This post was written by James A. Rolfes. Last week, the Tenth Circuit Court of Appeals, in a matter of first impression, held that a life insurance company sales agent, who referred to himself as a Financial Services Representative (FSR), did not have to fulfill the fiduciary duties imposed on investment advisers under the Investment … Continue Reading
The Director of the Serious Fraud Office (SFO), Richard Alderman, gave a speech yesterday about the Bribery Act which touched on many practical issues and further guidance to be issued. The speech covered: Prosecution guidance – this should be issued by Mr Alderman and the UK Director of Public Prosecutions at the same time as … Continue Reading
The implementation of the UK Bribery Act has been delayed, the UK Ministry of Justice has confirmed today. The Act was due to be implemented in April 2011, three months after guidance was to be published about the “adequate procedures” firms should have in place to prevent bribery. It was originally thought that the guidance … Continue Reading
This post was written by James A. Rolfes. The Second Circuit Court of Appeals recently ruled that a corporation could not indemnify its CEO or CFO against liability arising under Sarbanes Oxley Act Section 304. The so-called Section 304 “clawback” provision requires a public company’s CEO and CFO to return bonuses, other equity-based incentive compensation … Continue Reading
On October 15, 2010, the Department of Defense (“DoD”) issued a final rule implementing Section 703 of the National Defense Authorization Act (“NDAA”). In this rule DoD takes the position that the NDAA requires pharmaceutical manufacturers to provide discounted drug prices based on the Veterans Health Care Act’s (“VHCA’s”) Federal Ceiling Price (“FCP”), for covered drugs … Continue Reading
This post was written by Simon Hart. Eight weeks and counting. That is the period that the UK’s Ministry of Justice has given for responses to their consultation paper on the guidance which will be published by the Government as to what might constitute “adequate procedures” for companies who might find themselves relying on the … Continue Reading
This post was written by Richard Waite. The UK’s main competition authority, the OFT, appears to be gearing itself up to make greater use of its powers to target individuals involved in anti-competitive practices in the UK. Individuals have faced the threat of enforcement action in the UK since 2003, in the form of disqualification … Continue Reading
This post was written by Amy Greer. Recently, I had the opportunity to moderate a panel hosted by the Pennsylvania Bar Institute on which Daniel M. Hawke, the Chief of the SEC’s new Market Abuse Unit and Regional Director of the SEC’s office in Philadelphia, participated. Dan and I worked together for several years, while … Continue Reading
This post was written by George Brown, Matt Stone, Simon Hart, Sarah Wolff, and Jim Sanders. The Bribery Act 2010 (the “Act”) which recently was passed by Parliament has far-reaching implications for any business which is either registered in the UK or which has any part of its operation in the UK. The breadth and importance … Continue Reading
