News & Analysis as of

Recent FCA Commentary on Internal Investigations by Firms

On November 6, the UK Financial Conduct Authority (FCA) published a speech by Jamie Symington, director in enforcement (wholesale, unauthorized business and intelligence), on FCA-regulated firms’ internal investigations of...more

The SEC and DOJ Discuss Self-Reporting – Cooperation

Self-reporting and cooperation were key topics for the SEC and the DOJ in recent remarks at an FCPA conference. SEC Enforcement Director Andrew Ceresney, and Assistant Attorney General Leslie Caldwell both addressed American...more

SEC Says Self-Reporting Required for Deferred Prosecution or Non-Prosecution Agreement

At a recent conference focused on FCPA matters, Andrew Ceresney, Director, SEC Division of Enforcement, focused on the benefits of self-reporting and cooperating with the SEC on FCPA matters. Mr. Ceresney noted that the...more

A New FCPA Policy May Be Coming, but Questions Remain

Just a week after the U.S. Department of Justice (DOJ) introduced its new Compliance Counsel, and just a month after the DOJ issued the “Yates memo,” it is now being reported that the DOJ is considering a new policy that...more

Foreign Bribery: The Inquiry Briefing Paper on the Senate into Australia's Foreign Bribery Scheme

The Commonwealth Senate Standing Committee on Economics is conducting an inquiry into the scope and effectiveness of existing Australian measures to address foreign bribery. It is due to deliver its report in July 2016....more

Latest Developments in Corruption Enforcement in China

The past quarter has been an active one for Chinese government enforcement activities, and the year ahead promises more of the same. Recent developments include: the strengthening of Chinese bribery laws, increased action...more

Another Round of Favorable SEC Settlements, But Only for Underwriters that Self-Reported

The SEC has rolled out its second wave of enforcement actions against 22 municipal underwriting firms for alleged securities violations in municipal bond offerings in connection with its Municipalities Continuing Disclosure...more

CFPB Issues RESPA and Marketing Services Agreements Compliance Bulletin

On October 8, 2015, the Consumer Financial Protection Bureau (CFPB) issued a compliance bulletin concerning marketing services agreements (MSAs) under the Real Estate Settlement Procedures Act (RESPA). RESPA - RESPA...more

“BLACKLISTING” OR “BAD ACTOR” Executive Order 13673

Officially known as the “Fair Pay and Safe Workplaces” Executive Order, Executive Order 13673 now consists of proposed guidance from the Department of Labor (“DOL”) and proposed regulations from the Federal Acquisition...more

SEC Announces Second Wave of MCDC Enforcement Actions

The Securities and Exchange Commission (SEC) this week announced enforcement actions under its Municipalities Continuing Disclosure Cooperation (MCDC) Initiative, targeting 22 municipal bond underwriting firms for alleged due...more

Health Update - September 2015

Latest Healthcare False Claims Act Roundup and Top 3 Best Practices to Reduce Exposure - As the legal landscape in healthcare becomes increasingly complex, healthcare companies that receive federal program funds face...more

DOJ’s first prosecution for campaign finance coordination — a sign of things to come?

With the 2016 presidential campaign in full swing, pundits, reformers and the media are once again shining a light on the role of independent-expenditure-only committees, aka “super PACs,” in the American political process....more

EPA’s Audit Policy eDisclosure: Electronic Self-Reporting for Environmental Violations

Reporting uner EPA’s audit policy, which has provided relief from gravity-based penalties to those who self-report, is about to become much easier. This fall, EPA expects to launch a centralized web-based “eDisclosure” portal...more

Business Litigation Alert: "Expanding Whistleblower Protection - Recent Senate Bill Represents Big Changes"

A new bill unanimously passed the U.S. Senate in July that could make it significantly more difficult for general counsel when considering whether to self-report antitrust issues. The Criminal Antitrust Anti-Retaliation Act...more

Blog: St. Elizabeth’s Medical Center Reaches Agreement to Settle Alleged HIPAA Breach

Last week, St. Elizabeth’s Medical Center (SEMC), a hospital located in Brighton, Massachusetts, agreed to settle alleged violations of the Health Insurance Portability and Accountability Act of 1996 (HIPAA) by paying...more

Electronic Disclosure of Violations Coming This Fall

Under EPA’s Audit Policy, those who discover, promptly disclose and correct environmental violations may have penalties reduced or eliminated. 60 Fed Reg 66, 705 et seq. (1995); 65 Fed Reg 19, 617, et seq. (2000) EPA recently...more

SEC Announces First Charges Against Underwriters under MCDC Initiative

On June 18, the U.S. Securities and Exchange Commission (SEC) announced enforcement actions against 36 municipal bond underwriters, the first enforcement actions against underwriters brought by the SEC under the...more

SEC Rolls Out First Wave of MCDC Settlements with Underwriters

Last Thursday, the SEC announced it reached settlement agreements with 36 municipal securities underwriting firms pursuant to its Municipalities Continuing Disclosure Cooperation (MCDC) Initiative.  These settlements mark...more

Internal Investigations: The Three C’s – Confidence. Credibility. Cost.


The MCDC Initiative: December Was Just The Beginning

As many of our issuer clients know, as a result of perceived wide-spread violations of post issuance reporting compliance, in 2014 the SEC conducted its “Municipal Continuing Disclosure Compliance Initiative” or the “MCDC...more

FTC says self-reporting is likely to result in more favorable resolution

Last week, the FTC encouraged companies to self-report data breaches with the promise of more likely favorable treatment. The statement comes in a blog post, authored by Mark Eichorn, an Assistant Director in the FTC Bureau...more

Does the SEC Want Issuers to Self-Report Everything?

Andrew Ceresney, Director, SEC Division of Enforcement delivered remarks at a conference where he addressed the SEC’s cooperation program. Much of the focus was on the benefits of self-reporting and cooperation in...more

Preventing the Worst: Stopping Obvious and Bold FCPA Violations by Executives

Last year, a number of corruption cases, both individual prosecutions and suits against companies, revolved around the behavior of senior executives. While third parties can often be the vehicle companies use to funnel bribe...more

Senn Interview, Part II – A Discussion of the Decision to Self-Disclosure

In today’s post, I continue to explore my recent interview of Mara Senn, a partner at Arnold & Porter LLP in Washington DC. Senn is a white-collar practitioner who whose practice includes representing companies in...more

Episode 155-Mara Senn on FCPA Investigations and the Decision to Self-Disclose [Video]

In this episode I visit with Mara Senn, a partner at Arnold & Porter on how to think through a FCPA investigation and she provides a decision making calculus on how to make a decision...more

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