In today’s edition of Daily Compliance News:
Tag: SEC
The SEC releases regulations around climate change as Tom take a solo turn to look at some of the week’s top compliance and ethics stories in the Seeing Green edition.
Stories
1. SEC comes out with climate change regs. Andrew Ross Sorkin in NYTimes Dealbook. Matt Kelly in Radical Compliance. Tom and Matt in Compliance into the Weeds.
2. SFO spanked again. Andrew Crowley in MLex.
3. Getting rid of old data critical. Debevoise lawyers in Compliance and Enforcement.
4. The ‘S’ in ESG. Mike Volkov in Corruption Crime and Compliance.
5. FINRA and CCO liability. Matt Kelly in Radical Compliance.
6. IDB debars construction company. Harry Cassin in the FCPA Blog.
7. First ZTE monitorship ends. Jaclyn Jaeger in Compliance Week (sub req’d)
8. DOJ raises stakes. Todd Fishman, Noah Brumfield, Eun Woo Jhang and Elaine Johnston in CCI.
9. Top 6 ESG issues for 2022. Giles Newman in Risk and Compliance Matters.
10. A Privacy Shield replacement on the horizon? Neil Hodge in Compliance Week. (sub req’d)
Podcasts and More
11. In March on The Compliance Life, I visit with Audrey Harris, Managing Director at AMI, formerly CCO at BHP. In Part 1, she discussed her academic background and early professional career. In Episode 2, Audrey moved to the CCO chair at BHP. In Episode 3, she moved back to private practice. In Episode 4, she moves to AMI.
12. Tom has a two part series with Aly McDevitt on her recent Ransomware case study, on Greetings and Felicitations, Part 1 and Part 2.
13. Why should you attend Compliance Week 2022? Find out on this episode of From the Editor’s Desk. Listeners get a $200 discount to CW 2022 with the code Fox200. More here.
14. Tom visits with Pop Hair Art Salon founder, Michele Van Fossen on The Hill Country Podcast.
15. An undergrad degree focusing on ESG? Jules Oringel explains on the ESG Compliance Podcast.
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.
Welcome to the only roundtable podcast in compliance. The entire gang was also recently honored by W3 as a top talk show in podcasting. In this episode, we have the quartet of Jay Rosen, Jonathan Armstrong, Tom Fox and Matt Kelly. We conclude with our fan favorite Shout Outs and Rants.
1. Jay Rosen discusses the connection between corruption and the Russian invasion of Ukraine and the leadership differences between Presidents Putin and Zelensky. Rosen rants about Mavericks owner Mark Cuban over the allegations of former GM Donnie Nelson that Nelson was fired for reporting a sexual assault of a Maverick employee.
2. Matt Kelly looks cybersecurity and the state of proposed new rules from the SEC governing the conduct of public companies which sustain a cyber breach. Kelly rants about West Virginia Senator Joe Manchin opposes electric cars because customers would have to wait too long at charging stations for batteries to be replaced (electric car batteries are recharged not replaced).
3. Jonathan Armstrong looks at the increase in cyber-attacks and ransomware demands and a GDPR enforcement action involving Tucker’s. Armstrong shouts out to TV show editor Marina Ovsyannikova who on live TV in Moscow, stood up to the President Putin by holding a sign which said, “Russian: “Don’t believe the propaganda. They’re lying to you here.” In English it said: “No war … Russians against war.”
4. Tom Fox discusses the recent District Court decision in the Coburn case and what it means for all involved; the DOJ, companies under FCPA investigation and counsel who perform internal investigations. Fox rants about Texas AG Ken Paxton who once again disobeyed a District Court injunction forbidding the state of Texas from investigating the parents of transgender teens for child abuse.
The members of the Everything Compliance are:
• Jay Rosen– Jay is Vice President, Business Development Corporate Monitoring at Affiliated Monitors. Rosen can be reached at JRosen@affiliatedmonitors.com
• Karen Woody – One of the top academic experts on the SEC. Woody can be reached at kwoody@wlu.edu
• Matt Kelly – Founder and CEO of Radical Compliance. Kelly can be reached at mkelly@radicalcompliance.com
• Jonathan Armstrong –is our UK colleague, who is an experienced data privacy/data protection lawyer with Cordery in London. Armstrong can be reached at jonathan.armstrong@corderycompliance.com
• Jonathan Marks is Partner, Firm Practice Leader – Global Forensic, Compliance & Integrity Services at Baker Tilly. Marks can be reached at jonathan.marks@bakertilly.com
The host and producer, ranter (and sometime panelist) of Everything Compliance is Tom Fox the Voice of Compliance. He can be reached at tfox@tfoxlaw.com. Everything Compliance is a part of the Compliance Podcast Network.
Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week, Matt and Tom take a look at the proposed SEC climate change risk disclosure regulations released on Monday. Highlights include:
- The history of this issue.
- Is the SEC over-reaching?
- Why climate change regulations only? What about a broader set on ESG?
- The role of internal controls, audit and oversight.
- What does all this mean for the compliance function?
Resources
Matt Kelly in Radical Compliance
In today’s edition of Daily Compliance News:
· Why is Gotham City so corrupt? (MovieWeb)
· SEC announces climate change risk disclosure regs. (Kerrville Daily Times)
· Anti-corruption judge from Guatemala resigns and flee country. (NBC)
· Sunny Balwani trial begins. (WSJ)
In today’s edition of Daily Compliance News:
- Ethisphere announces 2022 World’s Most Ethical Companies. (Ethisphere Press Release)
- Interpol has new center to fight financial crimes. (OCCRP)
- SEC Commissioner Lee to step down. (Reuters)
- Big 4 under regulatory scrutiny. (WSJ)
In this episode of the FCPA Compliance Report, I am joined by Professor Karen Woody from Washington & Lee Law School. We discuss the recent filing by attorneys for Elon Musk and Tesla to revoke the previously agreed to Consent Decree over his 2018 tweets about taking Tesla private at $420 per share and then withdrawing it a week later. Highlights in include:
· What is the legal basis for the Motion?
· Can a court hear an equitable claim for a regulatory consent decreed?
· What is the remedy Musk is seeking?
· What about his $20MM fine, which has been paid?
· Is the SEC harassing Musk for alleging violations of the Consent Decree?
Resources
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.
