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

SEC Proposes Rule for Communications Involving Security-Based Swaps

On September 8, the Securities and Exchange Commission proposed a rule providing that publication or distribution of quotes involving security-based swaps that may be purchased only by eligible contract participants would not...more

California’s Automatic Renewal Law: are you giving your customers an unintended gift? Action step

What if you had to return all the revenue you received from every customer in California for the last several years? The California Automatic Renewal Law, California Business and Professions Code §17600, et seq. (the...more

FINRA Board to Consider Rule Proposals Regarding Private Trading Platforms

The Board of Governors (the Board) of the Financial Industry Regulatory Authority is scheduled to meet on September 19 to consider rule proposals requiring heightened oversight of computerized trading strategies and greater...more

Good News For Companies Adopting Retrospective Approach To New FASB Revenue Recognition Standard

One of the critical questions that companies are facing under FASB’s new revenue recognition standard is whether companies that elect to follow a retrospective approach (applying the standard to both current and prior years —...more

Think Before You Tweet: Top 5 Social Media Tips for Advisers

So Apple announced its new iPhone 6 etc. about an hour ago — it’s probably old news by the time this post hits the wire, which is kind of my point. I am not sure what you will do about the new Apple products, but I do know...more

NFL needs to dust off that ol' Code of Conduct and reintroduce themselves

Who doesn't love football? NFL or CFL, when our favourite team runs onto the field, we start cheering at the television. Second on the headlines for us in BC is weather Travis Lulay will return to the BC Lions with yet...more

The Origins of the FCPA: Lessons For Effective Compliance and Enforcement - Pt 3

The foreign payments cases held the organization and the individuals involved accountable while improving corporate governance for the benefit of the shareholders in the future. A series of cases followed the initial filings....more

Corporate Wrongdoing and Deterrence

The debate over corporate wrongdoing, punishment and deterrence continues. Corporations are not people but are entities that operate through collective behavior. It is interesting to consider whether individual punishment...more

OSHA Updates Reporting and Recordkeeping Rule – New Rules Take Effect January 1, 2015

OSHA just announced updates to its reporting and recordkeeping requirements for injuries and illnesses, found at 29 CFR 1904. The updates include changes to who is required to comply with the recordkeeping rules, and expands...more

Settlement Highlights Importance of Compliance with Anti-Discrimination Provision of the Immigration and Nationality Act During...

On August 15, 2014, a California-based staffing company reached a settlement with the U.S. Department of Justice (DOJ), Office of Special Counsel for Immigration-Related Unfair Employment Practices (OSC), resolving...more

Four steps to manage your whistleblower complaints

How do you manage your whistleblower complaints? Getting employees to speak up when they see signs of wrongdoing is hard. Many employees struggle with initially "taking the plunge" (because that's how it may feel) for...more

FCPA Compliance and Ethics Report-Episode 88, Internal Controls for Third Parties Under the FCPA, Part I [Video]

In this episode 88 of the FCPA Compliance and Ethics Report, I visit with noted internal controls expert Henry Mixon on the types of internal controls needed for third parties in a FCPA compliance program. ...more

The Origins of the FCPA: Lessons for Effective Compliance and Enforcement: Part Two

The illicit or foreign payments cases - The preliminary inquiry was followed by formal SEC investigations early in 1974. The resulting cases would become known as the “illicit or foreign payments” cases. The focus of...more

The SEC – now killing many birds with one "big data" stone: 5 takeaways

The SEC this week announced a mass action against 34 defendants for alleged violations of federal securities laws regarding reporting of stock holdings. As the Wall Street Journal reported, the action “is part of the ‘broken...more

DOJ Antitrust Enforcers Take to the Bully Pulpit on Prosecuting Antitrust Crimes and Antitrust Compliance Programs

In recent years, antitrust criminal enforcement efforts have increased around the world. These efforts focus mainly on cartels — which the Supreme Court calls “the supreme evil of antitrust” — that conspire to fix prices, rig...more

M&A Broker Exemption Bill Resurrects Financial Statement Replaced in 1988

Last week, the North American Securities Administrators Association withdrew its support for S. 1923 which, if enacted, would exempt “M&A brokers” from the broker registration requirements of the Securities Exchange Act of...more

The NFL’s Handling of Ray Rice Shows Need for Consistent Enforcement of Policies and Compliance Training

To say I’m a football fan is putting it mildly. You will find my family cheering loudly at the TV during Falcons games. (How ‘bout that overtime win over the Saints?!) And while it’s not often I get to blog about football,...more

Does Your Company’s “Inadequate Compliance Program” Violate Securities Laws?

In a recent matter before the SEC, settlement of an FCPA claim with Smith & Wesson has raised some worrisome new issues for compliance officers. This settlement is noteworthy for two reasons: 1. Small and mid-sized...more

Employer Shared Responsibility Payments and Reporting Requirements Under the Affordable Care Act: Code Sections 6055 and 6056

Employer Shared Responsibility Penalties - There are two types of employer shared responsibility payments, also known as pay or play penalties, under the Affordable Care Act (ACA). The first penalty under Internal...more

Kind-a-Sort-a

In the last few days, we received a few inquiries regarding our prior post on the CFTC’s temporary relief permitting funds to engage in general solicitation to the text that the funds were conducting Rule 506(c) offerings or...more

Corporate and Financial Weekly Digest - Volume IX, Issue 36

In this issue: - Bylaw of Delaware Corporation Providing for Exclusive Forum in North Carolina Upheld - FINRA Board to Consider Rule Proposals Regarding Private Trading Platforms - CBOE and C2 in...more

The Importance of an Effective Compliance Program

On September 9, 2014, Brent Snyder, Deputy Assistant Attorney General of the U.S. Department of Justice Antitrust Division, provided prepared remarks on the subject of “Compliance is a Culture, Not Just a Policy,” before the...more

OSHA’s Final Rule on Reporting Requirements: A Major Change for Employers

On September 11, 2014, the federal Occupational Safety and Health Administration (OSHA) announced a final rule that significantly changes an employer’s duties to report workplace injuries to the agency. The current rule,...more

Use of HR in Your FCPA Compliance Program [Video]

In this episode of the FCPA Compliance and Ethics Report, I discuss how HR can help to facilitate your compliance program. ...more

SEC Sends A Message — To Executives And Their Companies

In October 2013, SEC Chair Mary Jo White gave a speech at the Securities Enforcement Forum in which she declared an “enforcement mission” of the SEC to be implementation of the “broken windows” theory of crime deterrence...more

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