Individual Accountability

News & Analysis as of

Individual Defense in the Shadow of Corporate Guilty Pleas

Recent corporate guilty pleas can be expected to have serious implications for the individual executives and employees alleged to have been involved in the conduct under scrutiny. But there are other factors at play in such...more

"CFTC’s Enforcement Division Issues New Advisories on Cooperation"

On January 19, 2017, the U.S. Commodity Futures Trading Commission’s Division of Enforcement issued two new enforcement advisories outlining the factors the division will consider in evaluating cooperation in the agency’s...more

Who Is The Taxpayer?

Back to Basics - This is not a silly question. In fact, it is often one of the most difficult issues confronted by a tax adviser, and it arises from one of the most basic of tax principles; specifically, that income is...more

AAG Caldwell Touts Success of FCPA Enforcement and Pilot Program

In a speech last week, Criminal Division Assistant Attorney General Leslie Caldwell touted the success of the FCPA Pilot Program. AAG Caldwell outlined the success of the FCPA enforcement program, listing many of the...more

Cyber in the Board Room: Balancing Risk and Oversight

Boards of directors remain increasingly exposed to the threat of liability arising from data breaches and other cyber-incidents. Nearly a year ago, Senators Jack Reed and Susan Collins introduced the Cybersecurity...more

FCA proposes new measures to maintain focus on individual accountability and culture in banking

On 28 September 2016, the Financial Conduct Authority (FCA) marked six months since the implementation of the Senior Managers and Certification Regimes by providing feedback on its implementation so far and proposing measures...more

Senior Management Regime and Certification Regime to apply to all FSMA authorised firms from 2018

The Senior Management Regime (SMR) and Certification Regime (CR) is to apply to all FSMA-authorised firms from 2018. HM Treasury forecasts that the proposed extension of the SMR will bring 42,000 consumer credit firms, 17,200...more

The Senior Managers Regime – should GCs be worried?

In March this year the PRA and the FCA introduced the Senior Managers Regime (‘SMR’) for individuals associated with banks and PRA regulated investment firms (from 2018 the SMR will apply to all UK authorised firms). The...more

Bill Baer at SCCE: What is Extensive Cooperation

The second day of the SCCE Compliance and Ethics Institute (CEI) Conference began with Principal Deputy Associate Attorney General Bill Baer providing remarks. After opening with how aggressively the Department of Justice...more

The New FCPA Cooperation Plan - Revitalized program or regurgitation of existing policy?

On April 5, 2016, the U.S. Department of Justice (DOJ) issued an Enforcement and Guidance Plan (Plan) concerning the Foreign Corrupt Practices Act (FCPA). While the new Plan could be interpreted as a novel departure from past...more

FCPA Compliance---Recent Department of Justice Initiatives

The Department of Justice (DOJ) recently initiated a one-year pilot program to encourage companies to self-report violations of the Foreign Corrupt Practices Act (FCPA). Any company contemplating self-reporting such a...more

Thinking Like a Prosecutor – Yates and Internal Investigations

I respect prosecutors, most of them at least. I had the fortunate opportunity to work with a number of terrific prosecutors. Most are intelligent, hard working and committed to doing the right thing. I recognize that there...more

The Spring Meeting Confronts the Yates Memo: Execs in the Front Lines of Corporate Criminal Responsibility; Presentation of the...

The Business Law Section’s Director and Officer Liability Committee conducted a program at the Section’s Spring Meeting in Montréal. The program focused on the recent Yates memorandum of the U.S. Department of Justice (DOJ),...more

Accountability and Transition in ICANN’s New gTLD Program

Bringing accountability to the Internet Corporation for Assigned Names and Numbers (ICANN), the little known yet hugely significant global regulator of the Internet domain name system, is always a significant victory. ICANN...more

Fired for Taking the Fifth: Famous Firings in History

The Department of Justice’s recent Yates Memo creates a new emphasis on individual accountability for corporate or entity wrongdoing. It also enhances the risk to corporate employees that they will need to choose between...more

Yates, Whistleblowers and FCPA Pilot Project: Re-Examining Your Internal investigation Protocols

Companies face an ever-changing constellation of risks, enforcement priorities and demands for internal controls and compliance program elements. As more resources are poured into government enforcement programs, companies...more

Prevailing in an Era of Regulatory Enforcement – Balancing Risk and Compliance [Expect Focus – Vol. II, July 2016]

IN THE SPOTLIGHT - - SEC Sanctions Unregistered EB-5 Investments Broker SECURITIES - - FINRA to Assess Member Firms’ Culture - SEC Seeks Fund Responses to Distribution-In-Guise Guidance...more

Enforcement Week V: Three-Month Pilot Program Wrap Up

Today, I end my exploration of recent Foreign Corrupt Practices Act (FCPA) enforcement actions (and one UK Bribery Act enforcement issue), which have occurred since the enactment of the Department of Justice (DOJ) Pilot...more

DOJ’s FCPA Pilot Program Keeps Heat on Individuals

In April, the Department of Justice (DOJ) announced a one-year pilot program offering certain violators of the Foreign Corrupt Practices Act (FCPA) the possibility of reduced sanctions on top of any credit provided for by the...more

White Collar Criminal Sentencing – What A Difference Cooperation Makes

The political campaign season has included plenty of discussion surrounding reforming our criminal justice system, and in particular sentencing for drug offenses. We have not heard much discussion about white-collar criminal...more

The Yates Memo, Ten Months Later: What We Know and What To Do

Although the Yates Memo is now ten months old, senior executives and in-house counsel still do not have clarity about how the Department of Justice (“DOJ”) will apply the Memo’s principles to corporate investigations. On...more

Biodiagnostic Laboratory Services Sentenced; Another Physician Pleads Guilty

The long-running test-referral prosecution against Biodiagnostic Laboratory Services, LLC (“BLS”), a New Jersey clinical blood testing laboratory; its owner and employees; and BLS’s referring physicians recently reached...more

Conflicts Of Interest After the Yates Memorandum

As we continue to operate under the Yates Memorandum, a number of interesting and difficult issues are sure to develop surrounding internal investigations and individual culpability. Corporate internal investigations have to...more

Battle of the Somme Week – Part IV: The VW Settlement

Today I continue my exploration of the Battle of the Somme, which began on July 1, 1916. Daniel Todman writing in the Financial Times (FT), in an article entitled “Stories of the Somme”, insightfully noted that for all the...more

SEC Announces Customer Protection Rule Initiative

Broker-dealers with historical or ongoing instances of non-compliance with the SEC’s Customer Protection Rule are encouraged to self-report by November 1, 2016. On June 23, 2016, the Securities and Exchange...more

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