News & Analysis as of

Compliance Enforcement Actions

Compliance programs typically refer to formalized institutional procedures within corporations and organizations to detect, prevent and respond to indvidual and widespread instances of regulatory violations. ... more +
Compliance programs typically refer to formalized institutional procedures within corporations and organizations to detect, prevent and respond to indvidual and widespread instances of regulatory violations.  In response to many corporate scandals evidencing rampant unethical business practices, many nations, including the United States, began passing strict regulatory frameworks aimed at curbing these abuses. Notable pieces of legislation in this area include the U.S. Foreign Corrupt Practices Act (FCPA), Sarbanes-Oxley (SOX), and the U.K. Bribery Act, to name a few. The foregoing statutes and the severe penalties often associated with them form the basis of many modern institutional compliance programs. less -
The Volkov Law Group

Deere’s Bribery Schemes — Circumventing Expense Controls (Part II of II)

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The Deere case is an important reminder for companies to devote proper attention to ensuring robust integration planning for acquired companies.  DOJ has provided important guidance on acquisition practices and the need to...more

The Volkov Law Group

The Deere SEC FCPA Settlement: A Textbook Case of Expense Abuse (Part I of II)

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The SEC’s recent settlement with Deere & Company for $9.9 million for FCPA violations is another textbook example of bribery schemes, which revealed the absence of a culture of compliance, and the circumvention of basic...more

Mayer Brown

UK Government Launches Office of Trade Sanctions Implementation to Enforce UK Trade Sanctions

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On 12 September 2024, the UK Government published the regulatory framework providing the scope and powers of the Office of Trade Sanctions Implementation (OTSI), the authority responsible for the implementation and...more

SEC Compliance Consultants, Inc. (SEC³)

Nine Advisers Face $1.24 Million Fallout from SEC’s Marketing Rule Sweep

September 30 is the SEC’s fiscal year-end, so it's no surprise to see an uptick in enforcement cases this month. The latest slew of settlements involved violations of the Marketing Rule (Advisers Act Rule 204(4)-1) for...more

Goodwin

SEC Sends Additional Message to Registered Investment Advisers on Marketing Rule Obligations Through Enforcement Actions

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On September 9, 2024, approximately one year since its first flurry of similar Marketing Rule actions, the Securities and Exchange Commission (the SEC) announced settlements with nine SEC-registered investment advisers (the...more

Holland & Hart LLP

New Mexico Stiffens Penalties for Air Quality Violations and Tightens Environmental Audit Policy

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On September 4, 2024, the New Mexico Environment Department’s Air Quality Bureau (AQB) updated its Civil Penalty Policy, making several key changes to its assessment of civil penalties and administrative compliance costs in...more

The Volkov Law Group

John Deere Reaches $9.9 Million Settlement with SEC over FCPA Violations

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The U.S. Securities and Exchange Commission (“SEC”) recently instituted proceedings against Deere & Company (“John Deere”), a leading global manufacturer of agricultural and heavy machinery, for multiple violations of the...more

Seward & Kissel LLP

SEC Enforcement Action Rundown

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Who may be interested: Registered Investment Advisers, Registered Investment Companies, Compliance Staff - Quick Take: The SEC recently announced a number of enforcement actions relating to recordkeeping failures,...more

Proskauer Rose LLP

SEC Enforcement Action Underscores Need for MNPI Policies in CLO Trading

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In a significant enforcement action, the SEC sanctioned a private fund manager for failing to establish and maintain adequate policies and procedures to prevent the misuse of material nonpublic information (MNPI) while...more

The Volkov Law Group

DOJ Awards Declination to Proterial Cable America for Fraud — Proterial Pays $15.1 Million in Disgorgement

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DOJ is pushing hard for voluntary disclosures and urging companies to take advantage  of its Voluntary Disclosure Program.  The carrot is significant — a declination in exchange for cooperation, remediation and disgorgement....more

Dorsey & Whitney LLP

DOJ on Campus: DOJ’s First Intervention in False Claims Act Case Alleging University Knowingly Failed to Meet Contractual...

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Cybersecurity requirements for federal contractors and grantees continue to proliferate—and those requirements do not just come with contractual risk. Increasingly, the United States government is leveraging enforcement...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Supplemental Environmental Project/Air Enforcement: Mississippi Commission of Environmental Quality and Burnsville Silicon...

