The State Department amends ITAR to restrict trade of defense articles and services with Cambodia.
Categories
Day: January 14, 2022
The college football season has ended with UGA finally defeating UA. Tom and Jay turn their full attention to the NFL playoffs now and also look at some of the week’s top compliance and ethics stories this week in the Georgia Finally Beats Alabama edition.
Stories
1. Carnival and Princess Cruise Lines violated DPA yet again. Matt Kelly in Radical Compliance. DOJ Press Release.
2. Prioritizing items from the Strategy on Countering Corruption. Worth McMurray in the FCPA Blog.
3. DOJ to look at short sellers. Jaclyn Jaeger in Compliance Week (sub req’d).
4. Proposed framework for CCO liability analysis. Mengqi Sun in WSJ Risk & Compliance Journal.
5. Manipulation on timing of FCPA enforcement action? Matthew Stephenson debunks a new article in GAB.
6. ComTech comes to financial institution compliance. Christian Wunderly in the FCPA Blog.
7. Phil Tetlock and Superforecasting come to risk management. Jim DeLoach in CCI.
8. Ethics and FCPA predictions for 2022. Mike Volkov with a double dose of Carnac the Magnificent. Ethics here. FCPA here.
9. Banks develop climate risk consortium. Aaron Nicodemus in Compliance Week. (sub req’d)
10. Liability of local representatives under GDPR. Kelly Hagedorn and Matthew Worby in Compliance and Enforcement.
Podcasts
11. Tom and Matt Kelly conclude a 2-part podcast series on issues they are following in 2022. On Compliance into the Weeds, Part 1 and Part 2.
12. In January on The Compliance Life, I visit with Valerie Charles, partner at StoneTurn. Val has one of the most interesting journeys in compliance. In Part 1, she discussed her academic background and early professional career. In Part 2, she discusses her move to ComTech.
13. The Compliance Podcast Network welcomes Professor Karen Woody and her new podcast, Classroom Insider. In this most unique pod, Karen interviews some of her student to tell the history of insider trading. In Episode 4, Colin Manchester discusses the evolution of the disclose or abstain rule.
14. Mikhail Reider-Gordon returns in Lies, Spies & Corporate Crimes: The Wirecard Saga, with Season 2, Episode 3 Shell Games.
15. Check out 31 Days to a More Effective Compliance Program returns, which runs for the month of January, from January 1 to January 31. Available on the Compliance Podcast Network, Megaphone, iTunes, and all other top podcast platforms.
Tom Fox is the Voice of Compliance and can be reached at tfox@tfoxlaw.com. Jay Rosen is Mr. Monitor and can be reached at jrosen@affiliatedmonitors.com.
An F4 tornado ripped through my community last month. As someone who is called to develop leaders, I cannot ignore the leadership lesson emerging from my processing of the entire event.
In today’s episode, I’m sharing two specific potential “disasters” many organizations are being warned about right now. What is interesting is that although the warnings are being sent out, few are working on or preparing to mitigate the risk. My fear is that you may hear the warnings, but not heed the warnings…just as I did regarding the tornado in December. I don’t want you to find yourself white-knuckling your past success as unstoppable destruction happens among your organization.
I’m wishing you improved focus and better results as you move into 2022! #LevelUp
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Colin Manchester is a J.D. Candidate at Washington and Lee and a former Summer Associate at Levene Gouldin and Thompson. He has experience in the defense and aerospace industry. He plans to work at Simpson Thatcher and Barlett in New York City next summer. In this episode of Classroom Insiders, Colin discusses how Justice Powell’s background translated into his understanding of the law and how this affected Dirks v. SEC.
It was Powell’s opinion that an individual should only be duty-bound to disclose information if there exists a relationship of trust and confidence between the parties, which is now recognized as a fiduciary duty. Therefore, if there is no fiduciary duty, there is no duty to disclose, which means you can’t be in violation of the disclose or abstain rule if you trade the information. His background as a corporate attorney helped him understand that equal access to the fair market was impossible, which influenced his opposition of the hard and fast disclose or abstain rule.
Dirks was an officer of a New York investment advisory firm who attempted to whistleblow on Equity Funding Corporation of America after receiving information about their fraudulent bookkeeping. He tried disclosing the information to the SEC and a Wall Street Journal publication. He then informed his clients, who sold their stocks before the information went public. The SEC saw this as Dirks attempting to get out early and avoid a huge loss, but Justice Powell argued that since Dirks received no pecuniary gain or reputational benefit, he could not be found liable.
Resources
Karen Woody on LinkedIn
Colin Manchester on LinkedIn
In today’s edition of Daily Compliance News:
- Cross border Inter-Parliamentary Alliance against Kleptocracy. (com)
- Netanyahu in secret talks to plead out. (TimesofIsreal)
- ComTech coming to the AML fight. (WSJ)
- Robinhood seeks to have meme-lawsuit dismissed. (Reuters)
