Tag: SEC

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Compliance Into the Weeds

A Punch in the Face to SEC Enforcement?


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 deep dive into a recent speech by SEC Commissioner Caroline Crenshaw on a new philosophy in SEC financial penalty enforcement.
Some of the issues we consider are:

  • Who is SEC Commissioner Caroline Crenshaw?
  • What was the 2006 policy regarding enforcement priorities?
  • What changes did Commissioner Crenshaw propose?
  • What about the timing of the remarks?
  • Is this a response to the Supreme Court decision in Lui?
  • What does this mean for compliance officers?

Resources
Matt’s blog post on Radical Compliance:
SEC Enforcement Speech, Umm Wow 
2006 SEC Enforcement Policy Statement

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Compliance Into the Weeds

The SEC and Climate Disclosures


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 deep dive into the recent announcement by the SEC that it would start paying more attention to companies’ climate change disclosures.  Some of the issues we consider are:

  • What did acting Chairman Allison Herren Lee announce?
  • A review of the 2010 Climate Guidance
  • What changes might be in the offing?
  • What will the SEC process be going forward?
  • What frameworks might the SEC use as a guide?
  • What does this mean for the compliance function?
  • What are the compliance lessons? 

Resources
Matt’s blog post on Radical Compliance:
SEC Fires Warning Shot on Climate Disclosure

Categories
Daily Compliance News

December 31, 2020-Lay ‘Em Off edition


In today’s edition of Daily Compliance News:

  • SEC may get its disgorgement back. (NPR)
  • Alaska Airlines to clamp down on emotional support animals. (NYT)
  • GE lays off thousands, CEO gets $47MM bonus. (WaPo)
  • Petrobras receives $45MM from with Vitol. (Reuters)
Categories
Daily Compliance News

November 17, 2020-Jay, We hardly Knew Ye edition


In today’s edition of Daily Compliance News:

  • Another college bribery scandal-this time Harvard. (WSJ)
  • Jay Clayton says he will step down. (WSJ)
  • What would a Biden China policy look like? (NYT)
  • Did Google plan a personal attack on EU Commissioner? (FT)
Categories
This Week in FCPA

Episode 216 – the 1MDB Moves Towards Resolution edition

 
As the international fight against corruption took two small steps forward this week in the 1MDB case, Tom and Jay brave the surge in Covid cases by staying safe at home. They are back to look at top compliance articles and stories which caught their eye this week.

  1. Goldman Sachs settles with Malaysia for nearly $4bn. Ben Otto and Chester Tay report in the WSJ. Former Malaysia PM convicted in 1MDB scandal, Harry Cassin reports in the FCPA Blog.
  2. Mike Volkov reports on two big enforcement actions in Pharma. Indivior and illegal marketing of opioid products. Taro Pharma and price-fixing.
  3. What are the shared elements in a best practices compliance program? Jaclyn Jaeger explores in Compliance Week. (sub req’d)
  4. How can you test your hotline? Matt Kelly explores on Radical Compliance.
  5. Why is Germany soft of corporate crime? Dick Cassin considers in the FCPA Blog.
  6. Whistleblower management in the EU. Frank Staelens in CCI.
  7. How can you audit AI? James Bone explores in CCI.
  8. What should be the goal of effective internal controls? Alex Movchan interviews Edmund Sanders in Risk and Compliance Platform Europe.
  9. This month on The Compliance Life, I am joined by Scott Sullivan, Chief Integrity and Compliance Officer at Newport Mining. In Part 1, we discussed the need for empathy in a CCO. In Part 2, we looked at reading the tea leaves and staying ahead of the (corp) wolf pack. In Part 3, we considered who a CCO needs on their compliance team. In this concluding Part 4, we look at the CCO and compliance function down the road.
  10. AMI week on Compliance and Coronavirus as Jerry Coyne discusses telemedicine and Covid-19, Don Stern on how Covid-19 will impact federal prosecutors and Mikhail Reider-Gordon compliance issues during the business reopenings.
  11. On the Compliance Podcast Network, Tom concludes the topic of 3rd party risk management. This week saw the following offerings: Monday-freight forwarders; Tuesday– risk ranking in the Supply Chain; Wednesday-data and 3rd party risk management (Vin DiCianni as guest); Thursday-enforcement actions; and Friday-wrap up. The month of July is being sponsored by Affiliated Monitors. Note 31 Days to a More Effective Compliance Program now has its own iTunes channel. If you want to binge out and listen to only these episodes, click here.  Join us in August for the role of the Board of Directors.
  12. Upcoming Webinars:

K2-FIN, Windward, and C4ADS Webinar—New Sanctions Developments in the Maritime Sector: UK Sanctions Shipping Guidance and Venezuelan Shipping in Focus, August 5, 2020 at 10:45 to 11:45 AM EST; with Juan Zarate and Eric Lorber. Registration and Information here.
Tom Fox is the Compliance Evangelist and can be reached at tfox@tfoxlaw.com. Jay Rosen is       Mr. Monitor and can be reached at jrosen@affiliatedmonitors.com.

