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
The U.S. Securities and Exchange Commission (“SEC”) recently provided issuers with a reminder of the potential for enforcement for insufficient cybersecurity. The SEC continues to emphasize the importance of measures such as up-to-date compliance and incident response programs in order to maintain the integrity of the capital market system, and a recent Report of Investigation … Continue Reading
The Department of Justice and Federal Trade Commission have revised the Antitrust Guidelines for International Enforcement and Cooperation after twenty years. These revisions, effective on January 13th, 2017, stress the need for collaboration between competition agencies in a globalized economy. To read more about the guidelines please click here.… 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
As disclosed recently in a bankruptcy court filing, on January 27, 2015, the Financial Crimes Enforcement Network (“FinCEN”) imposed a $10 million civil money penalty pursuant to the Bank Secrecy Act (the “BSA”) on Trump Taj Mahal Associates LLC. Trump Taj Mahal consented to the imposition of the penalty (subject to the bankruptcy court’s approval) … Continue Reading
The Securities and Exchange Commission’s (“SEC”) power to obtain documents from U.S. companies and their auditors is a key component of its mandate to protect the marketplace from fraud. But what happens when the exercise of that power conflicts with the civil and criminal laws of another country? In the case of the SEC seeking … Continue Reading
This post was also written by Terence Healy. Yesterday, the SEC instituted administrative proceedings against the Chinese affiliates of the “Big Four” accounting firms and BDO related to audits they conducted at nine Chinese companies. At issue is the accounting firms’ “willful refusal” to provide audit work papers and other materials the Commission seeks in its … Continue Reading
This post was written by Amy J. Greer. Once again, Judge Jed Rakoff has proven to be a thorn in the side of the SEC, rejecting the agency’s $285 million settlement with Citigroup Global Markets. While Judge Rakoff’s opinions are always a good read: sharp, well written, and to the point – and this one … Continue Reading
This post was written by Amy J. Greer. After his conviction on 14 counts of securities fraud and conspiracy in what has been described as the biggest insider trading case ever – and, by his defense counsel, John Dowd as a “victory,” since he didn’t get convicted on all counts – today Galleon founder Raj … Continue Reading
This post was written by James A. Rolfes. Last week, the Washington Post reported the SEC had rejected a proposed settlement of SEC’s landmark case seeking enforcement of the so-called “clawback” of executive compensation under Sarbanes Oxley Section 304. See Hilzenrath, D., Washington Post July 20, 2011, SEC Rejects Proposal. In SEC v. Jenkins, No. … Continue Reading
The Financial Services Authority (“FSA”) recently announced its intention to carry out a thematic investigation of the policies and procedures that investment banks have in place to prevent their staff and agents from paying or receiving bribes. Click here for the full speech. This coincides with the coming into force of the Bribery Act 2010 … Continue Reading
This post was written by Amy J. Greer. The verdict is in – finally. Guilty on all counts. We’ll have more on that later, as will many people, no doubt. But for those who wondered what took the Rajaratnam jury so long, I think it’s worth a reminder that, while the evidence in the case … Continue Reading
This post was written by Amy J. Greer. At the recent SEC Speaks conference, the recounting of a particular SEC Enforcement action caught my attention and I thought it particularly worthy of note, since most of us who practice in this area believe – with pretty good reason and a whole lot of evidence – … Continue Reading
The waiting is over! At last the UK Ministry of Justice has published guidance about procedures which commercial organisations can put into place to prevent persons associated with them from bribing. The Act will now come into force on 1 July 2011. The guidance offers non-prescriptive procedures and commentary on the scope of the Act. … Continue Reading
Two former directors of engineering firm Mabey & Johnson received custodial sentences today, having been found guilty earlier this month of inflating the prices paid under humanitarian contracts to provide steel bridges to ensure that kickbacks of over Euros 420,000 could be paid to Saddam Hussein’s government. The directors, Charles Forsyth and David Mabey, who … 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 Anne Borkovic. Who knew that gecko was mixed up with such unsavory characters? On June 3, 2010, the U.S. Treasury, Office of Foreign Assets Control (“OFAC”) announced that GEICO General Insurance Company paid $11,000 to settle allegations that, from approximately September 2006 to June 2007, it provided a car insurance … 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
