All Regulatory Enforcement articles – Page 133
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Blog
SEC: SunTrust improperly recommended higher-fee mutual funds
The SEC has charged the investment services subsidiary of SunTrust Banks with collecting more than $1.1 million in avoidable fees from clients by improperly recommending more expensive share classes of various mutual funds when cheaper shares of the same funds were available.
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Tone in an organization
Tom Fox explores the many levels of corporations and how they interact to create tone at the top, middle, and bottom.
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Structure of the CCO position
The Man From FCPA explores the three prisms by which the structure of the Chief Compliance Officer position can be evaluated: access, resources, and opportunities.
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Treasury in ‘hand-to-hand financial combat’ with North Korea
Current and future sanctions efforts by the Treasury Department to financially strike back against North Korean aggression were dissected by Assistant Treasury Secretary Marshall Billingslea during a recent House committee hearing.
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New York AG launches formal investigation into Equifax breach
As part of a formal investigation into the massive breach involving credit-reporting agency Equifax, which has effected about 143 million U.S. consumers, New York Attorney General Eric Schneiderman sent a letter to Equifax seeking additional information about the breach.
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What new headaches may befall FIFA?
A new and potentially very damaging turn has taken place in the ongoing FIFA corruption scandal. Miguel Maduro, former chairman of FIFA’s governance committee, said that if asked, he would provide specific accusations of top FIFA officials pressuring him to ignore regulations.
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Remediation and the Equifax data breach
Equifax has a long road to travel to get past the recent data breach that saw 143 million people’s personal information exposed to theft.The company will need to engage in significant remedial action, notes The Man From FCPA, if they hope to survive the upcoming fallout.
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State Street to pay $35M for disclosure failures
State Street today agreed to pay more than $35 million to settle charges that it fraudulently charged secret markups for transition management services and separately omitted material information about the operation of its platform for trading U.S. Treasury securities.
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New scandals; new lexicon for unethical conduct
In the FCPA world, the most dreaded question during an enforcement action is “where else?”—as in, where else are you engaging in bribery and corruption? After Wells Fargo, the lexicon may well expand to “what else?”—as in what other conduct is your company engaging in that is unethical?
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Going weird in international bribery and corruption
As Hunter S. Thompson once said, “When the going gets weird, the weird turn pro.” Such is the case of BSG Resources after accusations surfaced that the company had paid bribes to obtain a huge mining concession in Guinea—charges it vehemently denies.
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FOR: Neither admit nor deny
Allowing firms to enter into consent judgments without having to admit material facts or liability prevents excessive disruption of the regulatory/enforcement framework. Read more from Paul Weiss litigators Brad Karp and Susanna Buergel.
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AGAINST: Neither admit nor deny
Allowing defendants to settle cases without admitting or denying guilt deprives the public of transparency and accountability. The Honorable Judge Jed Rakoff for the United States District Court explores below.
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For leniency, confess all crimes
The JBS meat-packing scandal is a perfect example of why companies must provide every single shred of evidence of criminal conduct, or a plea agreement might not be worth much.
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There will be blood
A viral video of a nurse who was arrested for upholding her hospital’s own policy on permitting blood draws from non-consenting patients highlights the true challenges of compliance.
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SEC names director of DERA
The Securities and Exchange Commission has named Jeffrey Harris as director of the agency's Division of Economic and Risk Analysis (DERA). He replaces former director Mark Flannery, who left the agency to return to teaching.
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Chairman Clayton names executive staff
The Securities and Exchange Commission has named seven individuals to the executive staff of Chairman Jay Clayton.
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What are the effects of C-Suite involvement in bribery and corruption?
A look at the corruption cases of Samsung and Panalpina and the outcome from when C-Suite becomes involved in corporate bribery and corruption schemes.
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Preparing for compliance
One lsson learned from Hurricane Harvey applies to today’s compliance professional: You must do more than prepare for a compliance emergency by preparing beforehand, but you must also practice that preparedness.
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Will Uber change its toxic culture?
The Man From FCPA explores what the future has in store for Uber Technologies under new chief executive Dara Khosrowshahi.
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Compliance remedies for new sanction headaches
Compliance officers will want to reevaluate their trade sanction compliance policies, following new sanctions legislation signed into law this month.