In response to compliance officer personal liability concerns and increasing SEC regulations, Commissioner Peirce proposed the creation of a compliance advisory committee, which would bring together SEC regulators and...more
11/4/2024
/ Advisory Committee ,
Compliance ,
Continuing Legal Education ,
Corporate Misconduct ,
Corporate Officers ,
Criminal Liability ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Investment Adviser ,
Liability ,
Personal Liability ,
Securities and Exchange Commission (SEC) ,
State Bar Associations
Adding to federal prosecutors’ tool kit in fighting global corruption, on December 14, 2023, Congress passed with bipartisan support, the Foreign Extortion Prevention Act (FEPA). As part of the National Defense Authorization...more
1/5/2024
/ Amended Legislation ,
Biden Administration ,
Bribery ,
Compliance ,
Corruption ,
Criminal Liability ,
Department of Justice (DOJ) ,
Extortion ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Official ,
Jurisdiction ,
National Security ,
NDAA ,
Public Officials ,
Transparency
On May 1, 2023, the New York State Department of Financial Services (DFS or Department) issued a consent order (Consent Order), imposing a $1.2 million fine on bitFlyer USA, a cryptocurrency trading platform and custodial...more
5/17/2023
/ BitLicense ,
Compliance ,
Consent Order ,
Crypto Exchanges ,
Cryptocurrency ,
Cybersecurity ,
Enforcement Actions ,
Enforcement Priorities ,
Financial Regulatory Agencies ,
Licenses ,
Licensing Rules ,
NYDFS
In a March 3 speech at the ABA’s Annual National Institute on White Collar Crime, Kenneth Polite, chief of the DOJ’s Criminal Division, announced that the Criminal Division’s Evaluation of Corporate Compliance Programs (the...more
On March 15, 2023, the U.S. Department of Justice (DOJ or the Department) launched a three-year Compensation Incentives and Clawbacks Pilot Program (Clawback Program) intended to incentivize companies to create more robust...more
3/30/2023
/ Chief Compliance Officers ,
Clawbacks ,
Compliance ,
Corporate Crimes ,
Corporate Misconduct ,
Department of Justice (DOJ) ,
Dodd-Frank ,
Executive Compensation ,
Incentives ,
Pilot Programs ,
Preemption ,
Section 10D ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
State Labor Laws ,
Wage and Hour
Monaco’s and Polite’s remarks, and the DOJ’s new policies and guidance, come amid the Department’s increasingly tough on corporate crime approach and emphasis on rewarding companies that have effective compliance programs...more
3/7/2023
/ Chief Compliance Officers ,
Compliance ,
Compliance Monitoring ,
Cooperation ,
Corporate Crimes ,
Corporate Culture ,
Corporate Misconduct ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Electronic Communications ,
Enforcement Priorities ,
Executive Compensation ,
Monaco Memo ,
Self-Disclosure Requirements
Last week, the Department of Justice (DOJ or the Department) announced the immediate implementation of a new Voluntary Self-Disclosure Policy (the Policy), setting a nationwide standard for how U.S Attorneys’ Offices will...more
On Jan. 17, AAG Polite announced “the first significant changes” to the CEP since 2017. The policy revisions will apply to all corporate criminal matters handled by the Criminal Division and offer companies “new, significant,...more
1/30/2023
/ Amended Regulation ,
Anti-Corruption ,
Chief Compliance Officers ,
Compliance ,
Cooperation ,
Corporate Misconduct ,
Corruption ,
Criminal Penalties ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
FCPA Corporate Enforcement Policy (CEP) ,
Remediation ,
Self-Reporting ,
White Collar Crimes
The 2023 Report on FINRA’s Examination and Risk Monitoring Program was published on Jan. 10, 2023. In a statement accompanying the Report, Greg Ruppert, executive vice president of FINRA’s Member Supervision organization,...more
1/19/2023
/ Annual Reports ,
Anti-Money Laundering ,
Broker-Dealer ,
Compliance ,
Cybersecurity ,
Economic Sanctions ,
Enforcement Priorities ,
Financial Crimes ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Fraud ,
Internal Reporting ,
Investment Adviser ,
Market Manipulation ,
Risk Management
The compliance certification policy was first announced by Assistant Attorney General (Assistant AG) Kenneth Polite in March 2022, when he stated that for all criminal division “corporate resolutions (including guilty pleas,...more
10/21/2022
/ Certification Requirements ,
Certifications ,
Chief Compliance Officers ,
Compliance ,
Corporate Crimes ,
Criminal Convictions ,
Criminal Prosecution ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Guilty Pleas ,
Non-Prosecution Agreements ,
Plea Agreements
In prepared remarks delivered at New York University School of Law on Sept. 15, Deputy AG Monaco announced significant updates to the DOJ’s corporate criminal enforcement policies.
