Tag: FCPA

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This Week in FCPA

This Week in FCPA-Episode 56

  • The Kokesh case at the US Supreme Court is significant for SEC enforcement of the FCPA around profit disgorgement. For what it means to the compliance practitioner, see Tom’s piece in the FCPA Compliance & Ethics Blog. For a legal review of the decision, see Miller & Chevalier client alert authored by Saskia Zandieh. Marc Bohn considered the case in the FCPA Blog. Marc and I discuss the case on the FCPA Compliance Report, Episode 332.
  • Trevor McFadden to leave the DOJ for federal bench. See article by Matt Kelly in Radical Compliance. Hui Chen’s contract not to be renewed, her position is posted for job applicants. Apply for the position here. Andrew Weissman leaves as head of the Fraud Section to go Special Prosecutor’s staff.
  • Former PetroTiger General Counsel Gregory Weismann is banned from SEC practice. See article in the FCPA Blog.
  • Matthew Stephenson considers what a Wal-Mart settlement might look like. See his article in the Global Anti-Corruption Blog.
  • The federal judge who sentenced Samuel Mebiame, the bag man for Och-Ziff; criticized the DOJ for its lack of prosecution of any individuals from the company. See article by Sam Rubenfeld in WSJ Risk and Compliance Report.
  • Jay previews his weekend report.
  • Tom continues to talk about the release of his new book 2016 – The Year in Corporate FCPA Enforcement. For more information and to purchase, click here.

    •  
    [tweet_box design=”default” url=”http://wp.me/p6DnMo-3kx” float=”none”]
    When do Mike & Mike agree on anything? Find out on This Week in FCPA. [/tweet_box]
    Jay Rosen can be reached:
    Mobile (310) 729-6746
    Toll Free (866)-201-0903
    JRosen@affiliatedmonitors.com
    Tom Fox can be reached:
    Phone: 832-744-0264
    Email: tfox@tfoxlaw.com]]>

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    Uncategorized

    FCPA Compliance Report-Episode 332, Marc Bohn on the Kokesh Decision

    Kokesh v. SEC, the US Supreme Court held the profit disgorgements operate as a penalty under the Securities and Exchange Act of 1934, as amended. As such “any claim for disgorgement in an SEC enforcement action must be commenced within five years of the date the claim accrued.” The position of the Securities and Exchange Commission (SEC) at the Supreme Court and in all other matters involving this issue was that profit disgorgement were not punitive, hence not a penalty but rather remedial in nature so the SEC could clawback all monies generated as a result of the illegal action. The decision, authored by Justice Sotomayor, was a 9-0 opinion which in the rarified world of Supreme Court decisions is about as clear a message as one can get. The Court first determined that profit disgorgement met the definition of a “penalty” under two basis, “First, whether a sanction represents a penalty turns in part on “whether the wrong sought to be redressed is a wrong to the public, or a wrong to the individual.” Second, a pecuniary sanction operates as a penalty if it is sought “for the purpose of punishment, and to deter others from offending in like manner” rather than to compensate victims.” [citations omitted] Thus, if a statute provided a compensatory remedy for a private wrong, it should not be characterized as penalty. For additional thoughts from Marc, see his piece on the FCPA Blog. For additional thoughts from myself, see my piece on the FCPA Compliance and Ethics Blog. [tweet_box design=”default” url=”http://wp.me/p6DnMo-3kd” float=”none”]The Kokesh decision has significant implications for FCPA enforcement going forward.[/tweet_box]]]>

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    Everything Compliance

    Everything Compliance-Episode 10, first 100 day of the Trump Administration

    This episode is dedicated to the chaotic (at best) first 100 days of the Trump administration related to compliance.

    1. Jonathan Armstrong leads a discussion of the Trump administration’s devolution of Privacy Shield, GDPR, and what they mean for American companies doing business in the UK and EU. He discusses the key differences in the DOJ’s Evaluation of Corporate Compliance Programs in an FCPA analysis and under the Bribery Act, differences in the EU approach to conflict minerals, and under the Trump Administration, and concludes by giving us his thoughts on what Brexit means for compliance.

    For the Cordery Compliance client alerts, see the following:
    EU conflicts minerals compliance legislation 
    DOJ Evaluation of Corporate Compliance: how does it compare to UK Bribery Act 2010?
    BREXIT Glossary

    1. Jay Rosen considers what companies the intersection of business and politics under the Trump administration, the business response he has observed to Trump administrations steps and miss-steps, the comments made by DOJ representatives at Q1 conferences, and the vibe of compliance conference attendees.

