All Regulatory Enforcement articles – Page 143
-
Blog
Comm. Aguilar: 'Conscientious' Directors Should Not Fear SEC
Image: In a recent speech, SEC Commissioner Luis Aguilar stated that although the SEC does occasionally file cases against directors of public companies, “the vast majority of directors are embracing their responsibilities and are fulfilling them conscientiously. These directors should have nothing to fear from the SEC.” Aguilar said that ...
-
Blog
Clawbacks, Other Reforms Drive Better Pay Disclosure
A new study from Deloitte finds that FTSE 100 companies have dramatically improved their disclosures around executive pay in recent years, probably in no small part due to new clawback provisions and other governance requirements adopted lately. (New regulations on pay disclosure were rolled out last year, such as a ...
-
Article
World Bank Tries Procurement Reform to Cut Corruption Risk
Sweeping changes to the World Bank’s policies and procedures are afoot that will make the procurement process more consistent and transparent for companies bidding on bank-funded contracts. One big focus: how to reduce bribery and corruption in the procurement process. That will be a mixed bag for compliance officers—more attention ...
-
Blog
Podcast: AML Compliance in the Netherlands
Image: In this week’s podcast, Leon Blonk, regional compliance officer at the Bank of China, discussed the current state of anti-money laundering compliance in the Netherlands and what companies should consider when conducting business in this part of Europe. According to Transparency International, the Netherlands ranked eighth in its latest ...
-
Blog
Surviving the Jolt of the Yates Memo
An earthquake in the world of FCPA enforcement happened in September, when “the Yates Memo” arrived and heralded a new era of pursuing individuals responsible for corporate misconduct. This week, columnist Tom Fox dissects some of the implications for compliance officers—including the threat that from here forward, the interests of ...
-
Blog
Hillary Clinton Pledges to Redefine Insider Trading, Self-Fund SEC
The Supreme Court announced this week that it will let stand the Second Circuit's landmark insider trading decision in U.S. v. Newman. Hillary Clinton, however, says that as President she would not do the same, and that she would propose legislation to "clarify" the law post-Newman.
-
Article
SEC Reform of In-House Trials Gets Lukewarm Reception
Image: Facing lawsuits and other complaints that its administrative proceedings are stacked against defendants, the SEC is mulling changes to give the accused more ability to defend themselves. The proposals have received lukewarm reception at best. “The proposed amendments do not come close to addressing all the issues that administrative ...
-
Article
Volkswagen Scandal Puts Yates Memo to the Test
If ever a case of corporate misconduct could drive the Justice Department to follow through on its new promises to prosecute individuals more vigorously, the emissions scandal at Volkswagen is it. Still, finding individual culpability in the case will be difficult, given its focus on surreptitious software. “Figuring out who ...
-
Blog
Scottish Prosecutors Resolve Bribery Case With Brand-Rex for £200,000
Scotland-based company Brand-Rex, a developer of cabling solutions for network infrastructure and industrial applications, last month reached a £212,800 civil settlement with Scottish prosecutors for failing to prevent bribery by a third party in violation of Section 7 of the U.K. Bribery Act. Details inside.
-
Blog
BP to Pay $20.8 Billion for Deepwater Horizon Oil Spill
BP today reached an historic $20.8 billion settlement with the government and five Gulf states to resolve civil claims arising from the 2010 Macondo well blowout and the massive oil spill that followed in the Gulf of Mexico. It is the largest settlement with a single entity in the Department’s ...
-
Blog
R.T. Jones Pays SEC $75K for Failing to Adopt Cyber-Security Policies
Investment advisory firm R.T. Jones last week reached a $75,000 settlement with the Securities and Exchange Commission for failing to adopt written policies and procedures reasonably designed to protect customer records and information in violation of the "Safeguards Rule." Such failures ultimately resulted in a cyber-attack that compromised the personally ...
-
Blog
Game Over: Supreme Court Denies Appeal in Newman Case
The U.S. Supreme Court has specifically included the landmark insider-trading case of U.S. v. Newman on a lengthy list of cases in which the Court denied certiorari (will not hear on appeal). The Court’s refusal to hear the case means that Newman will continue to pose a major, often insurmountable ...
-
Blog
Final Trial Scorecard for FY 2015: SEC Goes Undefeated in 6 Trials
The SEC went undefeated in its six federal court trials in FY 2015, posting a record of 4-0-2. The SEC conducted far fewer trials than it did in FY 2014, but it was more successful. Check out the complete list of trials and the results in each case here.
-
Blog
Hyperdynamics to Pay $75K to SEC in FCPA Case
Oil and gas company Hyperdynamics announced this week that it has reached a $75,000 settlement with the Securities and Exchange Commission to resolve violations of the books and records and internal control provisions of the Securities Exchange Act. Hyperdynamics said it consented to the SEC order without admitting or denying ...
-
Blog
How Do Small Groups Produce So Much 'Anti-Mary Jo White' Noise?
In the past, it took a lot of dissatisfied people to make a lot of noise. We continue to learn that in the social media era, a very small number of dissatisfied people with the right tools and tactics can generate just as much noise!
-
Blog
The Curious Incident of the 'Life Coach' and the Press Release
The SEC loves to craft press release headlines that feature defendants' interesting or high-profile jobs, but it missed a golden opportunity to do just that in its announcement of an insider trading case last week.
-
Blog
Third Parties Face Penalties Over ‘Deliberate Tax Evasion’ Scheme
An investigation into third parties by the Revenue Commissioners of Ireland revealed that some companies were deliberately dodging tax laws by submitting incomplete and doctored disclosures to avoid penalties. According to a report by the comptroller and auditor general, tighter regulations are necessary to help crack down on tax evasion ...
-
Blog
Credit Suisse Securities to Pay $4.25M for ‘Blue Sheet’ Compliance Lapses
Credit Suisse Securities yesterday reached a $4.25 million settlement with the Securities and Exchange Commission for submitting deficient information to the agency over a two-year period about trades done by its customers, commonly referred to as “blue sheet data.” “We will continue to hold broker-dealers who fail to comply with ...
-
Blog
Reminder: New FAR Thresholds for 2015
Reminder: revised acquisition-related dollar thresholds amending the Federal Acquisition Regulation for government contractors take effect Oct. 1. Government contractors should be aware of these adjustments since they affect a number of areas, including when contractors must report the executive compensation of their first-tier subcontracts, when they must report certified cost ...
-
Blog
Two More Banks Reach Agreements Under Swiss Bank Program
The Department of Justice last week announced that two more banks—Migros Bank and Graubündner Kantonalbank—have reached resolutions under the Department’s Swiss Bank Program, which provides a means for Swiss banks to resolve potential criminal liabilities in the United States. Migros will pay a $15 million penalty, and Graubündner will pay ...