Throughout the week over at Securities Docket, I highlight the most interesting columns and blog posts from around the web on the subjects of SEC enforcement and securities litigation. Here is a digest of my picks for the week ending July 1.

The U.K. Bribery Act Goes Live

FCPA Professor | Mike Koehler | Jul 1, 2011

As with any new law, there is likely to be a learning phase for both the enforcement agencies and those subject to the law. That was certainly the case in the U.S. in the years following passage of the FCPA in 1977. Thus, it very well may be the case that there are no enforcement actions for some time (recognizing that it often takes a few years from beginning of an inquiry to resolution of an action). Thus the greatest immediate impact of the Bribery Act is sure to be the compliance ethic it inspires. I expect that the enforcement actions that may develop over time to focus on egregious instances of corporate conduct on which no reasonable minds would disagree....

Massive insider trading case reveals new focus by U.S. Attorney's Office on white collar crime

Star-Ledger | Jason Grant | Jul 1, 2011

In an office known over the years for its aggressive prosecution of political corruption, Fishman has been shifting more resources of late into white-collar crime. Soon after taking over the New Jersey U.S. Attorney's Office in 2009, he formed an economic crimes unit, headed by Judith H. Germano, who said the number of securities fraud investigations and prosecutions in the office have increased exponentially. That effort, said Fishman, has helped convince the Securities and Exchange Commission that New Jersey is a player.

T-Minus 32 hours and Counting -- The UK Bribery Act Becomes Effective

White Collar Defense & Compliance | Michael Volkov | Jun 30, 2011

The longest pre-game show in history is drawing to a close. The new world will shortly be upon us. Will the UK Bribery Act be a game-changer or will it fizzle out like Y2K? Everyone has their predictions; everyone has their focus and emphasis. Here are some of the key issues which need to be resolved/addressed.

Judge Recounts His Thoughts in Madoff Sentencing

New York Times | Benjamin Weiser | Jun 29, 2011

Judge Chin would impose a term of 150 years on Mr. Madoff, perhaps the most stunning and widely discussed sentencing in the history of American white-collar crime. In doing so, he seemed to find a way to translate society's rage into a number. Two years later, his recollections resurrect all the anger, shock and confusion that surrounded Mr. Madoff's crimes, and provide a rare peek at the excruciating pressure faced by a judge who had to balance the law, the public's emotions and his own deeply held beliefs while meting out a sentence that was just and satisfied the court's need to send a message.

Deferred Prosecution Agreements Truly a “Game Changer” at the SEC for FCPA Violations?

Morrison Foerster | Paul T. Friedman and Crystal S. McKellar | Jun 29, 2011

DPAs have been used with great success by DOJ. In such cases, the advantages are clear: the avoidance of criminal convictions, imprisonment for individuals, and potentially devastating collateral consequences for companies. Based upon Tenaris' example, it is less clear how companies will benefit from entering into DPAs with the SEC, much less that DPAs will be the “game changer” promised by the SEC last year.

The Compliance Defense Around The World

FCPA Professor | Mike Koehler | Jun 28, 2011

Obviously if a foreign country does not provide for legal person liability, there is no need for a compliance defense, and the rationale for a compliance defense is less compelling if legal exposure can result only from the conduct of high-level executive personnel or other "controlling minds." When properly viewed against these dynamics, a compliance-like defense (whether specifically part of a foreign country's "FCPA-like" law or otherwise generally part of a foreign country's legal principles) is far from a "novel" idea, but rather common among OECD Anti-Bribery Convention signatory countries that - like the U.S. - have legal person criminal liability that can attach based on the conduct of non-executive officers or other "controlling minds."

Supreme Court Grants Cert in Yet Another Securities Case

The D&O Diary | Kevin LaCroix | Jun 28, 2011

Years from now, when the history of the Roberts Court is finally written, I hope that the historians will be able to explain why during the first dozen years of the 21st century, the U.S. Supreme Court seemed so eager to take up securities cases. But whatever the reason, on June 27, 2011, on the final day of a term in which the Court heard three different securities cases, the Supreme Court granted a petition for writ of certiorari to hear yet another securities case next term. The case is styled as Credit Suisse Securities (USA) LLC v. Simmonds and the question that the Supreme Court will address has to do with the interpretation and application of the statute of limitations in Section 16(b) of the '34 Act, relating to so-called “short swing profits.”

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