Comenity Bank of Delaware and Comenity Capital Bank in...more

PRA reports to Defra on climate change adaptation

PRA has submitted its report to the Department for Environment, Food and Rural Affairs (Defra) on climate change adaptation with a focus on insurance. PRA also published a letter to insurers and other industry participants to...more

FOS feeds back on complaints obligations for NFP

FOS has published its feedback statement to responses on its consultation on amendments to its standard terms affecting businesses subject to the voluntary jurisdiction (see FReD 21 August 2015). The responses received were...more

SEC Charges EB-5 Brokers For Not Registering

Multiple firms involved in the solicitation of investment capital for the Immigrant Investor Program (also known as "EB-5") have recently been charged by the SEC with acting as unregistered brokers. Neither In re Ireeco, LLC,...more

SEC Announces Second Wave of MCDC Enforcement Actions

The Securities and Exchange Commission (SEC) this week announced enforcement actions under its Municipalities Continuing Disclosure Cooperation (MCDC) Initiative, targeting 22 municipal bond underwriting firms for alleged due...more

BBA updates Lending Code

BBA and the UK Cards Association have published a revised version of the Lending Code. This self-regulatory code sets standards of good practice when dealing with consumers, micro-enterprises and small charities in the UK for...more

SEC Proposes Major Disclosure Changes for Funds and Advisers

The SEC recently published two rule proposals to address concerns over the Commission’s ability to gauge and monitor any risks that the asset management industry poses to the financial system and investors. This includes the...more

Banking Standards Review Board publishes Lambert standards responses

The Banking Standards Review Board has published the responses to the 2014 review by Sir Richard Lambert on banking standards. ...more

One Size Does Not Fit All: Written Disclosure Policies in a Time of Increased SEC Enforcement

The U.S. Securities and Exchange Commission (SEC) continues to increase its enforcement efforts in the municipal bond market by focusing on the sufficiency and timeliness of disclosure in initial municipal securities...more

The Dalton Gang’s Last Stand and What is a Conflict of Interest?

On this day in 1982, the fabled Dalton Gang rode into Coffeyville, Kansas, supremely confident in its ability to simultaneously rob two banks in the town. When the dust settled, four of the five gang members lay dead. The...more

SEC’s Hitachi Enforcement Action and Important Compliance Reminders

The SEC continues to plug away at aggressive FCPA enforcement. This year, at least so far, the SEC has had a very successful year. The Hitachi case is a very interesting enforcement action for several major reasons. ...more

DEC Explains New Enforcement Initiative to the New York Oil and Gas Industry

On September 30, 2015, the New York State Department of Environmental Conservation (DEC) held a public information session regarding DEC enforcement of regulations relating to Petroleum Bulk Storage (PBS), petroleum spills...more

SEC Issues Second Round of Municipal Disclosure Settlements

On September 30, the SEC issued its second round of mass settled actions over municipal securities disclosure issues, as part of its Municipal Continuing Disclosure Cooperation (“MCDC”) Initiative. In this round, 22 municipal...more

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