Auditors of public companies will be required to move beyond a simple “pass or fail” opinion and include significant new information in audit reports under rules proposed this year by the Public Company Accounting Oversight...more
Ending months of speculation about when regulators would wade into the world of Bitcoin and other digital currencies, the U.S. Securities and Exchange Commission (“SEC”) recently brought its first enforcement actions against...more
10/13/2017
/ Blockchain ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Enforcement Actions ,
Financial Markets ,
Initial Coin Offering (ICOs) ,
Initial Public Offering (IPO) ,
Ponzi Scheme ,
Popular ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Token Sales ,
Unregistered Securities ,
Virtual Currency
On September 7, 2017, Equifax, one of the country’s three primary credit reporting bureaus, announced it had suffered a major cybersecurity breach that could potentially affect half of the U.S. population. According to the...more
9/25/2017
/ Class Action ,
Corporate Counsel ,
Credit Reporting Agencies ,
Cyber Attacks ,
Data Breach ,
Disclosure Requirements ,
Equifax ,
Hackers ,
Identity Theft ,
Non-Public Information ,
Personally Identifiable Information ,
Popular ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Securities Violations
Legislation passed by the U.S. House of Representatives threatens to shake up the Securities and Exchange Commission’s enforcement program in a historic manner....more
6/12/2017
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Dodd-Frank ,
Enforcement Actions ,
Financial Institutions ,
Financial Regulatory Reform ,
Government Investigations ,
Pending Legislation ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Wells Notice ,
White Collar Crimes
Even before President Trump’s nomination of Jay Clayton as the next Chairman of the Securities and Exchange Commission (“SEC” or “Commission”), signs have been appearing that changes are afoot within the Division of...more
3/7/2017
/ Administrative Appointments ,
Anti-Bribery ,
Anti-Corruption ,
Deregulation ,
Dodd-Frank ,
Enforcement Actions ,
Executive Orders ,
Financial Institutions ,
Financial Markets ,
Financial Services Industry ,
Foreign Corrupt Practices Act (FCPA) ,
Proposed Legislation ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Trump Administration
In a settlement highlighting the need for public companies to implement – and adhere to – effective internal controls, United Airlines “United” recently paid a $2.4 million civil penalty to the Securities and Exchange...more
12/8/2016
/ Airlines ,
Airports ,
Anti-Corruption ,
Bribery ,
Civil Monetary Penalty ,
Corporate Counsel ,
Corruption ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Internal Controls ,
Non-Prosecution Agreements ,
Personal Benefit ,
Port Authority ,
Public Officials ,
Quid Pro Quo ,
Securities and Exchange Commission (SEC) ,
Transportation Industry ,
United Airlines ,
White Collar Crimes
After a conventional presidential campaign, determining the policy priorities and direction of the incoming administration with respect to the Justice Department’s white collar law enforcement responsibilities can be a...more
11/30/2016
/ Affordable Care Act ,
Anti-Bribery ,
Bribery ,
BSA/AML ,
Corruption ,
Cybersecurity ,
Decriminalization of Marijuana ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Export Controls ,
False Claims Act (FCA) ,
FBI ,
Foreign Corrupt Practices Act (FCPA) ,
Generic Drugs ,
Healthcare ,
Healthcare Fraud ,
Medical Marijuana ,
National Security ,
Non-Prosecution Agreements ,
Office of Foreign Assets Control (OFAC) ,
Pharmaceutical Industry ,
Popular ,
Prescription Drugs ,
Regulatory Oversight ,
RICO ,
Securities and Exchange Commission (SEC) ,
Surveillance ,
White Collar Crimes
In late September 2016, Andrew Ceresney, Director of Enforcement of the Securities and Exchange Commission (“SEC”), signaled the SEC’s renewed focus on the key role played by audit committee members and external auditors as...more
11/7/2016
/ Accountants ,
Accounting Controls ,
Accounting Fraud ,
Audit Committee ,
Auditors ,
Earnings Reports ,
Enforcement Actions ,
Ernst & Young ,
GAAP ,
PCAOB ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
White Collar Crimes
Amendments to the Rules of Practice Do Little to Address Criticism that the Deck is Stacked -
Facing pressure from industry practitioners and in the wake of constitutional challenges in multiple jurisdictions, the...more
8/8/2016
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Appointments Clause ,
Article II ,
Consumer Protection Act ,
Dodd-Frank ,
Due Process ,
Enforcement Actions ,
Federal Rules of Civil Procedure ,
Federal Rules of Evidence ,
Hearsay ,
Rules of Practice ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Seventh Amendment ,
White Collar Crimes
Citing the ongoing risk of terrorist and cyber-attacks, the 2008 financial crisis, and Hurricanes Katrina and Sandy, the Securities and Exchange Commission (“SEC”) has issued proposed rules under the Investment Advisers Act...more
7/1/2016
/ Business Continuity Plans ,
CFTC ,
Disclosure Requirements ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Companies ,
National Futures Association ,
Policies and Procedures ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC)
On May 19, 2016, the United States Attorney’s Office for the Southern District of New York and the Securities and Exchange Commission (“SEC”) announced insider trading charges against Las Vegas sports bettor William (“Billy”)...more
On October 6, 2015, the UK Financial Conduct Authority (“FCA”) issued final rules formalizing whistleblower procedures to be implemented by certain banks, building societies, credit unions, investment firms, and insurance and...more
10/16/2015
/ Anti-Retaliation Provisions ,
Banking Sector ,
Banks ,
Credit Unions ,
Final Rules ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Insurance Industry ,
Investment Firms ,
Popular ,
Prudential Regulation Authority (PRA) ,
Regulatory Standards ,
Reinsurance ,
Securities and Exchange Commission (SEC) ,
Whistleblower Awards ,
Whistleblower Protection Policies ,
Whistleblowers