News & Analysis as of

Code of Conduct

Can subscribing to voluntary codes of conduct change a lender's duty of care to its customers?

by Dentons on

The recent case of Thomas & Anor v. Triodos Bank NV [2017] EWHC 314 suggests that in certain circumstances banks that have subscribed to voluntary codes of conduct (and advertised that fact to their customers) might be fixed...more

Talking About Bribery in the Country Where I Bribed

I recently returned from a week in Amsterdam, addressing front-line compliance challenges, and attending several anti-corruption conferences. It was a surreal experience for me, for in 2003 I paid a “Dutch Agent approximately...more

How Policies Can Defeat a Breach of Contract Claim

Here is an interesting scenario for employers to consider. A company discovers that an employee working in information technology has taken de-commissioned company computers for himself and even given some away. After...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Wells Fargo’s board not only issued a massive report on its fake account scandal yesterday. It also announced that the bank would claw back an additional $75 million from former CEO John Stumpf and former head of community...more

Hotel California and Wells Fargo-You Can Check Out, But Can You Leave?

by Thomas Fox on

Today, we celebrate The Eagles most famous song, Hotel California. It all started with a Don Felder cord progression and according to the Financial Times (FT) column The Life of a Song, it had a “fusion of Hispanic melody and...more

The Axe Falls on Wells Fargo – A Scathing Independent Report (Part II of III)

by Michael Volkov on

In a scathing report, the independent directors at Wells Fargo released their findings and actions based on a comprehensive internal investigation of Wells Fargo’s sales abuses. Based on its findings, Wells Fargo’s...more

UK Regulator Fines Former Investment Banker for Communicating Confidential Information Via WhatsApp

by Shearman & Sterling LLP on

The Financial Conduct Authority fined former investment banker Christopher Niehaus £37,198 for sharing client confidential information over WhatsApp. Mr. Niehaus was previously a managing director in the Investment Banking...more

Don’t Be Unprepared For Student-On-Student Sexual Assault Allegations

by Fisher Phillips on

Many are aware of the alarming rise in the number of student sexual assaults on college campuses across the country. The May 2015 issue of JAMA Pediatrics reported that one in five women will be the victim of a sexual assault...more

Code of Conduct Week: Part V – Operationalization

by Thomas Fox on

I have reviewed the creation and update of a Code of Conduct this week, with a big assist from Eric Morehead, the Principal of Morehead Compliance Consulting. We reviewed the legal requirements, the suggested structure and...more

CCOs Say Policies Are Getting Stronger; Adoption of Technology – Not So Much

by NAVEX Global on

KPMG recently published its latest survey of chief compliance officers. The report highlights the increasing value of effective Compliance. It also reveals growing pains of our industry, specifically in maximizing...more

Code of Conduct Week: Part IV – Training on Your Code of Conduct

by Thomas Fox on

Today focus in the Code of Conduct series is on the aspect of training on your finalized Code of Conduct. Eric Morehead, Principal of Morehead Compliance Consulting, joins me in this series. While there have been criticisms...more

Code of Conduct Week: Part III – Design of Your Code of Conduct

by Thomas Fox on

Today I continue my Code of Conduct exploration with Eric Morehead, Principal of Morehead Compliance Consulting. After having reviewed the legal requirement and business purpose in Part I, the structure and form of your Code...more

Code of Conduct Week: Part II – Structure and Form

by Thomas Fox on

I am dedicating this week to an exploration of the Code of Conduct. I am joined in this journey by Eric Morehead, Principal at Morehead Compliance Consulting. Today I want to consider the evolution of the structure and format...more

Compliance Budgeting – Put Your Money Where Your Mouth is

by Ruder Ware on

You have adopted your basic compliance policies and procedures, established a reporting system and visibly rolled out your new compliance program. Your board of directors has passed a resolution decisively stating its...more

Corporate and Financial Weekly Digest - Volume XII, Issue 12

BROKER-DEALER - FINRA Issues Regulatory Notice on GASB Accounting Support Fee - The Financial Industry Regulatory Authority announced that it will collect a total of $8,309,000 in 2017 from its member firms as part...more

Code of Conduct Week: Part I – Introduction

by Thomas Fox on

I am joined by Eric Morehead as we begin a five-part series on the Code of Conduct, which serves as the foundational document of a compliance program. Morehead is well-known within the compliance community, having worked at...more

The Three Lines of Compliance Offense Versus The Three Lines of Compliance Defense

by Michael Volkov on

People crave simple solutions to complex problems. No, this is not a political statement, nor do I intend to wade into politics. This statement applies across the board – to business, compliance, government, and other...more

Bank of England Deputy Governor for Markets & Banking and Chief Operating Officer Resigns

by Shearman & Sterling LLP on

Charlotte Hogg has formally offered her resignation to the Bank of England, which was publicly accepted on March 14, 2017. Ms. Hogg held the positions of both Deputy Governor Markets & Banking and Chief Operating Officer...more

Whacky Employment Claims: Who's Whackier? Management or the Employee?

by Lewitt Hackman on

As employment defense attorneys, we see many strange situations arise in the workplace. The question is, how prepared are you as an employer to handle the wackiness that may potentially arise when your employees make...more

Is a workplace relationship ever consistent with good governance

by Seyfarth Shaw LLP on

Much has been made of recent scandals arising from sexual relationships in the workplace and in most cases the relationships are said to have been ‘personal and consensual’. While not a new issue, we have seen changes to the...more

LRN Compliance Program Effectiveness Report: Part I (and Farewell to Chuck Berry)

by Thomas Fox on

Last week I interviewed Susan Divers, Senior Advisor at LRN Corporation, on the company’s 2016 Ethics and Compliance Program Effectiveness Report (Report). The Report was a fascinating review of the evolution of compliance...more

Australian competition and consumer law update for food & beverage sector

by DLA Piper on

The Australian Competition and Consumer Commission (ACCC) recently released its Compliance and Enforcement Policy for 2017. The compliance and enforcement priorities that are likely to be most relevant to businesses in the...more

Dealing with personal relationships in the workplace

by Dentons on

It has recently been reported in the press that John Neal, the CEO of the Australian headquartered insurance and reinsurance company QBE, had his annual bonus cut by twenty per cent (which equated to AU$550,000 or £340,000)...more

Anticipating 'Good Conduct Regulation' In The UK

by WilmerHale on

On Feb. 13, 2017, John Griffith-Jones, chairman of the U.K. Financial Conduct Authority, delivered a speech to the Cambridge Judge Business School at the University of Cambridge entitled "What makes good conduct...more

Ninth Circuit Says Ethics Policies Are “Inherently Aspirational,” and Violations Don’t Support Securities Fraud Claims, in Retail...

A senior officer’s violations of a corporation’s code of conduct do not give rise to a claim for violation of the federal securities laws—even where the corporation (including the officer himself) has touted the company’s...more

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