News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-10-05T18:50:00
The Department of Justice’s (DOJ) push to incentivize companies to voluntarily self-disclose potential misconduct reached its next stage in the form of a safe harbor policy regarding mergers and acquisitions (M&A).
The policy, announced in a speech delivered Wednesday by Deputy Attorney General Lisa Monaco at an industry event, will apply department-wide and offer the potential for companies to receive the presumption of a declination when coming forward with evidence of misconduct at an acquired entity. It includes specific timelines that must be met regarding disclosure and remediation to qualify.
The goal of the policy, said Monaco, is to make clear the DOJ does not want to discourage companies with effective compliance programs from lawfully acquiring businesses with ineffective compliance programs and a history of misconduct.
“Good companies—those that invest in strong compliance programs—will not be penalized for lawfully acquiring companies when they do their due diligence and discover and self-disclose misconduct,” she said.
The safe harbor only applies to criminal conduct discovered in M&A transactions. It does not apply to misconduct required to be disclosed, already public, or known to the DOJ.
To earn the presumption of a declination, companies must:
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
2024-04-16T19:30:00Z By Kyle Brasseur
Proterial Cable America received a declination notice from the Department of Justice related to its voluntary self-disclosure and remediation of apparent fraud committed by its employees.
2023-12-18T20:48:00Z By Kyle Brasseur
A long-running initiative by the Department of Justice and Federal Trade Commission to modernize their joint merger guidelines reached its conclusion, following tens of thousands of public comments.
2023-11-17T18:11:00Z By Kyle Brasseur
Pharmaceuticals company Lifecore Biomedical won’t face prosecution for apparent violations of the Foreign Corrupt Practices Act after satisfying multiple factors of the Department of Justice’s recently updated voluntary self-disclosure policy.
2024-07-02T19:43:00Z By Aaron Nicodemus
The U.S. Supreme Court extended the statute of limitations for businesses attempting to challenge some federal regulations, allowing regulated entities a longer timeline to appeal a decision.
2024-06-28T19:55:00Z By Aaron Nicodemus
The Supreme Court of the United States overturned a long-held precedent in which courts deferred to federal agencies in interpreting complex or ambiguous regulations–a decision that could make thousands of federal regulations more vulnerable to legal challenges.
2024-06-28T17:00:00Z By Aaron Nicodemus
Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network.
Site powered by Webvision Cloud