Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

Get updates on Compliance Week offerings, including new features, databases, research, and other resources, along with announcements of upcoming Webcasts, conferences, seminars, CPE/CLE opportunities and more.

Published every Thursday, Compliance Week Europe offers a condensed summary of risk, audit, and compliance news either originating in Europe, or of special interest to European compliance professionals. This newsletter will follow developments by the European Commission, as well as those of national governments across the region, or any U.S.-based news that might have consequence across the Atlantic. Frequency: weekly; Thursday a.m.

A fresh edition of Compliance Week delivered via e-mail and online every Tuesday morning, relentlessly focused on the disclosure, reporting and compliance requirements of our 25,000+ paying subscribers.

Published every Friday, Compliance Weekend was launched at the behest of subscribers, and offers a quick Plain English review of the week's key developments. We hope you enjoy this supplement to Compliance Week's Tuesday edition.

Web Watch: Best of the Week Ending June 24

Bruce Carton | June 24, 2012

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 June 24.

UK Bribery Act Fears Lead to Slow Up-Take of Olympic Hospitality Packages
Louise Roberts, Anticorruption Blog

Like any other major sporting event, the Olympic Games attracts a large number of corporate sponsors. This summer's Games in London are no different, with 11 long-term sponsors of the Olympics and a further 40 solely sponsoring the London 2012 Games.

But with the London Games looming ever closer into view, sponsors and businesses alike are having to think carefully about the extent of any corporate hospitality they plan to offer.

SEC “Obey-The-Law” Injunctions Held Invalid
Paul Berger, Colby Smith, Jonathan Tuttle  and Ada Fernandez Johnson, FCPA Professor

A recent Eleventh Circuit Court of Appeals decision could significantly impact the Securities and Exchange Commission's (“SEC”) ability to seek broad federal court injunction orders directing defendants to refrain from any future violations of securities laws, often referred to as “obey-the-law” injunctions.  In SEC v. Goble, No. 11-12059, 2012 WL 1918819 (11th Cir. May 29, 2012), the Eleventh Circuit vacated the “obey-the-law” injunctions entered against defendant Richard Goble, the founder of North American Clearing, Inc. (“North American”), because the injunctions did not satisfy Federal Rule of Civil Procedure 65(d)(1), which requires that injunctions describe, “in reasonable detail . . . the act or acts [sought to be] restrained or required.”  The Eleventh Circuit's strongly worded opinion and careful analysis could prompt other courts to question the benefit and efficacy of the SEC's frequent practice of seeking broad “obey-the-law” injunctions….

The Modest Early Settlements of Securities Suits Involving U.S.-Listed Chinese Companies
Kevin LaCroix, The D & O Diary

Beginning in 2010 and accelerating in 2011, plaintiffs' lawyers filed a wave of securities class action lawsuits against U.S.-listed Chinese companies, many of which obtained their U.S. listings via reverse merger. These cases have been making their way through the courts, and some have now reached the settlement stage. The settlements seem to share more in common  than the involvement of U.S.-listed Chinese companies – the settlements are also relatively modest.

Quick Gupta conviction will move insider trading defendants to seek plea deals
John Crudele, New York Post
By someone else's count there are 120 cases of insider trading pending around the country, many in the jurisdiction of Manhattan US Attorney Preet Bharara, who prosecuted both Gupta and his pal, Raj Rajaratnam….

You can expect many of those 120 other defendants to now seek deals. The mood in America today is decidedly anti-Wall Street, and anyone foolish enough to take his case to trial will not only face huge legal fees but also juries that simply aren't very sympathetic.