Third-Party Relationships

News & Analysis as of

New York DFS Targets Third-Party Relationships in Letters to Banks

Why it matters - Continuing the regulatory focus on third-party relationships, New York’s Department of Financial Services (DFS) has sent multiple letters to banks across the country to address the issue of data...more

FINRA Solicitor Pay-to-Play Rules Complete IA & MSRB Suite

Last Friday, FINRA proposed pay-to-play prohibitions that parallel and implement similar Investment Adviser Act provisions in Rule 206(4)-5. That IA Rule prohibits investment advisers from paying third-parties to solicit...more

Third-Party Provider Of Customer Service Falls Within Exception To Video Privacy Protection Act

The Seventh Circuit Court of Appeals affirmed summary judgment in favor of Redbox Automated Retailer (“Redbox”), in a suit alleging that Redbox violated the Video Privacy Protection Act, 18 U.S.C. § 2710 (“VPPA”). Sterk v....more

Four’s A Crowd: Third-Party Bad Faith Cases Test the Limits of the Tripartite Relationship

A significant minority of states permit plaintiffs who win judgments against insured defendants to assert claims directly against the defendants’ insurers—including claims for extracontractual liability, based on alleged bad...more

A Rare Judicial Look at the Contracts (Rights of Third Parties) Act

The recent Part 8 decision in Hurley Palmer Flatt v Barclays Bank Plc considered the application of the Contract (Rights of Third Parties Act) 1999 (the Act) and whether a third party could rely on the contractual right to...more

FIFA to ban third-party ownership of players.

Following a meeting of the FIFA Executive Committee on 26 September 2014, FIFA President Sepp Blatter has confirmed that the controversial practice of third-party ownership of players will be banned in future....more

FCPA Compliance and Ethics Report-Episode 91, Internal Controls for Third Parties Under the FCPA, Part II [Video]

In this episode, I continue my exploration of internal controls around third parties in a FCPA compliance program, with Henry Mixon. ...more

Internal Controls for Third Party Representatives in a FCPA Compliance Program

This week, I am continuing my podcast series, on the FCPA Compliance and Ethics Report, on internal controls in best practices anti-corruption compliance program, under the Foreign Corrupt Practices (FCPA), UK Bribery Act or...more

Third Parties and the Red Flags You Don’t See

Recently, I was reading a White Paper by Dun and Bradstreet titled “Anti-Bribery and Corruption Compliance for Third Parties: Is an off the shelf product enough?”. As the D&B paper points out, “the risks of insufficient...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

Insurer Claims Attorney-Client Privilege Of Third Parties Prohibits Disclosure To Its Own Attorneys

At first, this case seems somewhat pedestrian – a lawyer sues her erstwhile law firm for employment discrimination. But then things get complicated. It turns out that the lawyer was employed by a law firm that was employed...more

Thinking Through Risk Rankings of Third Parties

One question often posed to me is how to think through some of the relationships a company has with its various third parties in order to reasonably risk rank them. Initially I would break this down into sales and supply...more

FDIC Responds To Choke Point Scrutiny With Clarified TPPP Guidance

On July 28, the FDIC issued FIL-41-2014 to clarify its supervisory approach to bank relationships with third-party payment processors (TPPPs). In short, the letter removes the FDIC’s list of examples of merchant categories...more

One Big Misunderstanding: FDIC Clarifies that Caution on Higher-Risk Activity Is Not a Prohibition on Third-Party Payment...

On July 28, 2014, in response to growing pressure from Congress and the banking industry, the Federal Deposit Insurance Corporation (FDIC) issued Financial Institution Letter 41-2014 to clarify its supervisory approach to...more

Termination of a Third Party or Breaking Up Should Not Be Hard To Do

One of treats each month for the compliance professional is reading the GRC Illustrated column by Carole Switzer, President of the Open Compliance and Ethics Group (OCEG), in the Compliance Week magazine. Not only does...more

Cayman Islands: The Contracts (Rights of Third Parties) Law 2014

The Contracts (Rights of Third Parties) Law 2014 (the Law) came into force on 21 May 2014. Subject to certain exemptions, the Law allows for the direct enforcement of contractual rights by third parties in contracts to which...more

FCPA Compliance and Ethics Report-Episode 63-Managing the Third Party Relationship Under the FCPA, Part I [Video]

In this episode I being a two part series on how to manage your third party relationships under the FPCA and UK Bribery Act. In this episode, steps 1-the Business Justification and Step 2-the Questionnaire. ...more

The Mann Gulch Fire and How Far Down the Chain Do You Need to Go?

Robert Sallee died last week. A smoke jumper, he was the last survivor of the Mann Gulch Fire, one of the worst disasters in the history of the US Forest Service. Sallee’s story and that of the Mann Gulch Fire was detailed in...more

As a Plan provider, saying sorry can go a long way

I worked for someone once who I thought was the biggest pain in the rear end and I think when I got older and started my own business, I finally understood where he was coming from....more

Working With Third Parties In The Due Diligence Process

On this day we celebrate the 1607 founding of the English colony at Jamestown. While credited with being the first English colony in what became America, it’s probably more accurate to refer to it as the first permanent...more

SEC Staff Addresses Third-Party Endorsements of Investment Advisers on Social Media Websites

On March 28, 2014, the Division of Investment Management of the Securities and Exchange Commission (“SEC”) published an IM Guidance Update that removes a great deal of uncertainty regarding social media use by investment...more

Website With Link To Third-Party Distributor Sufficient To Create Personal Jurisdiction

In Mor-Dall Enterprises Inc. v. Dark Horse Distillery LLC, the United States District Court for the Western District of Michigan addressed the question when a company's website create sufficient contacts with the forum state...more

Life Cycle Management Of Third Parties – Step 5 – Management Of The Relationship

Today ends my review of what I believe to be the five steps in the management of a third party under an anti-bribery regime such as the Foreign Corrupt Practices Act (FCPA) or UK Bribery Act. On Monday, I reviewed Step 1 –...more

Life Cycle Management Of Third Parties – Step 4 – The Contract

This post continues to outline what I believe are the five steps in the life cycle of third party management. Today I will look at Step 4, the contract. However, before we get to the contracting stage a word about what to do...more

Life Cycle Of Third Party Management – Step 1 Business Justification

With thanks to the Two Tough Cookies, I am back from a successful Spring Break college tour to universities in the state of Washington. My daughter and I had a great time, experienced some typical and untypical Seattle...more

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