News & Analysis as of

SEC Exam Staff Shares Observations on Outsourced Chief Compliance Officers

Firms that use third-party CCOs or that rely on financial intermediaries that have outsourced their compliance functions should consider taking a fresh look at their compliance structure in the wake of this guidance....more

Investment Management Legal + Regulatory Update - November 2015

Regulation - OCIE Cautions Advisers on Outsourcing Compliance Activities: In a Risk Alert dated November 9, 2015, the SEC’s Office of Compliance Inspections and Examinations (OCIE) said it found that outsourced...more

Bridging the Week - November 2015 #3

Court Chastises SEC for Causing Unwarranted Collapse of Foreign Bank: A federal judge in New York severely criticized the Securities and Exchange Commission over its handling of a lawsuit against Caledonian Bank Ltd.,...more

Say “Yes” to the Service Desk: 4 Keys to Documenting Services like a Champ

Of Silk and ServicesAs I listened to my wife, a custom wedding dress designer, talk a hysterical bride off the cliff this past weekend, I realized the conversation sounded eerily familiar. My wife was certain that the...more

OCIE Issues Risk Alert Relating to Outsourced Chief Compliance Officers

On November 9, 2015, the Office of Compliance Inspections and Examinations (“OCIE”) released the findings of its Outsourced CCO Initiative, which examined nearly 20 investment advisers and investment companies that are...more

SEC Releases Risk Alert Related to Outsourcing of Chief Compliance Officer Duties by Investment Advisers and Investment Companies

On Nov. 9, the SEC’s Office of Compliance Inspections and Examinations (OCIE) released a risk alert reporting observations from its examination of investment advisers and investment companies that outsource their Chief...more

Financial Services Weekly News - November 2015 #2

Regulatory Developments: CFTC and NFA Staff Publish FAQs and Other Resources for Filing and Reporting on Forms CPO-PQR and CTA-PR - On Nov. 5 the Division of Swap Dealer and Intermediary Oversight of the CFTC...more

OCIE Cautions Advisers About Outsourcing Compliance Activities

In a Risk Alert dated November 9, 2015, the SEC’s Office of Compliance Inspections and Examinations (OCIE) said it found that outsourced compliance programs are generally effective, but some of these arrangements leave room...more

5 Unintended Consequences of Growth-Minded Companies: And What it Means for Compliance Departments

The vast majority of workers, managers, and company executives want to work for ethical organizations, and want to grow in responsible and sustainable ways. This is a given, and yet scandals like Volkswagen and Valeant...more

Sound and Savvy Operational Solutions to Offsetting the Increased Minimum Hotel Wage

In the last issue, we discussed the Los Angeles City Council’s approval of a Citywide Hotel Worker Minimum Wage Ordinance, which required establishments with at least 300 guest rooms to raise their minimum wage to $15.37 by...more

"Intellectual Property and Technology News (Asia Pacific) - November 2015

Welcome to the latest Asia Pacific Edition of Intellectual Property and Technology News, our biannual publication designed to report on worldwide developments in intellectual property and technology law, offering perspective,...more

Cybersecurity 2.0: What’s Expected of Federally Regulated Financial Institutions

As federally regulated financial institutions (FRFIs) expand their reliance on technology, employ progressively complicated and interconnected networks and systems, increase their electronic service offerings and collaborate...more

Whistleblower Risk for Private Companies: Misperceptions About Whistleblower Protections Could Cost Private Companies

Sarbanes Oxley made it clear: publicly traded companies must protect whistleblowers from retaliation, or face large fines and legal actions. Yet a widely misunderstood ruling last year by the Supreme Court opened up...more

PRA Publishes Consultation Paper On Operational Continuity (CP 38/15)

The UK Prudential Regulation Authority (PRA) has published a consultation paper on operational continuity for larger retail and investment banks. It follows on from a 2014 discussion paper on the topic and sets out proposals...more

Energy Insights: An Update from the Third Quarter of 2015

In this edition of Seyfarth Shaw’s Energy Insights Newsletter our Energy and Clean Technologies team covers important developments in Q3 2015 for the energy industry including 1) the latest initiatives from the Environmental...more

Mexico Supreme Court Issues Guidance on Outsourcing

The Second Chamber of the Supreme Court of Justice of the Nation in Mexico recently issued guidance establishing that outsourcing does not violate the constitutional principles of legal certainty and freedom. According...more

Finance Update: Fairness in Interpreting PPP Payment Mechanisms

Management of payment mechanisms in PFI/PPP schemes by the public sector has generally become more active in recent years. Amongst the many factors at play are balancing proper management and application, and avoiding the...more

Solvency II Briefing Note - September 2015

SOLVENCY II AND OUTSOURCING Solvency II comes into force on 1 January 2016 after many years of anticipation and postponed implementation dates. Whilst much of the focus is on the capital and solvency requirements that it...more

Meet George Jetson, His Boy Elroy ? — Commercializing ITO Automation

These days it seems every supplier’s infrastructure pitch book is full of the virtues and potential benefits of their drive toward automation, the objective being to get the same work done for less. What’s not clear is...more

[Webinar] Extending Your Compliance Team Without Expanding Your Budget - Sept. 30th, 12:00pm Eastern

Companies choose to outsource or co-source various parts of their operations for many reasons, with budget and headcount at the top of the list. In ethics and compliance, companies have many opportunities to co-source...more

A Reminder for Retailers: Risks Associated With Hiring Third-Party Workers

As the retail sector grapples with the many challenges of a perpetually evolving economy and an increasingly mobile, independent, and dynamic workforce, it has become common practice for retailers to engage third parties to...more

Procurement update: Flexibility for public sector development agreements?

The recent case of Edenred (UK Group) Ltd v Her Majesty's Treasury & Ors [2015] UKSC provides useful guidance on the issue of "material change" and highlights the importance of preparing a full and clear specification prior...more

9 Key Provisions of Outsourcing Contracts That Matter

Outsourcing, whether technical or process-centric, has become an increasingly important component of businesses of all sizes. Handing over the complexity of ever-changing systems that require increasing expertise can often...more

Procurement Pulse - July 2015

The Supreme Court ruling in the Edenred case on 1 July, provides an answer to the query we posed in June's Procurement Pulse - where a contract is signed before the Public Contracts Regulations, 2015 (PCR'15) came into force,...more

5 Myths About the State of American Manufacturing and What They Suggest for the Future

The demise of American manufacturing has been widely heralded. However, in a report on the state of manufacturing in America, economist Michael J. Hicks of the Center for Business and Economic Research at Ball State...more

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