    For Jay’s posts, see,
     Still in the Enforcement Business and Evaluation of Corporate Compliance Programs
    “It Was the Best of Times, It was the Worst of Times,” or “Ignorance is Strength”
     Matt Kelly opens with a discussion of regulatory enforcement under the Trump administration, how the ‘Trump Effect’ is negatively impacting corporations, and industry responses to deregulation issues and lays down some markers around compliance issues under the new administration.
    For Matt Kelly’s posts, see:
    Compliance in the Trump Era: More Markers Placed
    Trump Administration Whacks Telco Firm for $892 Million
    Drone Industry Pan Trump’s Regulatory
    Trump Risk Disclosures Start Rolling In
    First SEC Whistleblower Award of the Trump Era
    Sessions Dodges, Weaves, Promises on FCPA

    1. Mike Volkov rounds out the discussion with a review of where the DOJ is currently under AG Sessions, remarks by DOJ officials on FCPA enforcement, the future of the Pilot Program, and DOJ Compliance Counsel Hui Chen.

    For Mike Volkov’s posts, see the following:
    Yates, AG Sessions and Individual Criminal Prosecutions
    New E-Book — Moving the Goalposts: The Justice Department Redefines Effective Compliance
    FCPA Remediation Focus on Supervisory Personnel
    FPCA Pilot Program Motors On
    For Tom Fox’s posts on the Trump administration’s first 100 days, see the following:
    The Trump Administration-Kaos is Bad for Business
    The Trump Administration-Failures in Leadership and Management
    The Trump Administration-Preparing for a Catastrophe
    The Trump Administration-the Business Response
    DOJ Enforcement of the FCPA and the International Fight against Corruption in the Trump Administration
    The members of the Everything Compliance panel include:

    • Jay Rosen– Jay is Vice President, Business Development Corporate Monitoring at Affiliated Monitors. Rosen can be reached at JRosen@affiliatedmonitors.com
    • Mike Volkov – One of the top FCPA commentators and practitioners around and the Chief Executive Officer of The Volkov Law Group, LLC. Volkov can be reached at mvolkov@volkovlawgroup.com.
    • Matt Kelly – Founder and CEO of Radical Compliance, is the former Editor of Compliance Week. Kelly can be reached at mkelly@radicalcompliance.com
    • Jonathan Armstrong – Rounding out the panel is our UK colleague, who is an experienced lawyer with Cordery in London. Armstrong can be reached at armstrong@corderycompliance.com

    [tweet_box design=”default” url=”http://wp.me/p6DnMo-3eF” float=”none”]What has the Trump effect meant for FCPA? The experts weigh in.[/tweet_box]]]>

    Categories
    Everything Compliance

    Everything Compliance – Episode 10, first 100 days of the Trump Administration

    • Jonathan Armstrong discusses the Trump administration’s devolution of Privacy Shield, GDPR, and what they mean for American companies doing business in the UK and EU. He discusses the key differences in the DOJ’s Evaluation of Corporate Compliance Programs in an FCPA analysis, under the Bribery Act, in the EU approach to conflict minerals, and under the Trump Administration. He concludes by giving us his thoughts on what Brexit means for compliance.

    For the Cordery Compliance client, alerts see the following: EU conflicts minerals compliance legislation  DOJ Evaluation of Corporate Compliance: how does it compare to UK Bribery Act 2010? BREXIT Glossary

    1. Jay Rosen considers what companies the intersection of business and politics under the Trump administration, the business response he has observed to Trump administrations steps and miss-steps, the comments made by DOJ representatives at Q1 conferences, and the vibe of compliance conference attendees.

    For Jay’s posts, see,  Still, in the Enforcement Business and Evaluation of Corporate Compliance Programs “It Was the Best of Times, It was the Worst of Times,” or “Ignorance is Strength” Matt Kelly opens with a discussion of regulatory enforcement; under the Trump administration, how the ‘Trump Effect’ is negatively impacting corporations, industry responses to deregulation issues and lays down some markers around compliance issues under the new administration. For Matt Kelly’s posts, see Compliance in the Trump Era: More Markers Placed Trump Administration Whacks Telco Firm for $892 Million Drone Industry Pan Trump’s Regulatory Trump Risk Disclosures Start Rolling In First SEC Whistleblower Award of Trump Era Sessions Dodges, Weaves, Promises on FCPA.

    1. Mike Volkov rounds out the discussion with a review of where the DOJ is currently under AG Sessions, remarks by DOJ officials on FCPA enforcement, the future of the Pilot Program, and DOJ Compliance Counsel Hui Chen.