Categories
Compliance and Coronavirus

Don Stern on US Enforcement Agencies During the Time of Covid-19


Welcome to the newest addition to the Compliance Podcast Network, Compliance and Coronavirus. In this episode, I visit with Don Stern who is Managing Director of Corporate Monitoring & Consulting Services. In this role, Stern oversees the company’s corporate monitoring programs across a spectrum of industries: corporate, healthcare, financial services, environmental and others. Stern is the former United States Attorney for the District of Massachusetts. We discuss how the enforcement agencies such as the Department of Justice, Securities and Exchange Commission and US Attorneys are responding to the pandemic and in particular any crimes, fraud and financial abuses arising out of the crisis.
Some of the highlights include:

  • What are some of the key government initiatives during Covid-19?
  • What will be the cadence of enforcement during the summer of 2020 and through the rest of the year?
  • Has self-reporting become even more important during Covid-19?

For me information check out the Affiliated Monitors website here.

Categories
Daily Compliance News

March 28, 2020-the Will Lloyd’s Pay Out edition


In today’s edition of Daily Compliance News:

  • Dutch bank loses 10% of value on one trader. (FT)
  • SEC gives more time to filers. (WSJ)
  • BP to draft shareholder resolution on climate change. (WSJ)
  • Will Lloyd’s pay out? (FT)
Categories
FCPA Compliance Report

Karen Woody on the SEC year in FCPA Enforcement

In the Episode, I visit with Karen Woody, Assistant Professor of Law at Washington and Lee. Karen was in private practice for many years before going into Academia. She specializes in the SEC and issues around the Commission. Some of the highlights include:

  • Karen moved this year from the Indiana University-Kelly School of Business to the Law School at Washington and Lee. We discuss some of the differences in teaching at a law school as opposed to a business school.
  • Karen assesses the SEC’s overall year in FCPA Enforcement.
  • Karen highlights some of the key SEC FCPA enforcement actions over the past year.
  • She provides insights into the upcoming Supreme Court consideration of Lui and Wang attack on profit disgorgement.
  • We consider SEC Chairman Clayton’s backing off on his attempt to cut whistleblower awards. Why did it fail?
  • Woody highlights some of the SEC enforcement areas she is paying the most attention to going forward.
  • We conclude with a look into the veiled land of the future and what Woody expects to see from the SEC in 2020.

Resources
Scholarly papers from Karen Woody, click here.

Categories
Daily Compliance News

November 29, 2019, the I Ate Too Much edition

In today’s edition of Daily Compliance News:

  • Deloitte chief in Switzerland fired over ethical lapses. (FT)
  • What do riots in Hong Kong mean for BODs? (FT)
  • Baseball close to new opioid policy. (WSJ)
  • Should convicted fraudsters be allowed to keep their ill-gotten gains? US SCt to decide. (NYT)
Categories
This Week in FCPA

Episode 181-the Fishy Letters edition

SEC Chair Jay Clayton is reduced to having a PR firm create fake investor comments to support a SEC rule change. The Astros cheating scandal gets worse. As Tom worries MLB might take away his replica World Series Championship Trophy and Jay consoles him about when a team cheats and wins, they turn to some other of this week’s top compliance and ethics stories which caught their collective eyes.

  1. Using the same defense as Hoskins, Boustani admits bribery and corruption in Mozambique Tuna Boat case. Will it work out any better for him? Steward Bishop and Frank Runyeon in Law360. (Sub Req’d)
  2. SEC whistleblower tips go down for the first time. Kristen Broughton in the WSJ Risk and Compliance Journal. Kevin LaCroix sees it otherwise, on the D&O Diary.
  3. Jay Clayton gins up fake written comments to support regulation change. Zachary Mider and Ben Elgin report in Bloomberg.
  4. Former Keppel Offshore lawyer sentenced to time served. Dick Cassin reports in the FCPA Blog.
  5. Why punishing the bribe takers is equally important as punishing the bribe payors? Matthew Stephenson explains it all in the Global Anti-Corruption Blog.  
  6. Does an aggressive position in a Wells submission hurt a company in a SEC enforcement action? Lawyers from Simpson Thatcher explore in NYU’s Compliance and Enforcement Blog.
  7. What is ‘enforcement fatigue’ and how did Alstom overcome it? Dylan Tokar reports in the WSJ Risk and Compliance Journal.
  8. of Treasury bringing more sanctions cases against shipping companies. Kristin Broughton reports in the WSJ Risk and Compliance Journal.
  9. What will risk and compliance look like in 2020? David Banks considers in Navex Global’s Ethics & Compliance Matters blog.
  10. How does M&A benefit from an independent assessment? Jay continues his series on CCI.
  11. What are the implications of Gen Z on the front lines of compliance? Gaurov Kapoor explores in CCI.
  12. Recent FCPA enforcement actions shows the SEC will use FCPA Accounting Provisions to hold a company liable for ineffective AML controls. Clay Porter in the National Law Review.
  13. Navex’s Loren Johnson joins the podcast to talk about Navex Global’s 2020 Benchmarking Survey.You can participate in Navex Global’s annual survey by clicking here.

Tom Fox is the Compliance Evangelist and can be reached at tfox@tfoxlaw.com. Jay Rosen is Mr. Monitor and can be reached at jrosen@affiliatedmonitors.com.
For more information on how an independent monitor can help improve your company’s ethics and compliance program, visit our sponsor Affiliated Monitors at www.affiliatedmonitors.com.