New guidance from the U.K.’s Serious Fraud Office aimed at encouraging companies to self-report cases of overseas corruption represent a “sea change” in the agency’s approach to tackling corporate crime, according to a briefing from law firm Fulbright & Jaworski. The guidance adopts several clear themes from the U.S Department of Justice, including the involvement […]
Regulatory Enforcement
Posted inRegulatory Enforcement
Comp Bill Passed, Poll Reveals Cos. Unprepared for SOP
The House of Representatives in a 237-185 vote approved a bill that would give shareholders of public companies annual advisory votes on executive compensation and requires regulators to set disclosure requirements and incentive-based compensation standards for financial institutions with more than $1B in assets The bill, H.R. 3269, the Corporate and Financial Institution Compensation Fairness […]
Posted inRegulatory Enforcement
FTC Delays Red Flags Enforcement Until Nov. 1
Good news for those still confused about whether they’re covered by an anti-fraud rule that requires creditors to implement written Identity Theft Prevention Program: The Federal Trade Commission announced a further three-month delay of enforcement of the so-called Red Flags Rule until Nov. 1. A July 29 FTC press release announcing the delay notes that […]
Posted inRegulatory Enforcement
Comp Reform Bill Passes Key House Committee
Congress’s push to overhaul financial services regulation has picked up speed with passage by a key committee of a bill that would reform financial institutions’ executive pay practices. The House Financial Services Committee voted 40-28 on Tuesday to approve H.R. 3269, the Corporate and Financial Institution Compensation Fairness Act, which would, among other things, give […]
Posted inRegulatory Enforcement
Hot Tips, Twitter and Insider Trading: O, Canada!
A Canadian publication called “Tim Baikie’s Capital Markets Update” has taken my Twitter insider trading hypotheticals (most recently discussed here with Professor Peter Henning) North of the Border, and attempted to answer them under Canadian law. Baikie is a Toronto-based lawyer and consultant (who I immediately liked when I read his first sentence: “Bruce Carton’s […]
Posted inAccounting & Auditing
Financial Crisis Inquiry Commission Members Named
Congressional leaders have tapped former California State Treasurer Phil Angelides as chairman of the 10-member Financial Crisis Inquiry Commission tasked with examining the domestic and global causes of the financial crisis. Angelides served as California State Treasurer from 1999 to 2007. As required under the Fraud Enforcement and Recovery Act, the statute that created it, […]
Posted inRegulatory Enforcement
7/23: Answers to “Hot Tips, Twitter and Insider Trading”
I took a shot yesterday at answering my own hypothetical questions involving insider trading liability for tips and trading related to Twitter “tweets.” Recognizing that I was grasping for answers and that I clearly needed to bring in heavier artillery, I reached out to Peter Henning (pictured), a law professor and frequent blogger for the […]
Posted inRegulatory Enforcement
Investor Group Offers Views on Reg Reforms
A high-profile group of investors, led by two former Securities and Exchange Commission chairmen, has published its own views on how best to reform regulation of the U.S. financial markets, which include calling for the creation of an independent Systemic Risk Oversight Board. The Investors’ Working Group, sponsored by the CFA Institute Center for Financial […]
Posted inRegulatory Enforcement
Multi-state Attorneys General Investigations Gain Steam
Federal regulators are not the only ones flexing their muscles against Corporate America these days. State attorneys general are increasingly joining forces to go after corporate wrongdoers, too. “Obviously, as we have seen over the last several years, attorneys general have become much more aggressive in the way they pursue investigations,” Hector Gonzalez, a lawyer […]
