All Regulatory Enforcement articles – Page 154
-
Blog
Grand Opening: Photo Wing of the Enforcement Action Art Gallery!
In September 2015, I was motivated by an awesome drawing of the five SEC commissioners reimagined as WWE wrestlers to launch the Enforcement Action Art Gallery. It occurs to me, however, that there are many photographs that need to be preserved, as well. Welcome to the new Photo Wing!
-
Blog
Hitachi Settles Case With African Development Bank
The African Development Bank Group (AfDB) announced this week that it reached a settlement agreement with Japan-based Hitachi. The African Development Bank (AfDB) Integrity and Anti-Corruption Department alleged that Germany-based Hitachi Power Europe, and its South African subsidiary, Hitachi Power Africa, engaged in sanctionable practices in exchange for a boiler ...
-
Blog
Signs of Life for SFO, Enforcement of Bribery Act 2010
This week has seen a trio of significant "firsts" from the UK's Serious Fraud Office, including its first-ever Deferred Prosecution Agreement and two cases brought under section 7 of the Bribery Act 2010.
-
Blog
Report: Whistleblowing Seen as “Disrespecting Authority” in Latin America
Latin America remains a hot spot for investors from every industry and markets around the world. But corruption in this region continues to run rampant and creates greater compliance risk for multinationals doing business in Latin America. According to a recent report, the top seven compliance risks for companies ...
-
Blog
Law Firm Slater & Gordon Now Taking Its Lumps as Public Company
Slater & Gordon, a publicly-traded Australian law firm that is a major player in the plaintiffs’ securities class action area, must now contend with the consequences of its own stock price plummeting.
-
Article
Working With External Compliance Monitors
Image: So your company has just entered into a settlement with a U.S. government agency and must now install a compliance monitor. How do you respond? For many companies, working with an external compliance monitor is still an intimidating process tainted by misconceptions. “A monitorship was never designed to ...
-
Article
Employee Investigations Post-Yates Memo
Image: Any company that has faced allegations of corporate misconduct knows how quickly the scope and cost of an internal investigation can grow—a concern that has only amplified following the Justice Department’s Yates Memo. “Corporate compliance professionals have expressed concern that this policy will result in companies undertaking unnecessarily broad, ...
-
Blog
SEC Sues Former Goldman Compliance Employee for Insider Trading
The SEC announced an insider trading case today against a former Goldman Sachs compliance employee who allegedly used his access to investment bankers' emails to glean, and profit from, inside information.
-
Blog
Takata to Pay Record $200 Million NHTSA Penalty
Citing violations of the Motor Vehicle Safety Act’s requirements to repair vehicles with safety defects, the Department of Transportation’s National Highway Traffic Safety Administration this month imposed the largest civil penalty in its history. The consent order imposes a record civil penalty of $200 million against Japan-based airbag supplier Takata ...
-
Article
Parsing the Role of the New Compliance Counsel
Image: Now that the Justice Department has named Hui Chen, former global head of anti-bribery and corruption at Standard Chartered Bank, as its first-ever compliance counsel, corporations under investigation by the department can expect a more nuanced analysis of their compliance programs. Inside, we review what Chen has disclosed so ...
-
Blog
Where are the SEC Federal Court Trials?
After a surge in FY 2014, the number of trials that the SEC is completing in federal court appears to be drying up -- with just six such trials in FY 2015 and zero to date in FY 2016.
-
Blog
U.K. FCA Scrutinizes Use of Big Data by Insurers
Image: The Financial Conduct Authority is requesting more information from general insurers about big data, which may lead into a market study or further policy or guidance. Big data has the “potential to transform practices and products across financial services,” Christopher Woolard, director of strategy and competition at the FCA, ...
-
Blog
Appellate Courts Tee Up Challenges to SEC In-House Proceedings
The issue of whether federal district courts have subject matter jurisdiction over challenges to the constitutionality of SEC administrative proceedings remains unsettled. Although the 7th Circuit found in favor of the SEC on this issue in August 2015, the controversial issue will soon be considered by both the 11th Circuit ...
-
Blog
Caldwell Offers More Details on Charging Decisions
During remarks this week at the American Conference Institute’s International Conference on the Foreign Corrupt Practices Act, Leslie Caldwell, assistant attorney general for the Justice Department’s Criminal Division, provided some additional insight regarding charging decisions in corporate prosecutions. “Greater transparency benefits everyone,” said Caldwell. More of her comments are inside.
-
Blog
SEC's Piwowar Takes Another Shot at 'Flawed' Enforcement Statistics
In a speech this week, SEC Commissioner Michael S. Piwowar took another swipe at the SEC's enforcement statistics, jokingly comparing them to financial statements in a "world where GAAP or other reporting standards did not exist."
-
Blog
Barclays’ Cost of Conduct Woes Continue
Barclays is set to pay £65.7 million to settle allegations that it manipulated foreign exchange markets—adding to the $120 million the British bank already paid to the New York Department of Financial Services for its involvement in the Libor scandal. According to a report from the CPP Research Foundation, Barclays’ ...
-
Blog
Justice Department Revises U.S. Attorneys’ Manual
Image: During remarks at the American Banking Association and American Bar Association Money Laundering Enforcement Conference, Deputy Attorney General Sally Quillian Yates announced that the Department of Justice has made some significant revisions to its U.S. Attorneys’ Manual, providing new insight on how prosecutors are implementing the Yates Memo. “We ...
-
Article
Connected Medical Systems, HIPAA Audits Coming in 2016
Image: Inspectors at the Department of Health & Human Services are going to spend 2016 studying the security protocols for medical devices and electronic health records, which means compliance officers in the healthcare field should make sure your policies and controls can pass muster. Also on deck are more HIPAA ...
-
Blog
Aguilar to Depart SEC by End of December 2015
Image: SEC Commissioner Luis Aguilar intends to step down at the end of December. In a letter to the president, Aguilar expressed pride in sponsoring the first Investor Advisory Committee, which was later mandated by Section 911 of Dodd-Frank. Aguilar will leave the SEC as the eighth longest-serving commissioner ...
-
Blog
Compliance Officers Increasingly Worry About Personal Liability
A survey conducted by Thomson Reuters finds that most risk and compliance professionals at financial services companies around the world expect their personal liability to increase. The report also found that an apparent lack of oversight or awareness from senior managers exacerbates the regulatory focus on accountability. More survey results ...