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

Financial Services Bulletin: Action at the SEC

On Wednesday, July 23, 2014, the Securities and Exchange Commission (the “SEC”) adopted amendments to the rules governing money market mutual funds (or “money market funds”) pursuant to Rule 2a-7 under the Investment Company...more

Compliance Training Is Also About What You CAN Do

Lauren Connell, Managing Associate at The Volkov Law Group, joins us again for a posting about positive training — what you can do as opposed to what you cannot do. Her profile is here and she can be reached at...more

Freddie Mac Implements FinCEN AML Rules, Updates Other Selling And Servicing Policies

On August 14, Freddie Mac issued Bulletin 2014-15, which reminds seller/servicers subject to the AML requirements of the BSA that they are expected to maintain an AML compliance program and are required to report to Freddie...more

3 Depressing Conclusions in E&Y’s Global Fraud Report – More Anti-Bribery Training, Internal Controls Required

I just finished reading Ernst & Young’s “Growing Beyond: A Place For Integrity”, the company’s 12th Global Fraud Survey. It’s pretty sobering, but I’m trying to find some glimmers of hope in it. Don’t get me wrong; the...more

SEC Settles with Dually Registered Adviser Over Best Execution, Disclosure and Principal Transactions

The SEC settled administrative proceedings against an investment adviser, Dominick & Dominick LLC, a firm registered with the SEC both as an investment adviser and a broker-dealer (the “Adviser” or “D&D”), and Robert X....more

The Whole World Is Watching Mexico In the Fight Against Corruption

I have written about business solutions to legal problems, such as the FCPA, in the energy industry here in Houston. Noted compliance practitioner Scott Killingsworth made similar observations on compliance covenants in...more

New Guidance on Locating Missing Participants for Terminated Defined Contribution Plans

On August 14, 2014, the U.S. Department of Labor (DOL) provided new guidance to plan fiduciaries of terminated defined contribution plans for locating missing and unresponsive participants in order to distribute their...more

Third Commandment of Government Contractors: Thou shalt start as low as possible

If all we knew about Washington was based on the dramas we watch on television or the stories reported in the media, it would be easy to conclude that everything that gets accomplished is based on who people know. Make no...more

This Week In Securities Litigation

The Second Circuit upheld SEC Rule 10b-5-2 which defines certain types of relationships as the predicate for insider trading. In reaching its conclusion the Court rejected an argument that an insider trading claim must be...more

Bribery, Twice Removed

Charles Duross is the head of Morrison & Foerster’s Global Anti-Corruption Practice. He is the former head of the Department of Justice’s Foreign Corrupt Practices Act unit, where he took a leading role in developing and...more

"SEC Announces Municipal Advisor Examination Initiative"

On August 19, 2014, the Securities and Exchange Commission (SEC) announced that its Office of Compliance Inspections and Examinations (OCIE) will begin a two-year examination initiative (the initiative) through the National...more

FCPA Compliance Programs A Review of Best Practices [Video]

In response to aggressive FCPA enforcement, the compliance industry has embraced innovative strategies and tools. Whether your company is large, medium or small, it is important to stay abreast of industry best practices....more

New ACE Portal/NYSE Platform Could Facilitate Private Equity Fund Raising

An enduring challenge of private equity is fund raising, whether in connection with fund formations, portfolio company financings or limited partner secondary sales. The recent modification of the SECs rules on general...more

Harassment Training 101: The 11 Most Common Mistakes Made by Sexual Harassment Victims

I recently read an article in the New York Times by female science writer Christie Aschwanden. At the beginning of the article she recants her first experience as an undergraduate biology major doing field work in Costa Rica....more

ESMA Publishes Guidelines on Reporting Obligations Under the AIFMD

On August 8, the European Securities and Markets Authority (ESMA) published official translations of its Guidelines on Reporting Obligations under Articles 3(3)(d) and 24(1), (2) and (4) of the Alternative Investment Fund...more

SEC Modifies Municipal-Securities Enforcement Initiative

Responding to industry complaints, the SEC’s Enforcement Division modified its Municipal Continuing-Disclosure Cooperation (“MCDC”) Initiative to (a) extend the deadline for issuer disclosures until December 1 (from September...more

What Can You Do When Risk Changes in a Third Party Relationship?

The GlaxoSmithKline PLC (GSK) corruption matter in China continues to reverberate throughout the international business community, inside and outside China. The more I think about the related trial of Peter Humphrey and his...more

Fine Tuning Your Anti Corruption Compliance Program [Video]

In this era of aggressive FCPA enforcement, companies are adopting anti-corruption compliance programs. The Department of Justice and the SEC have warned companies against adopting "paper compliance programs" without...more

FCPA Compliance and Ethics Report-Episode 80, Interview with the FCPA Professor, Part I [Video]

In this Part I of a two-part interview with the FCPA Professor, we visit about his new book, The Foreign Corrupt Practices Act in a New Era. ...more

SEC Request For O&D Bar Denied

A frequently used remedy in Commission enforcement actions is the officer and director bar. A permanent bar has the very harsh effect of precluding the person from being an officer or director of any public company. That, of...more

Unregistered Brokers: Watch out for Shortcuts

One of the things I’ve learned since returning to private practice three years ago is that people like to raise money for profitable enterprises when they can. And why not? It can be lucrative. And if the people raising...more

New Executive Orders and Department of Labor Proposals Impose Increased Compliance Burden on Government Contractors

President Obama recently signed the third of three Executive Orders (E.O.s) issued this year, which will significantly change the labor and employment compliance landscape for government contract prime contractors and...more

FinCEN Issues Advisory to U.S. Financial Institutions Regarding Promotion of a Culture of Compliance

The Financial Crimes Enforcement Network (“FinCEN”) issued an advisory (the “Advisory”) to U.S. financial institutions (“FIs”, and each an “FI”) in which FinCEN highlights “the importance of a strong culture of [Bank Secrecy...more

Lanham Act Claims Are Not Precluded by Compliance with the FDCA

POM Wonderful LLC (“POM”) produces and sells a pomegranate-blueberry juice blend. POM brought a Lanham Act suit against Coca-Cola for allegedly marketing one of its juices in such a way that it misled consumers into thinking...more

Breaking: OFCCP Issues Directive On Gender-Identity Discrimination

The Office of Federal Contract Compliance Programs has issued a new directive on gender-identity discrimination, consistent with President Obama’s recent amendment to Executive Order 11246. ...more

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