    For Mike Volkov’s posts, see the following: Yates, AG Sessions and Individual Criminal Prosecutions New E-Book — Moving the Goalposts: The Justice Department Redefines Effective Compliance FCPA Remediation Focus on Supervisory Personnel FPCA Pilot Program Motors On For Tom Fox’s posts on the Trump administration’s first 100 days see the following: The Trump Administration-Kaos is Bad for Business The Trump Administration-Failures in Leadership and Management The Trump Administration-Preparing for a Catastrophe The Trump Administration-the Business Response DOJ Enforcement of the FCPA and the International Fight against Corruption in the Trump Administration The members of the Everything Compliance panel include:

    • Jay Rosen– Jay is Vice President, Business Development Corporate Monitoring at Affiliated Monitors. Rosen can be reached at JRosen@affiliatedmonitors.com.
    • Mike Volkov – One of the top FCPA commentators and practitioners and the Chief Executive Officer of The Volkov Law Group, LLC. Volkov can be reached at mvolkov@volkovlawgroup.com.
    • Matt Kelly – Founder and CEO of Radical Compliance, is the former Editor of Compliance Week. Kelly can be reached at mkelly@radicalcompliance.com.
    • Jonathan Armstrong – Rounding out the panel is our UK colleague, an experienced lawyer with Cordery in London. Armstrong can be reached at armstrong@corderycompliance.com.
    Categories
    This Week in FCPA

    This Week in FCPA-Episode 46, the On the Rode to Prague Edition

  • Why powerful people fail to stop bad behavior by their underlings. Click here for the article.
  • Some policy management lesson, courtesy United Airlines. Click here for Matt Kelly’s article on Radical Compliance.
  • Why you shouldn’t linger too long in the wrong compliance position. See Julie DiMauro’s blog post on the FCPA Blog.
  • Bribe recipient in the Gerald and Patricia Green FCPA case gets 50 years in prison. See article in the FCPA Blog.
  • Using data to operationalize your compliance program. Read Tom’s blog post, by clicking here.
  • What the New York state Department of Financial Services new regulation on cybersecurity for financial services companies means for compliance officers. See Tom’s blog post by clicking here.
  • Jay previews his weekend report.

    • Jay Rosen new contact information:
    Jay Rosen, CCEP
    Vice President, Business Development
    Monitoring Specialist
    Affiliated Monitors, Inc.
    Mobile (310) 729-6746
    Toll Free (866)-201-0903
    JRosen@affiliatedmonitors.com
    [tweet_box design=”default” url=”http://wp.me/p6DnMo-3aD” float=”none”]How can the use of data help to operationalize your compliance program?[/tweet_box]]]>

    Categories
    Everything Compliance

    Everything Compliance-Episode 7

  • Jonathan Armstrong leads a discussion of the Trump administrations devolution towards Privacy Shield and what it may portend for American companies doing business in the UK and EU. He highlights the recent opening of a new trial in Ireland brought by Max Schrems and also discussed the putative Muslim refugee ban in the context of broader business implications.

    • For the Cordery Compliance client alert on Privacy Shield, see here

    1. Jay Rosen considers what companies the intersection of business and politics under the Trump administration, the Tech sector response to the Muslim refugee ban and the more general business response to the first few weeks of the Trump administation.

    For Jay’s post see, Where Do Politics End and Ethics & Compliance Begin?

    1. Matt Kelly opens with a discussion of the management process practices of the Trump administration in issuing Executive Orders and lays down some markers around compliance and regulatory issues under the new administration.

    For Matt Kelly’s posts see the following:
    Compliance in the Trump Era: More Markers Placed
    Five Questions for SEC Nominee Jay Clayton
    Yes Government Ethics is Happening
    Dodd-Frank Reform Starts Coming into View
     For Tom Fox’s posts on these topics see the following:
    The Trump Administration-Kaos is Bad for Business
    The Trump Administration-Part II, Failures in Leadership and Management
    The Trump Administration-Part III-Preparing for a Catastrophe
    The Trump Administration-Part IV-the Business Response
    The members of the Everything Compliance panel include:

    • Jay Rosen (Mr. Translations) – Jay is Vice President of Legal & Corporate Language Solutions at United Language Group. Rosen can be reached at rosen@ulgroup.com.
    • Mike Volkov – One of the top FCPA commentators and practitioners around and is the Chief Executive Officer (CEO) and owner of The Volkov Law Group, LLC. Volkov can be reached at mvolkov@volkovlawgroup.com.
    • Matt Kelly – Founder and CEO of Radical Compliance, is the former Editor of the noted Compliance Week Kelly can be reached at mkelly@radicalcompliance.com
    • Jonathan Armstrong – Rounding out is our UK colleague, who is an experienced lawyer with Cordery in London. Armstrong can be reached at armstrong@corderycompliance.com

    [tweet_box design=”default” url=”http://wp.me/p6DnMo-336″ float=”none”]What compliance and business lessons arise from the first 3 weeks of the Trump administration?[/tweet_box]]]>

