In today’s edition of Daily Compliance News:
- Deutsche Bank monitorship extended. (WSJ)
- Judge wanted to know who at First Energy who paid bribes. (News-Herald)
- Secret deal between Google and FB. (NYT)
- Musk lawyer said $420 tweet truthful. (Bloomberg)
Author: admin
In an unprecedented and sweeping set of actions, the United States has implemented a robust set of sanctions and export controls against Russia designed to cripple Russia’s economy in coordination with its allies and partners. The unprecedented actions against Russia are intended to deter Russia from continuing its violent invasion of Ukraine and attacks against the Ukrainian people. The Department of Treasury Office of Foreign Asset Control and the Department of Commerce Bureau of Industry and Security has issued comprehensive sanctions against Russia’s financial industry, government investment funds, and oligarchs. The Russian sanctions and export controls raise significant compliance challenges for the U.S. and global companies conducting business in Russia in scope and complexity.
In this episode, Michael Volkov surveys the sanctions and export controls.
I’ve been thinking a lot about flags recently, so here’s a whole #jammingwithjason #podcast episode. Flags are a way to let others know who we are and what we stand for. We might fly a flag of our favorite sports team, our country, et… as an example (maybe even a pirate flag, arghhh 🙂
Most people are afraid to proudly share with the world who they are since others may judge us, but the reality is… we are all a little different, unique, quirky, freaky in our way. That is what makes us interesting and truly loved by those who know us.
Listen in as we discuss flags, ice cream, and so much more in this episode.
Listen in at: https://www.jasonmefford.com/jammingwithjason250/.
Categories
EU Bans Russian Banks
EU bans some Russian banks from SWIFT; issues more restrictions.
Tune in every quarter to learn how David Simon, a 53-year-old lawyer from the US, navigates the ancient world of Oxford University in pursuit of an MBA. David is a Partner at the white shoe law firm Foley and Lardner, who has dedicated his career to white collar compliance with a heavy international focus. “My practice touches a lot on some of the sanctions and international trade issues that typically come up on international matters,” he says. In A Yank in Oxford, David and host Tom Fox will talk about what inspired his decision to pursue an Executive MBA, and his hopes for where the journey may lead. In this Episode 3, David discusses his academic journey through his second quarter in the Oxford MBA program. Highlights include:
1. Assessment or what we Yanks would call exams. Very open ended but designed to determine if you have done the assignments, participated and most importantly grasped the materials.
2. Analytics and Leadership Fundamentals.
· In my Leadership Fundamentals assessment, David delved into lawyer decision making and team building.
· Lawyers have a lot to learn here:
§ Can improve decision-making quality by building systems to slow down the process and to help recognize and mitigate against cognitive bias
§ Can also really improve the way we advise and otherwise serve our clients by being much more mindful of how we put together and manage our engagement teams
· Don’t be reflexive and just build every team the same
· Think about different functions needed and who can play them.
· Beldin’s 9 roles – partners try to play too many roles.
· Voice of the client?
3. Firms & Markets assessment
· Market analysis of legal industry.
· Industry dynamics are shaped largely by regulatory burdens to entry and other restrictions.
· If and when those restraints loosen (and there are some signs they are starting to), industry is ripe for disruption
§ PE ownership
§ Investment in process and technology
§ Less “super-hero” lawyer based
§ Lower compensation for lawyers (with other trade-offs)
4. He concludes by detailing that the people he has met are really amazing. Faculty and staff have been terrific – responsive, engaged, open. Gotten so much value from my classmates. Smart, experienced, open. Getting to know people better and more people are now able to come in person. Explored Oxford, found a favorite pub – The Rickety Press – in Jericho and is now a member of the EMBA S 21 rowing club, thanks to my classmate Matthew. It is hard!
Andrew Pompa is 2L at Washington and Lee University with a background in economics and finance. Though his career path is undecided, he is very interested in securities regulation and insider trading. In this episode of Classroom Insiders with Professor Karen Woody, Andrew explores how misappropriation theory became legitimized by the court as a proper theory.
