Compliance

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

Italian Tax Reform

The Italian Government has recently approved a new decree, which reshapes the definition of abuse of law and tax avoidance and changes the rules on the statute of limitations in the event of tax crimes. The decree also...more

Added Compliance Burdens: New York Nonprofits Have to Implement Workplace Violence Programs

In 2010, New York State enacted its New York Prudent Management of Institutional Funds Act (NYPMIFA); in 2012 Governor Cuomo promulgated Executive Order 38 capping excess compensation at nonprofits receiving government...more

Alert: SEC Adopts Final Pay-Ratio Rule

On August 5, 2015, the SEC adopted a final rule to implement Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, often referred to as the pay-ratio provision. The pay-ratio provision mandates...more

Foreign Corrupt Practices Act (FCPA): Israel Beware – Trends in Enforcement

Intuitively, Israeli companies and their directors would likely assume that their businesses are immune to investigation and the assessment of penalties by US regulators that are separated by a vast ocean and located more...more

Key Lessons From The SEC's FCPA Enforcement Action Against BNY Mellon

The cost of hiring an intern just went up. The Bank of New York Mellon Corp. ("BNY Mellon") last week agreed to pay the U.S. Securities and Exchange Commission ("SEC") $14.8 million to settle allegations that the company...more

FCA feeds back on SMR for bank branches

FCA has published a feedback statement with near-final rules on the Senior Managers Regime (SMR) and approved persons in UK branches of overseas banks. Unlike PRA’s paper discussed below, FCA’s paper covers UK branches of...more

You Don’t Have to be a Hero Not to Pay a Bribe

Sometimes a hero can make a difference. But you do not have to be a John Wayne type-hero to make such a difference. The reason is the world is made up of real people and John Wayne heroes only exist in the movies. Even in the...more

FinCEN Proposes Extending Anti-Money Laundering Compliance Requirements to Investment Advisers

On Tuesday, the United States Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule that would require SEC-registered investment advisers, including private equity and hedge funds, to comply...more

DC Circuit Court Rejects Challenge to SEC Pay-to-Play Rule

The DC Circuit Court has rejected an effort by the New York and Tennessee Republican Parties to set aside Securities and Exchange Commission Rule 206(4)-5. The 2010 SEC rule prohibits investment advisers from providing...more

FINRA Rule 2040 Goes Into Effect

On August 24, 2015, FINRA Rule 2040 concerning payments to unregistered persons went into effect. The rule, approved by the SEC in January 2015, is aligned with § 15(a) of the Securities Exchange Act of 1934. Generally, FINRA...more

The Necessary Ingredient to Compliance Success: Interpersonal Skills

We always bandy the phrase around of “people skills,” or the old trendy phrase of “emotional intelligence.” Hopefully, this posting can create some ideas around new approaches to these old concepts and trendy terminology....more

DC Circuit Tosses Republican’s Challenge to Adviser Pay-to-Play Rule

The District of Columbia Circuit Court of Appeals Tuesday rejected a challenge to the SEC’s investment-adviser pay-to-play rule, holding that two state Republican Party organizations filed it almost four years too late....more

Under the Thumb: Regulatory Compliance When Outsourcing Cybersecurity Management

Managed security services are often a natural “add-on” when outsourcing IT services given that data protection is integral to application development, software as a service, and cloud storage, among other services. More...more

Recovering from an Ethics Breach | 5 Steps the CECO Should Take to Rebuild (Part 2)

An ethics breach can be difficult to bounce back from, but is much less so when Chief Ethics and Compliance Officers (CECOs) have taken the time to establish relationships and put a worst-case-scenario plan on paper before a...more

CFPB Issues Compliance Bulletin on PMI Cancellation and Termination

The CFPB recently issued Compliance Bulletin 2015-03, addressing the cancellation and termination requirements for private mortgage insurance (PMI) under the Homeowners Protection Act of 1998 (HPA). We note that this Bulletin...more

The Mini Cooper and Project Execution in Compliance

The price of oil hovers near $40 per barrel. There are all manner of responses suggested to this drop from nearly $100 per barrel just a short time ago. Yet the price of oil has long been much more than a political...more

Pierce Atwood Environmental Regulatory Compliance Calendar (RCC)

NEW REGULATORY DEVELOPMENTS - Federal - Final 2014 Effluent Guidelines Program Plan and 2014 Annual Effluent Guidelines Review Report EPA is announcing the availability of its Final 2014 Effluent Guidelines...more

NLRB Decision on Student-Athlete Unionization a Win for Colleges, But Title IX Still in Play

The National Labor Relations Board (NLRB) issued a unanimous decision on Aug. 17, 2015, dismissing a petition filed by Northwestern University scholarship football players seeking to unionize under the National Labor...more

Corridors September 2015 - News for North Carolina Hospitals

This article will provide an outline of some of the most significant points for hospitals to use when confronted with a formal government investigation under the Criminal or Civil False Claims Act. As noted below, you should...more

New Guidance for Financial Institution Directors and Officers In Cybersecurity Preparedness

Earlier this summer, the Federal Financial Institutions Examination Council (FFIEC) released its highly anticipated Cybersecurity Assessment Tool (Assessment), which is designed to assist financial institutions in identifying...more

The Health Law Guide to Hospital Operations

This operations guide provides a brief look at health law issues hospitals deal with on a daily basis. While a detailed coverage of the elements, drafting, implementation and continued governance of a hospital compliance...more

Financial Consulting Firm Agrees to Pay $15 Million to Resolve NYDFS Investigation

On August 18, a Washington D.C.-based financial consulting firm agreed to pay $15 million to resolve allegations that the firm failed to meet the current requirements of the NY Department of Financial Services (NYDFS) for...more

Five Lessons Ethics & Compliance Professionals Can Learn from the World of Sports

Despite the FIFA scandal and other not-so-great news from the world of professional sports recently, it’s good to remember that sports, at their best, can be a rich source of strategies and inspiration for the business...more

The Fourth European Union Anti-Money Laundering Directive and Its Effects on Financial Institutions Operating in the EU

The Fourth European Union Anti-Money Laundering Directive (Fourth AML Directive), approved by the European Parliament on May 20, 2015, went into effect on June 25, 2015, repealing the 2005 Third AML Directive. Given the...more

Effective Management of Employee Medical Issues in 2015

Compliance with the Family & Medical Leave Act and the Americans with Disabilities Act continues to cause issues for even the most experienced workplace professionals. In recent years, both the FMLA and ADA have expanded...more

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