On March 27, 2023, the SEC’s Division of Examinations (the “Division”) issued a Risk Alert on its observations from examinations of newly-registered advisers. The Division focused on whether newly-registered advisers...more
The Division of Examinations has revamped and updated its exam priorities according to its most recent release, 2023 Exam Priorities. Consistent with its typical approach the Division plans to focus on a blend of topics and...more
2/22/2023
/ Compliance ,
Derivatives ,
Examination Procedures ,
Fiduciary Duty ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Companies ,
Investment Company Act of 1940 ,
Marketing ,
Private Equity Funds ,
Private Investment Funds ,
Registered Investment Advisors ,
Regulation BI ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
Rule 606: EXAMS – the Division of Examinations – published a Risk Alert on November 10, 2022, providing its Observations Related to Regulation NMS Rule 606 Disclosures. That Rule requires broker-dealers to provide enhanced...more
The Division of Examinations issued a Risk Alert on September 19, 2022 focused on Advisers Act Rule 206(4)-1, the Advertising Rule, adopted on December 22, 2020. The Rule becomes effective on November 4, 2022....more
9/23/2022
/ Advertising ,
Compliance ,
Disclosure Requirements ,
Effective Date ,
Form ADV ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Marketing ,
New Rules ,
Policies and Procedures ,
Risk Alert ,
Securities and Exchange Commission (SEC)
Analyzing the trends of SEC enforcement is key for many companies, particularly when evaluating their compliance systems. The work of the Enforcement Division during the first quarter of 2022 should be considered in the...more
The Division of Examinations announced its 2022 Exam Priorities in a release dated March 30, 2022. The 2022 priorities are, as usual, a blend of traditional considerations from past programs mixed with new and at times...more
Last week new enforcement director Gurbir Grewal made his first public remarks at PLI’s SEC Speaks 2021 (October 13, 2021). Mr. Grewal is the former Attorney General of New Jersey....more
Money laundering compliance is a critical area for banks, broker-dealers and others in the financial world. The importance of this area was recently highlighted by the passage of the Corporate Transparency Act or CTA to...more
The Commission periodically has filed enforcement actions against broker-dealers for failing to file SARs - suspicious activity reports - typically centered on a failure to file reports regarding microcap issuers. Those...more
12/18/2020
/ Administrative Procedure Act ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Broker-Dealer ,
Chevron Deference ,
Compliance ,
Corporate Governance ,
Financial Institutions ,
FinCEN ,
Notice and Comment ,
Patriot Act ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs) ,
U.S. Treasury
Compliance is a key issue for all firms. Many companies use the U.S. sentencing guidelines as a starting point. In other instances, regulators craft a starting point with rules that direct the creation of programs....more
The Commission’s Office of Compliance Inspections and Examinations or OCIE issued a Risk Alert on November 9, 2020 centered on questions keyed to supervision and compliance in the context of multiple branch advisories. The...more
The Department of Justice issued its first FCPA opinion in six years on August 14, 2020. Foreign Corrupt Practices Act Review, Opinion Procedure Release, No.: 20-01. The opinion process provides a mechanism by which a...more
Regulation Best Interest, born of a long debate over the appropriate standard to govern recommendations by broker-dealers, is now the subject of an OCIE Risk Alert. The staff is preparing to launch its first inspection for...more
The Exam Priorities of the SEC’s Office of Inspections and Compliance or OCIE, announced on January 7, 2020 (the “Exam Priorities”), should be a key area of focus for every investment advisor and investment company. The Exam...more
1/15/2020
/ Bank Secrecy Act ,
Broker-Dealer ,
Compliance ,
Customer Due Diligence (CDD) ,
Cybersecurity ,
Data Protection ,
Financial Industry Regulatory Authority (FINRA) ,
FinTech ,
Investment Adviser ,
Libor ,
MSRB ,
Municipal Advisers ,
OCIE ,
Registered Investment Advisors ,
Retail Investors ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs)
SEC Chairman Jay Clayton called for greater international cooperation in the enforcement of anti-corruption statutes such as the Foreign Corrupt Practices Act in remarks delivered before the Economic Club of New York on...more