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    Everything Compliance

    This Week in FCPA-Episode 38, the M&M Edition

    Show Notes for Episode 38, for the week ending February 3, the M&M edition:

    1. January a month for the FCPA record books. See article in the FCPA Blog.
    2. Are hunting trips a FCPA violation? How about in Sweden? See article in by Tom Fox in Compliance Week.
    3. VW update-what the former CEO knew and when did he know it and CCO ‘departs’. What does it all mean? See Tom Fox articles in Compliance Week on the former CEO and the departure of the CCO.
    4. New Tom Fox series on One Month to a Better Board, FCPA Compliance Report.
    5. Everything Compliance-Episode 6 is out. It is dedicated exclusively to Rolls-Royce.
    6. Jay Rosen Weekend Report preview.
    7. Super Bowl predictions.

    [tweet_box design=”default” url=”http://wp.me/p6DnMo-31q” float=”none”]What were the week’s top FCPA, compliance and ethics stories? Check out This Week in FCPA to find out. [/tweet_box]]]>

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    This Week in FCPA

    This Week in FCPA-Episode 35

    th edition:

    1. Hernandez and Beech FCPA guilty pleas. Hernandez Criminal Information, Beech Criminal Information.
    2. VW guilty plea in emissions-testing scandal. Link to article in New York Times.
    3. VW executive Oliver Schmidt arrested in US. See article on FCPA Compliance and Ethics Blog.
    4. Zimmer Bio-Met in follow-up FCPA enforcement action. See article on FCPA Blog.
    5. Mondelez FCPA enforcement action. See SEC Cease and Desist Order and article on FCPA Compliance and Ethics Blog.
    6. Supreme Court to take up 5 year statute of limitations for profit disgorgement under Securities Act, which applies to FCPA enforcement actions brought by SEC. Article in Law360.
    7. NFL Playoff update on Patriots, Cowboys and Texans.

    [tweet_box design=”default” url=”http://wp.me/p6DnMo-2XB” float=”none”]What were the FCPA matters, issues and lessons from the week ending January 13, 2017? Check out This Week in FCPA.[/tweet_box]]]>

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    This Week in FCPA

    This Week in FCPA-Episode 34, the Invisible Hand Edition

    In this episode Jay Rosen and I take a dive into the General Cable FCPA enforcement action, consider the ‘Invisible Hand’ of  Justice Department Compliance Counsel Hui Chen and greater regulatory enforcement, corporate response and innovation. We explain how these three factors combine in an ‘Invisible Hand’ to form a continuous improvement loop of compliance program innovation. It leads developments from cutting edge to best practices to becoming a routine part of an effective compliance program. We discuss the upcoming NFL divisional round of playoffs and conclude with Jay previewing the Jay Rosen Weekend Report. For more information on the General Cable FCPA enforcement action, check out my three-part blog post series:
    Part I-the Bribery Schemes
    Part II-the Comeback
    Part III-the Denouement
    [tweet_box design=”default” url=”http://wp.me/p6DnMo-2W9″ float=”none”]How does the invisible hand impact continuous improvement of compliance programs?[/tweet_box]]]>

    Categories
    Everything Compliance

    This Week in FCPA-Episode 32, the not so friendly skies edition

  • United Airlines SEC enforcement action for domestic; the Chairman’s Flight and the US Corrupt Practices Act, for a copy of the Justice Department NPA, click here and for a copy of the SEC Cease and Desist Order, click here.
  • Monetary Authority of Singapore seeks to suspend former Goldman Sachs trader in 1MDB scandal. Link to Fox blog post on Compliance Week.
  • FATF report that US weak on beneficial ownership issues, for a copy of the report, click here.
  • Wal-Mart up to $820MM in pre-settlement FCPA settlement spend, on Radical Compliance.
  • Release of eBook, Trump on Compliance.
  • SEC Director of Enforcement, Andrew Ceresny announces he will leave the SEC. See NYT article, here.
  • GibsonDunn briefing on The Road Ahead: DOJ and Federal Enforcement in the Trump Administration predicts a Southern California centered FCPA matter will be concluded by year end.
  • 10th Annual SEC & DOJ HOT TOPICS 2017 — Current Developments Materially Affecting Corporations, Financial Institutions, Individuals organized by Sandpiper Partners LLP and program developed by PwC, notes GibsonDunn partner Deb Yang listed as potential SEC Commissioner.
  • Jay Rosen weekend report update.

    • Catc[tweet_box design=”default” url=”http://wp.me/p6DnMo-2Tz” float=”none”]h up on the week’s top FCPA compliance and ethics storylines, events and issues with This Week in FCPA.[/tweet_box]]]>