Deputy AG Monaco’s announcement...more
9/21/2022
/ Compliance ,
Compliance Monitoring ,
Corporate Crimes ,
Corporate Culture ,
Corporate Misconduct ,
Corporate Monitoring ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Priorities ,
Personal Liability ,
Voluntary Disclosure ,
White Collar Crimes
Key Takeaways - Corporate enforcement and individual accountability are high priorities for new DOJ Criminal Division head Kenneth Polite. Companies should be proactive in implementing, monitoring, and improving their...more
On July 28, 2020, the U.S. Senate Permanent Subcommittee on Investigations released its findings on the role of the unregulated art market in undermining U.S. sanctions policies and facilitating criminal activity....more
The question of how to define the parameters of personal liability for compliance officers in the financial services industry has been around for several years. In a 2015 speech, then-SEC Enforcement Director Andrew Ceresney...more
On the eve of the July 4th holiday, the Criminal Division of the Department of Justice (the “DOJ”) and the Enforcement Division of the Securities and Exchange Commission (the “SEC”) quietly published the second edition of the...more
On June 1, 2020, the Criminal Division (the “Criminal Division”) of the Department of Justice (the “DOJ” or “Department”) issued revised guidance (the “June 2020 Guidance”) about how it will evaluate corporate compliance...more
On April 30, 2019, the Criminal Division of the U.S. Department of Justice ("DOJ") released a new corporate compliance guidance document for prosecutors titled “Evaluation of Corporate Compliance Programs” (“Guidance”)....more
On October 12, 2018, at the NYU School of Law Program on Corporate Compliance and Enforcement Conference, Brian A. Benczkowski, Assistant Attorney General for the Department of Justice’s Criminal Division, announced new...more
2017 marked the fortieth anniversary of the Foreign Corrupt Practices Act (FCPA), and showed continued robust enforcement against both individuals and companies by the U.S. Department of Justice (DOJ) and the U.S. Securities...more
3/9/2018
/ Anti-Bribery ,
Anti-Corruption ,
Bribery ,
Compliance ,
Corporate Counsel ,
Corruption ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Federal Pilot Programs ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Official ,
Securities and Exchange Commission (SEC) ,
White Collar Crimes
With the approaching financial year-end and the consequences of external audits, along with the new and increased risk of individual liability executives face in light of the recent Department of Justice “Yates Memorandum”,...more
Despite a decline in enforcement actions by the Securities Exchange Commission (“SEC”) and the Department of Justice (“DOJ”), the first half of 2015 has continued to highlight the relevance and ever-evolving effects of the...more
10/14/2015
/ Aerospace ,
Africa ,
Angola ,
Anti-Bribery ,
Anti-Corruption ,
Anti-Money Laundering ,
Avon ,
BHP Billiton ,
Brazil ,
Bribery ,
China ,
Clean Companies Act ,
Compliance ,
Corruption ,
Criminal Investigations ,
Criminal Prosecution ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Derivative Suit ,
DPA ,
Eli Lilly ,
Enforcement Actions ,
Federal Contractors ,
Federal Prosecutors ,
Fokker ,
Football ,
Foreign Corrupt Practices Act (FCPA) ,
Fraud ,
Goodyear ,
Hospitality Programs ,
India ,
Indictments ,
Medicaid ,
Medicare ,
Money Laundering ,
Olympics ,
PBSJ Corporation ,
PetroTiger ,
Popular ,
Public Utility ,
Racketeering ,
Russia ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Serious Fraud Office (SFO) ,
Settlement ,
Soccer ,
Sports ,
State-Owned Enterprises ,
Subject Matter Jurisdiction ,
UK Bribery Act ,
Wal-Mart ,
Whistleblowers ,
White Collar Crimes ,
Wire Fraud ,
World Cup
On July 30, 2015, Andrew Weissman, the chief of the Fraud Section of the U.S. Department of Justice (DOJ) Criminal Division, announced that the DOJ is in the process of hiring a former prosecutor to serve as a full-time...more
There has never been a greater emphasis on policing anticompetitive behavior worldwide. Dozens of countries have instituted effective and aggressive cartel enforcement programs following a trend of increased global...more
The first half of 2014 has seen several important developments in the enforcement of the Foreign Corrupt Practices Act (“FCPA”) as well as other anti-corruption laws worldwide. The FCPA has been in existence for more than 35...more
Welcome to the inaugural edition of BakerHostetler's The Navigator, your source for news, trends, research and reliable commentary on white collar defense, corporate investigations, monitorships, examinerships and...more