Andrew shares the differences between misappropriation theory and the classical theory of insider trading. In the classical theory, liability is premised on a breach of fiduciary duty, whereas misappropriation premises liability on a breach of confidentiality in a way that encapsulates people who would be deemed corporate outsiders. Carpenter v. SEC paved the way for the court’s acknowledgement of misappropriation theory.
Carpenter was an individual who received information from a Wall Street Journal reporter and traded it to stockbrokers, making roughly $690,000. The SEC successfully argued in the lower court that Carpenter and his accomplices breached a duty of confidentiality towards Wall Street Journal on the premise of misappropriation theory.
Resources
Karen Woody on LinkedIn
Jay returns from the assignment with some observations on the ABA White Collar Conference and looks at some of the week’s top compliance and ethics stories in the Remember the Alamo edition.
Stories
- Should lawyers represent all stakeholders before the SEC? Matt Kelly in Radical Compliance. Tom and Matt in Compliance into the Weeds.
- Lessons learned from a corrupt Olympics: Andy Spalding and Danny Hales in the FCPA Blog.
- How does a corporate culture become corrupt? Tom Bussen and Nitish Singh in CCI.
- Corruption in the Russian military. Matthew Stephenson in GAB.
- MTS agrees to extend monitorship for one year. Dylan Tokar in WSJ Risk and Compliance Journal.
- Why is data minimization so critical? Debevoise lawyers in Compliance and Enforcement.
- Elon Musk wants out of his Consent Decree with the SEC. Dean Seal in Law360 (sub req’d)
- A stark warning on corporate cooperation. Wachtel Lipton lawyers in Harvard Law School Forum on Corporate Governance.
- Mike Volkov on the force multiplier of ethics and sustainability. Crime Corruption and Compliance.
- NFTs and the SEC. Francine McKenna in The Dig (sub req’d)
Podcasts and More
- In March on The Compliance Life, I visited with Audrey Harris, Managing Director at AMI, formerly CCO at BHP. In Part 1, she discusses her academic background and early professional career. In Episode 2, Audrey moves to the CCO chair at BHP.
- Tom and Megan Dougherty are back with 2 more episodes of the MCU series. The Winter Soldier and Guardians of the Galaxy Part 1.
- David Simon returns for another session of his journey through the Oxford MBA Program on A Yank at Oxford.
- Tom visits with Hill Country lawyer Craig Wolcott on The Hill Country Podcast.
- Highlights from the ABA White Collar Conference.
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.
In today’s edition of Daily Compliance News:
- Another BitMex founder pleads guilty. (WSJ)
- Corruption stripping Cameroon? (Crux)
- The Enablers of Russian oligarchs. (NYT)
- Regime change in Pakistan? (Bloomberg)
Marta Cadavid is co-founder and CEO at NoFraud, an organization dedicated to fighting fraud by using technology to anticipate criminal behavior. NoFraud specializes in forensic audit, cybersecurity, and investigations of economic crimes. As a Certified Anti-Money Laundering Specialist (CAMS), Certified Fraud Examiner (CFE), AML Anti-Money Laundering Certified Associate (AMLCA), Marta possesses valuable experience that sets her a cut above the rest. She is also Consultant and International Coach of Auditool. Marta discusses how fraud triangle theory can be used to improve fraud detection.
Fraud, corruption, waste, corporate abuse and other misbehaviors destroy an organization’s value. They are the silent enemy that kills companies, Marta shares. This enemy was the driving force behind the conception of NoFraud; their goal was to be one step ahead of these misbehaviors. They now help corporations build value through the prediction, prevention, and detection of undesirable conduct at the workplace.
According to Marta’s research, 15-25% of people are never involved in unethical actions. Unfortunately, the larger percentage of people are prone to behaving according to the moment. NoFraud combines fraud triangle theory with artificial intelligence, data analytics and semantics to monitor patterns of keystrokes or communications from an individual.
Resources
Marta Cadavid on LinkedIn
Email: marta.cadavid.a@gmail.com
NoFraud.la | MartaCadavid.com
To learn more, and contact Vincent Walden, please visit Alvarez and Marsal
Categories
Swiss Sanctions on Russia
Switzerland Imposes Sanctions on Russia.