In today’s edition of Daily Compliance News:
Tag: EU
EU rolls out an EU Sanctions Whistleblower Tool for anonymous reporting of sanctions violations.
EU introduces residency protection measures to displaced population of Ukraine.
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)
Jonathan Armstrong and Tom Fox return for another episode of Life with GDPR. In this episode, they celebrate the 10th anniversary of the initial proposal of the law, which became GDPR. Some of the issues they consider include:
- What was in the original proposal that did not become enacted in the final law?
- Reduction in costs-what happened?
- Right to be Forgotten morphed into something very different than intended.
- Fines, Fines, Fines.
- Evolution of regulatory sophistication.
- Criticism of regulators.
Resources
Check out the Cordery Compliance client alert on this topic; click here. For more information on Cordery Compliance, go to their website here. Also, check out the GDPR Navigator, one of the top resources for GDPR Compliance, by clicking here.
In today’s edition of Daily Compliance News:
· HoustonGate for AMLO and Pemex. (WSJ)
· Tx AG attacks whistleblowers on campaign trail. (HoustonChronicle)
· EU users to sue tech giants? maybe. (Reuters)
· Russia sanctions begin. (NYT)
Super Sunday passed with fun but poorly played, poorly officiated, and poorly coached. Tom and Jay are back to look at some of the week’s top compliance and ethics stories this week in the Rams Win It All Edition.
Stories
- Ericsson is in more FCPA trouble. Mengqi Sun in the WSJ Risk and Compliance Journal. Aaron Nicodemus in Compliance Week. (sub req’d)
- DD impeding compliance in developing markets? Katya Lysova explores in the FCPA Blog.
- ESG-no longer a nice to have. Karen Alonardo in Risk and Compliance Matters.
- State AGs are waiting. Ashley Taylor and Chris Carlson in CCI.
- The latest case on CCO liability. Matt Kelly in Radical Compliance.
- Broken windows and compliance enforcement. Anthony O’Reilly in Compliance and Enforcement.
- Companies yet again ask the EU for rules around ESG. Lawrence Heim inpracticalESG.
- White-collar enforcement trends in 2021. Jamie Rosenberg in Grand Jury Target.
- HP-Autonomy from the auditors’ perspective. Francine McKenna in The Dig.
- South African courts deny Zuma’s attempt to remove the SA corruption prosecutor. Rick Messick in GAB.
Podcasts and More
- In February on The Compliance Life, I visited Ellen Smith, a former Director of Trade Compliance who recently started her consulting firm. In Part 1, she discussed her academic background and early professional career. In Part 2, Ellen discussed her move in-house. In Part 3, Ellen discusses being a part of the Compliance Dream Team at Weatherford.
- Tom and Richard Lummis are in the middle of their annual review of Best Picturing winning movies on 12 O’Clock High, a podcast on business leadership. Part 1 reviews Schindler’s List for leadership and ethical lessons. In Part 2, the look at Gladiator.
- CCI releases a new e-book from Mike Volkov, “Compliance Culture Revolution.” Available free from CCI.
- Tom looks at some innovation in compliance with a 3-part blog post series in the FCPA Compliance and Ethics Blog. Topics include Compliance Ecosystem Governance, Compliance Branding, Building Culture & Compliance Coaching.
- Are you a Star Wars fan? How about an uber-Geek? You will love the 5-part series appearing next week on the Greeting and Felicitations podcast series on the Compliance Podcast Network if you are either or both. In this series, Tom visits astrophysicist Dr. Ben Locwin on the following topics: Traveling in Hyperspace, Fighting with a Light Saber, Mechanical Prosthetics, Cyborgs and Robots, and the Death Star. It is a ton of fun, and you will love it. Each episode will post at 10 each day next week. Check it out daily.
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.
Bryan Sillaman, Head of the Paris office of Hughes Hubbard & Reed LLP, returns to the show to share the breadth and scope of some of the regulatory frameworks already in place, what the green taxonomy is all about and how it relates to an overall ESG program.
▶️ Exploring ESG from the European Perspective with Bryan Sillaman.
Key points discussed in the episode:
(00:30) Bryan Sillaman shares his current practice and interesting evolution from a white-collar defense lawyer to an ESG aficionado.
(01:28) The key differences in the regulatory approach to ESG between the EU and US.
(02:34) The robust and rigorous exercise at a scientific and technical level to define sustainable activity versus not generating different opinions & viewpoints. Bryan expects this lengthy process in the EU in 2021 to become a lot more in 2022.
(03:49): The EU has been ahead a bit on the front where the United States is in terms of the ESG regulatory approach. Sillaman shares that this is part of what’s driven by the regulatory framework, but even more so, as companies face pressure from their investors, employees, unions, NGOs and various stakeholders.
(05:04): Companies claim to be involved in sustainable activities but not really involved. And it comes back to the concern of greenwashing and establishing the taxonomy set out to define at a technical and scientific level what is sustainable and what is not.
(08:07) The sustainable financial disclosure regulation and its operation into an overall ESG framework. It requires asset managers as financial market participants to first disclose how much of their activities are aligned with the taxonomy.
(09:19) The Corporate Sustainability Reporting Directive and how it fits in.
(10:50) With directives defined, Bryan shares where he sees EU reporting standards for ESG headed and envisioned as the technical criteria will evolve over time.
(12:57) ESG has become a really top-of-mind issue for many companies and institutions. Sillaman shares that this is part of what’s driven by the regulatory framework, but even more so, as companies face pressure from their investors, employees, unions, NGOs and various stakeholders.
(14:13) Interesting trends for 2022 following the regulatory Bryan cites interesting cases and lawsuits brought by NGOs to pursue reductions in carbon emissions and other damages against companies.
(17:30) Several countries pass enhanced disclosure and due diligence requirements on the supply chain, and companies are operating in their jurisdiction focus on human rights issues.
(19:20) The S or social aspect part of ESG gets more attention, perhaps not as much as the environmental or E piece that focuses on gender issues
(20:36) A company that wants to start an ESG Program should first figure out who the key stakeholders are. It covers a broad set of issues that naturally implicates a lot of different stakeholders within the company.
Bryan J. Sillaman is Managing Partner of the firm’s Paris office. During his time at Hughes Hubbard, Bryan has counseled clients across a range of governance and compliance issues, including the development of policies and procedures, due diligence relating to third-parties and joint venture partners, and internal reviews and audits of their global operations. Bryan has spent significant time advising clients in connection with independent corporate monitorships and has traveled extensively in connection with his activities, including to Angola, Brazil, China, Indonesia, Malaysia, the Middle East, Nigeria, Russia, Thailand and Venezuela.
Prior to joining Hughes Hubbard, Bryan was an attorney in the Division of Enforcement of the US Securities and Exchange Commission (SEC) where he earned a Division Director Award.
Connect: bryan.sillaman@hugheshubbard.com
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Do you have a podcast (or do you want to)? Join the only network dedicated to compliance, risk management, and business ethics, the Compliance Podcast Network. For more information, contact Tom Fox at tfox@tfoxlaw.com.
EU to establish sanctions regime against foreign State actors for spreading political disinformation.