The Department of Justice and the Securities and Exchange Commission have repeatedly focused on corporate compliance in recent years as a way to mitigate liability. Neither the DOJ nor the SEC is about to recognize a...more
The SEC's Office of Compliance Inspections and Examinations (“OCIE” or the “Office”) announced its 2019 Examination Priorities just before Christmas and the current Government partial-shutdown (here). While nonemergency...more
1/10/2019
/ Anti-Money Laundering ,
Chief Compliance Officers ,
Compliance ,
Conflicts of Interest ,
Cybersecurity ,
Excessive Fees ,
Financial Industry Regulatory Authority (FINRA) ,
Government Shutdown ,
MSRB ,
OCIE ,
Portfolio Managers ,
Retail Investors ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
Despite the fact that the Foreign Corrupt Practices Act has been in force for decades there is relatively little case law interpreting its provisions. A great deal of the existing interpretation of the Act stems from...more
9/12/2018
/ Bribery ,
Compliance ,
Conspiracies ,
Criminal Conspiracy ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Official ,
Indictments ,
Popular ,
Securities and Exchange Commission (SEC) ,
White Collar Crimes
Keeping ahead of global anti-corruption trends is critical in today’s business markets. The Dorsey Anti-Corruption Digest, which puts global trends at your fingertips, puts you ahead. The deep experience of the Dorsey...more
1/9/2018
/ Anti-Corruption ,
Austria ,
Bribery ,
Compliance ,
Corruption ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
EU ,
Extradition ,
Fédération Internationale de Football Association (FIFA) ,
Foreign Corrupt Practices Act (FCPA) ,
France ,
India ,
Money Laundering ,
Netherlands ,
Russia ,
Securities and Exchange Commission (SEC) ,
Siemens ,
Suspensions & Debarments ,
UK ,
Ukraine
Deputy Attorney General Rod Rosenstein announced the addition of a new Department of Justice (DOJ) Foreign Corrupt Practices Act (FCPA) policy, titled the FCPA Corporate Enforcement Policy. The new policy, which was...more
12/7/2017
/ Airbus ,
Compliance ,
Corruption ,
Criminal Convictions ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Extractive Industry Transparency Rule ,
Fédération Internationale de Football Association (FIFA) ,
Foreign Corrupt Practices Act (FCPA) ,
HSBC ,
Popular ,
Rolls-Royce ,
Securities and Exchange Commission (SEC) ,
Serious Fraud Office (SFO) ,
Wal-Mart ,
World Bank
An effective program is a key corporate function of increasing importance. It can be a competitive advantage, creating a tone of excellence which permeates the firm’s culture, products, services and customer relations....more
Keeping ahead of global anti-corruption trends is critical in today’s business markets. The Dorsey Anti-Corruption Digest, which puts global trends at your fingertips, puts you ahead. The deep experience of the Dorsey...more
9/8/2017
/ Bribery ,
Compliance ,
Conflicts of Interest ,
Corruption ,
Criminal Conspiracy ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Forfeiture ,
GlaxoSmithKline ,
Internal Controls ,
Money Laundering ,
Oil & Gas ,
Petrobras ,
Rolls-Royce ,
Securities and Exchange Commission (SEC) ,
Serious Fraud Office (SFO) ,
Theft ,
Uber
The Department of Justice (DOJ) ended its probe of Net1 UEPS Technologies, according to SEC filings from the South African-based payment processing company. The company received a declination from the Securities and Exchange...more
8/4/2017
/ Bribery ,
Compliance ,
Corruption ,
Criminal Convictions ,
Criminal Prosecution ,
Declination ,
Donald Trump ,
Enforcement Actions ,
Exxon Mobil ,
FBI ,
Foreign Corrupt Practices Act (FCPA) ,
Forfeiture ,
Halliburton ,
IBM ,
Russia ,
Senate Confirmation Hearings ,
Trump Administration ,
White Collar Crimes
Welcome to Dorsey & Whitney’s monthly Anti-Corruption Digest. The Digest puts material regarding anti-corruption enforcement from around the world at your fingertips, keeping you ahead of critical events that impact global...more
7/7/2017
/ Bribery ,
Chief Compliance Officers ,
Civil Monetary Penalty ,
Compliance ,
Criminal Convictions ,
Criminal Prosecution ,
Declination ,
Department of Justice (DOJ) ,
Disgorgement ,
Enforcement Actions ,
Fédération Internationale de Football Association (FIFA) ,
Financial Conduct Authority (FCA) ,
Foreign Corrupt Practices Act (FCPA) ,
Money Laundering ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Statute of Limitations ,
Tax Evasion
The classic 1957 American mystery film “Three Faces of Eve,” about a woman with multiple personalities, may well describe the approach taken by the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange...more