Transparency

News & Analysis as of

Rogue Agency or Champion of Consumers? House Votes for CFPB Transparency

A common complaint against the CFPB is that the agency wields too much power without enough accountability. House Financial Services Committee Chairman Jeb Hensarling recently described the CFPB as “single most powerful and...more

California Legislators Seek to Mandate More Transparency and Accountability in Government

In the wake of various investigative reports and public scandals, three California lawmakers have proposed reform legislation aimed at providing greater transparency and accountability in government. Three separate bills, now...more

What Are Your Company's New Disclosure Obligations in China? – Potential Anti-Corruption Compliance Implications

In 2014, China adopted regulations intended to update and streamline company periodic reporting obligations. The regulations include a new obligation for compulsory interim disclosure of penalties imposed by PRC regulators...more

Central Register of Beneficial Ownership to be Introduced in the UK

On 26 March 2015, the United Kingdom Parliament passed into law the Small Business, Enterprise and Employment Act 2015 (the “Act”). The Act will bring about a number of fundamental changes to UK company law including,...more

Orrick's Financial Industry Week in Review

RMBS Claims Against Ratings Agencies Dismissed as Time-Barred - On March 27, Judge John Robert Blakely of the U.S. District Court for the Northern District of Illinois granted Standard & Poor's Financial Services, LLC's...more

Insights from the E.U.—Creating and Sustaining a Strong Organisational Culture

Earlier this month I had the opportunity to moderate three roundtables across Europe—in Copenhagen, Paris and London—where more than 30 leading ethics and compliance executives discussed their challenges and opportunities...more

Fundraising Strategy: Open Dialogue

In crafting current fund investments, investors have negotiated with fund managers for greater transparency, more efficiency and more egalitarianism. Navigating these issues necessarily becomes the priority for any GP’s list...more

Proposed Legislation Would Toughen Economic Disclosure Requirements for California Officials

In the wake of various investigative reports and public scandals, California lawmakers have proposed reform legislation aimed at providing greater transparency and accountability in government. Three separate bills are now...more

Show me the money! – New rules on disclosing invoice payment practices

The Government has confirmed it intends to require large publicly-traded companies to publish extensive details on their practices and policies for paying invoices....more

New Guidance for Transparency in “Best Value” Procurements

“Best value” procurements are sometimes criticized as involving a “black box” decision-making process. A recent report issued by the National Cooperative Highway Research Program (“NCHRP”) discusses practices to increase...more

Sunshine Creeps into Dark Corners of Harrisburg

National Sunshine Week did not exist in the 1700s, but the Founding Fathers knew all too well the frustrations of accessing public records and even wrote about it right here in Philadelphia. Originally published in The...more

Orrick's Financial Industry Week in Review

European Commission Unveils Tax Transparency Package - The European Commission has laid out its plans in a new Tax Transparency Package to clamp down on tax deals made between EU governments and multi-national...more

French Supreme Administrative Court decision significantly broadens scope of the French ‘Sunshine Act’

On 24 February 2015, the French Supreme Administrative Court (Conseil d’Etat) reached a landmark decision which significantly expands the scope of the so-called French Sunshine Act....more

“Enhanced” Transparency Requirements Expand Current Disclosure Obligations (But Temporarily Exempts Smaller Providers)

The Order does not formally modify the text of the existing “transparency” rule, which was upheld by the D.C. Circuit in Verizon v. FCC in 2014. However, the Order does prescribe numerous “enhancements” to the rule, which...more

UK: Secondary ticketing market to become more transparent

The UK Government has agreed to an amendment to the Consumer Rights Bill which will make the secondary ticketing market more transparent and help to protect secondary ticket buyers against fraud....more

SDNY Recognizes Party Using TAR Not Required to Disclose Control Sets to Opposing Party

Magistrate Judge Andrew J. Peck’s recent decision in Rio Tinto PLC v. Vale S.A., S.D.N.Y., No. 14 Civ. 3042 (RMB)(AJP) (March 2, 2015), recognizes disclosure of non-responsive documents is not a per se requirement in cases...more

Don’t TAR and Feather Technology in E-Discovery

In the three years since the watershed decision in Da Silva Moore v. Publicis Groupe, technology-assisted review (TAR) has transformed from being a merely “acceptable way to search for relevant” ESI into “black letter law...more

FDIC Vice Chairman Highlights Set of Supervisory Principles For Larger Institutions

On March 2, FDIC Vice Chairman Thomas Hoenig addressed the Institute of International Banking Annual Conference in Washington, D.C. In his prepared remarks, Vice Chairman Hoenig, who formerly served as President of the...more

Technology-Assisted Review: Please Show Me Your Seed Set

It has been three years since Magistrate Judge Andrew Peck issued his February 2012 decision in Da Silva Moore v. Publicis Groupe & MSL Group, 287 F.R.D. 182 (S.D.N.Y. 2012), judicially accepting for the first time the use of...more

White House Releases Memorandum On Safeguarding Privacy In Domestic Use Of Unmanned Aircraft Systems

On February 15, the White House issued a Presidential Memorandum setting out rules to safeguard privacy, civil rights and civil liberties in the domestic use of Unmanned Aircraft Systems (“UAS”), sometimes referred to as UAVs...more

New and Improved RACs

During the CMS Hospital/Quality Initiative Open Door Forum call on February 24, 2015, CMS issued a 4-page document summarizing the improvements it has implemented to the RAC program. CMS introduced 20 changes to address...more

FCPA Compliance and Ethics Report-Episode 136, Joel Borgquist, President of Etik [Video]

In this episode, I visit with Joel Borgquist, President of Etik a company that works to insure transparency in corporate social responsibility programs and assists in conflict resolution. ...more

Proposed Law Aims to Remove Shroud of Secrecy in Court Settlements

A cadre of corporations whose profit margins outweigh product safety have found a loophole in the litigation process: sealed settlement agreements. Such agreements are legal, as there is no law prohibiting them, and often...more

Net Neutrality/Open Internet Order

At its open meeting today, Feb. 26, the Federal Communications Commission (FCC) voted 3-2 along party lines to adopt an order on net neutrality, or open Internet. The text of the order is not yet released but, based upon...more

ESMA Publishes Additional Consultation Paper on MiFID II/MiFIR Implementation

On February 18, the European Securities and Markets Authority (ESMA) published a new consultation paper (CP) on the implementation of the transparency provisions of the revised EU Market in Financial Instruments Directive...more

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