The Mississippi Commission on Environmental Quality (“MCEQ”) and Mississippi Silicon LLC (“MS”) entered into an August 27th Agreed Order (“AO”) addressing alleged violations of an Air Permit. See Order No. 7349 24....more

The Volkov Law Group

DOJ Issues New FCPA Declination: Boston Consulting Group Pays $14.4 Million

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The Justice Department is encouraging companies to voluntarily disclose criminal violations — “Come in and confess” and DOJ offers promises of a declination.  But even a declination comes with a requirement — the company has...more

Alston & Bird

Justice Department Intervention in Cyber False Claims Act Case Signals Escalation of Risk for Government Contractors

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An unprecedented cyber qui tam action involving Georgia Tech’s alleged failure to comply with certain cybersecurity controls underscores the importance of having advanced cyber requirements for federal contractors. Our...more

BakerHostetler

Data Security, Commercial Email and Employee Reviews Walk into a Bar...

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Sorry folks, there is no punchline here, but there are bottom lines from a settlement the Federal Trade Commission (FTC) announced last week. We discuss three today: (1) the FTC continues to mount broad investigations and...more

BCLP

SEC Enforcement Sweep Regarding Off-Channel Communications Nets 26 More Settlements and Over $390 Million in Civil Penalties

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On August 14, 2024 the U.S. Securities and Exchange Commission (the “SEC”) announced settled charges against 26 SEC-registered investment advisers, broker-dealers and dually-registered broker-dealers and investment advisers...more

WilmerHale

SEC Sanctions CLO Manager for Inadequate Polices to Prevent Nonpublic Information Misuse

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On August 26, 2024, the Securities and Exchange Commission (SEC) announced an order against a registered investment adviser, Sound Point Capital Management, LP, for its failure to “establish, maintain, and enforce written...more

Holland & Knight LLP

DOJ Brings Suit Against University Under Its Civil Cyber-Fraud Initiative

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Late last week, the U.S. Department of Justice (DOJ) filed its complaint-in-intervention in a qui tam lawsuit against the Georgia Institute of Technology (Georgia Tech), alleging that the university failed to meet certain...more

DLA Piper

First PDPA Enforcement in Thailand: A Landmark Case

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On August 21, 2024, the second expert committee appointed under the Thai Personal Data Protection Act (PDPA) of 2019, issued an administrative fine to a major private company involved in online sales. The company allowed a...more

Conyers

Economic Substance Enforcement Regime Overview - Applicable to Insurance Entities

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It has now been over a year since the updated Enforcement Guidelines: Economic Substance (the “Guidelines”) were issued on 31 March 2023, outlining the enforcement powers and processes of the Cayman Islands Tax Information...more

The Volkov Law Group

BIS Reaches Settlement of $5.8 Million Enforcement Action with TE Connectivity Corporation over Export of EAR99 Commodities

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On August 15, 2024, the U.S. Department of Commerce’s Office of Export Enforcement (“OEE”) announced the settlement of the latest administrative enforcement action involving TE Connectivity Corporation—a Pennsylvania-based...more

Nutter McClennen & Fish LLP

Are You Using AI to Process Consumer Information? Revisit Your Privacy Policy First!

What is a Privacy Policy? A company’s privacy policy details its commitments regarding the handling and use of consumer data. The policy must explicitly define the company’s practices for collecting, storing, processing, and...more

The Volkov Law Group

Tracking FCPA Individual Enforcement

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While FCPA enforcement against companies has been relatively quiet this year, despite a strong beginning to the year — the SAP case for $220 million; and the Gunvor case for $661 million — DOJ has been pushing a number of...more

Benesch

White Collar Quarterly Report - August 2024

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In 2023, the number of federal corporate prosecutions remained far below the 25-year average after two consecutive years of increases. ..The DOJ’s Fraud Section secured just $690 million in penalties across eight...more

The Volkov Law Group

DOJ Implements New Corporate Whistleblower Plan to Accelerate Corporate Criminal Enforcement (Part I of II)

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DOJ is feeling the heat.  Corporate criminal enforcement numbers are down. in fairness, DOJ has been pushing individual criminal enforcement as an effective deterrent to corporate misconduct.  Criminal prosecutions, when done...more

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