On March 6, 2019, the U.S. Commodity Futures Trading Commission’s (the “Commission” or “CFTC”) Enforcement Division published an advisory (the “Advisory”) which discussed the implications of self-reporting and cooperation for violations of the Commodity Exchange Act (“CEA”) that involve foreign corrupt practices. The Advisory marks the first time the CFTC has expressed its intention to … Continue Reading
On October 26, 2018, China enacted the International Criminal Judicial Assistance Law. This law imposes additional procedures relating to the provision of judicial assistance in criminal matters between China and other countries. Our Asia Investigations team considers the key provisions of the law, its potential impact on internal investigations by foreign companies operating in China, … Continue Reading
On 5 March, Reed Smith will welcome in-house counsel at pharmaceutical, medical device, and health companies to join a roundtable discussion on how to identify and mitigate risk. Our Government Investigations partners Rosanne Kay and Eoin O’Shea will speak on a panel “Global Investigations of Companies and their People: A Look at Current Issues through … Continue Reading
Earlier this year, the Indian parliament made significant amendments to the Prevention of Corruption Act (the “PCA”). The PCA is the primary Indian law that addresses corruption in government agencies and public sector businesses in India. These updates to the Act impact how companies with operations in India manage corrupt activity. Read our summary of … Continue Reading
The first half of 2018 saw a number of significant changes to the Chinese anti-corruption regime, including amendments to the Anti-Unfair Competition Law and formation of new anti-corruption regulatory bodies. Amidst an anti-corruption campaign in China that continues to gain traction, companies operating in the country should continually evaluate whether current business models run afoul … Continue Reading
Following the much-publicized US$422 million trilateral Keppel Offshore & Marine resolution, Singapore has introduced a DPA framework. The resolution was reached in late 2017 to settle anti-corruption charges posed by regulators in the United States, Brazil and Singapore. As part of the resolution, KOM entered into a deferred prosecution agreement with the United States’ Department … Continue Reading
The lower house of the Malaysian parliament has recently passed amendments to Malaysia’s anti-corruption law. The most high profile of these amendments is the introduction of corporate liability into Malaysian anti-corruption laws. Before this amendment, the Malaysian Anti-Corruption Commission Act (MACCA), which is the primary anti-corruption legislation in Malaysia and was enacted in 2009, was … Continue Reading
U.S. Commodity Futures Trading Commission (“CFTC”) shook things up in 2016 with new theories and fresh interpretations of the law. Along with this came hefty fines reaching up to $1.2 billion in total. CFTC wasn’t the only regulatory group handing out large fines but the National Futures Association (“NFA”) also collected around $700,000. Between the … Continue Reading
French parliamentarians are considering landmark anti-corruption laws that would be a considerable breakthrough for those in the fight against corruption. The French Constitutional Council must vote on the legislation within one month, and even if it is ruled invalid there are steps to be taken to keep the legislation alive. Some of the changes include … Continue Reading
On December 6, 2016, the U.S. Supreme Court issued its long-awaited ruling in Salman v. United States. In a unanimous opinion, the Supreme Court adhered to its 1983 decision in Dirks v. SEC, 463 U.S. 646, and held that a tippee is liable for trading on inside information when the tipper “personally will benefit directly, … Continue Reading
After being called upon by the Organisation for Economic Co-operation and Development to strengthen its anti-corruption efforts, France recently examined draft legislation which would do exactly that. While discussions before the French Parliament are not expected to begin for a few months, the implications of this legislation are expansive, and represent a revolution in French anti-corruption … Continue Reading
On January 27, 2016, Transparency International released its 2015 update to its annual “Corruption Perceptions Index” (“CPI”), an important resource for corporate anti-corruption compliance efforts. In total, 168 countries and territories around the globe were rated based on the perception of public sector corruption. For a summary of this year’s CPI, and for Reed Smith’s … Continue Reading
On 30 November, an English court approved the first Deferred Prosecution Agreement (DPA). This DPA also coincided with the first time that the Serious Fraud Office had charged the “failure to prevent bribery” offence under section 7 of the Bribery Act. The DPA was agreed between the SFO and Standard Bank in relation to allegations … Continue Reading
Sally Yates of the U.S. Department of Justice (“DOJ”) recently issued a memorandum detailing the DOJ’s increased commitment to pursue individuals engaged in corporate wrongdoing. The memo will likely affect the manner in which companies conduct internal investigations and interact with government prosecutors. Companies should take their current D&O insurance policies into consideration, as this … Continue Reading
The conviction of Tom Hayes in the first UK LIBOR trial (click here to read more) is a watershed moment. It’s a big win for the SFO, although it must be said that a more damning book of evidence could not be imagined. The judge’s sentencing remarks (link to judiciary.gov.uk) repay detailed study. Hayes received … Continue Reading
On July 7, 2015, attorneys general from 47 states and territories sent a letter to Congressional leaders urging them to consider federal data breach notification legislation that does not preempt the states. The move comes on the heels of a data breach announcement made by the Office of Personnel Management, and renewed interest on the … Continue Reading
On June 3, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a $75 million penalty against a Northern Mariana Islands casino for Bank Secrecy Act violations – the largest-ever FinCEN penalty assessed against a casino. FinCEN’s announcement follows an investigation of the casino, Hong Kong Entertainment (Overseas) Investments, Ltd., d/b/a Tinian Dynasty Hotel & … Continue Reading
On May 19, 2015, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) filed a complaint and proposed consent order against PayPal, Inc. and its subsidiary Bill Me Later, Inc. (collectively, “PayPal”) in the U.S. District Court for the District of Maryland. If the court approves, the settlement will require PayPal to pay $15 million in … Continue Reading
A number of banks have agreed record settlements with regulators in relation to forex. These fines were paid by the banks themselves, as opposed to the traders involved, and the position of the individual, in the UK at least, is very different from the banks – to learn more, please click here to read the … Continue Reading
Reed Smith has closely followed State AGs’ interest and activities of in the areas of privacy and cybersecurity and recently blogged on a major NAAG (National Association of Attorneys General) conference in April on these topics. That conference, sponsored by the Mississippi AG, was meant to educate AGs – most of whom are the elected … Continue Reading
From 3 May 2015, businesses in the UK will face new risks as a reform in the law will mean that those enabling the criminal activities of an organised crime group, including professionals, can be prosecuted more easily. It is important that all businesses are alive to the risk of not asking questions, or of … Continue Reading
A former professional football player, Delroy Facey, has been convicted and imprisoned for offences under the UK Bribery Act. The BBC reports the conviction and sentence here. If you love sport it’s a sad story. Facey was a decent striker who, at one time, was considered good enough to play for Bolton Wanderers, then in … Continue Reading
As of April 1, 2015, the Financial Conduct Authority (FCA) has acquired new functions and powers in relation to competition including powers under the Enterprise Act 2002 (the 2002 Act) to conduct market studies and make references to the Competition and Markets Authority (CMA), and powers under the Competition Act 1998 (the 1998 Act) to … Continue Reading
Class actions – which are progressively becoming part of the legal landscape in France as “actions de groupe” – will probably soon be extended to personal injury claims against health products manufacturers, suppliers or service providers using health products. On March 17, 2015, a new bill proposal was issued, advocating the creation of a class … Continue Reading
