Capital Hill continued to debate
market reform this week with the introduction of the Volker Rule bill in the
Senate. SEC enforcement focused on resolving financial fraud and Ponzi scheme
cases, while the appellate section at FINRA reversed a panel...
The line between civil and criminal
violations of the securities laws is, at best, difficult to discern. That
difficulty is compounded by the increasing criminalization of the federal
securities laws. In some instances, this had led to overreaching...
In a 2008
speech to the Texas General Counsel Forum, former United States Deputy Attorney
General Paul McNulty provided his perspective on Foreign Corrupt Practices Act (FCPA)
compliance investigations and the Department of Justice (DOJ) enforcement...
There is an ongoing debate in the compliance arena as to
whom a Chief Compliance Officer (CCO) should report. Should the CCO report to
the Board of Directors or appropriate Board committee such as an Audit
Committee or Compliance Committee? Or can...
My primary objective on this blog is to address important developments
in with world of directors' and officers' liability as they occur. From time to
time, however, readers contact me with more fundamental questions about
From the SEC's press release alleging
that a former director at UBS shared inside information via "coded" e-mails
with college friends:
thought it was clever to use code words such as frequent flyer miles and
On Capital Hill, the debate
continues regarding financial reform, as CFTC Chairman Gary Gensler continued
to champion new regulation for OTC derivatives. The SEC brought another case in
its on-going investigation regarding kickbacks relating to the...
I was only away from the office for
a few days last week, but while I was away, an absolute cascade of dismissal
motion rulings in subprime and credit crisis-related securities cases arrived.
A number of the rulings were sufficiently favorable to the...
The recession has lessened and all that cash your Company has been hoarding for the rainy days of the Obama years is burning a whole in your CEO’s pocket. He has his powder dry and is ready to make a big bang by going on a buying spree, targeting...
Tfoxlaw is an avid baseball fan. As a child, he was taught how to keep score at professional baseball games by his Grandfather. This had two effects. The first was immediate; it kept him quiet at ballgames. The second is more long term; he continues to...
What does Robert Kennedy have to do with the Foreign Corrupt Practices and how has a nearly 50 year old statute aimed at US based organized crime now impacted the FCPA? It turns out quite a bit and perhaps it will be quite a bit more in significantly...
by Halle R. Alexander, Bruce H. Giles-Klein, and John
Overdorff of Greenberg Traurig
On May 26, the Securities and Exchange Commission (SEC)
unanimously approved amendments to its Rule 15c2-12 that will expand the
continuing disclosure obligations...
It appears that
the UK Bribery Bill, introduced in March 2009, made it out of Parliament before
the upcoming general election. The Bribery Bill is a significant departure for
the UK in the area of foreign anti-corruption. It is significantly stronger...
Assistant Attorney General
for the Criminal Division of the U.S. Department of Justice (DOJ), Lanny Breuer
gave the final day's keynote speech at the Compliance Week 2010 Conference .
Many of his remarks were directed at the ethics and compliance...
On November 1, 2012, in what is the first lawsuit the FDIC has filed as part of the current bank failure wave against a failed bank's accountants, the FDIC, as receiver for the failed Colonial Bank, has filed an action in the Middle District of Alabama...
Periodically, there have been calls to merge the
SEC and the Commodity Futures Trading Commission (CFTC). As the market crisis unfolded, for
example, former Treasury Secretary Henry Paulson proposed reforms which
included merging the SEC and the CFTC...
For over a year an a half, there has been on-going effort
to rejuvenate SEC enforcement. Enforcement has new personnel, new organization
and new initiatives. During this process the SEC's market crisis investigations
have yielded some significant...
On September 9, 2010, Chancellor Chandler issued his
much-anticipated post-trial decision in eBay Domestic Holdings, Inc. v.
Newmark, et al ., C.A. No. 3705-CC, which involved a dispute between eBay
and craigslist regarding a poison pill, staggered...
In this Part III I will focus on the costs of
incorporation and annual fees and taxes to determine which state out of three
is the least expensive. I will take a look at the privacy laws of the three
states, since privacy is a major concern for business...
The FCPA and foreign bribery
continue to be a key focus of DOJ. On Tuesday, a
privately-held U.S. export company along with its founder and one of its
employees pleaded guilty to conspiracy, violations of the FCPA and the Travel
Act and money laundering...
From March Mealey’s Emerging Securities Litigation
NEW YORK — The Tremont Group Holdings Inc. on Jan. 22 moved to consolidate in the U.S. District Court for the Southern District of New York under Judge Sidney Stein all of the actions...
In Jones v. Harris
Associates, L.P. , the U.S. Supreme Court last week decided an issue
involving the fiduciary duty of investment advisors. Many legal
scholars have already started to comment on this decision, e.g. here ,
WASHINGTON, D.C. - (Mealey's) In what is being called the
largest ever penalty against an exchange, Nasdaq will pay a $10 million penalty
to the Securities and Exchange Commission to settle claims that it violated
federal securities laws as a result...
Previously, I summarized the Securities and Exchange Commission’s implementing regulations of Title II of the JOBS Act , lifting the ban on general solicitation for offerings exempt under Rule 506 of Regulation D, which were finalized on July 10...
enforcement of the Foreign Corrupt Practices Act (FCPA) be suspended for those
US companies now working in Haiti? This topic has been in discussion for a few
weeks. It began with a statement by Wall Street Journal editorial board member