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Developments of Note
NASD Requires 3 Year Instant Message Retention
Noting the “growing presence in business communication” of instant messaging, the National Association of Securities Dealers (NASD) gave notice to members that their basic supervisory and recordkeeping obligations extended to these communications as well. Included among these obligations is the requirement that securities brokers and dealers must save business communications ' including instant message logs – for at least 3 years. The NASD advised that firms unable to establish adequate procedures to supervise or maintain records of instant messages must prohibit their use in the workplace.
Failure to Meet Data Security Privacy Policy Leads to Sanctions
Guess! Inc., facing U.S. Federal Trade Commission (FTC) charges alleging that it misrepresented its online customer data security practices, resolved such charges via an agreement and consent order with the FTC. The FTC alleged that the company posted a privacy policy and FAQ (frequently asked questions) section on its Web site stating its commitment to consumer privacy, including a representation that credit card information was retained in encrypted form. In fact, the FTC said, this information was stored in plain-text form that was vulnerable to common hacking techniques. The settlement, among other things, subjects the company to heavy FTC oversight, prohibits the company from further misrepresentations about security of personal information collected on its site and requires the company to maintain a comprehensive information security program.
French Language Cops Ban “E-mail”
The French government's General Commission on Terminology and Neology ruled on June 20 that the English-derived word “e-mail” can no longer be used in government communications. Instead, the commission announced its preference for the word “courriel” ' a fusion of the French-language term “courrier electronique” (electronic mail). While the commission's ruling stated that “courriel” has already been widely adopted in France, the ruling is not expected to have a major impact on the French technology industry.
of Note was written by Julian S. Millstein, Edward A. Pisacreta and
NASD Requires 3 Year Instant Message Retention
Noting the “growing presence in business communication” of instant messaging, the National Association of Securities Dealers (NASD) gave notice to members that their basic supervisory and recordkeeping obligations extended to these communications as well. Included among these obligations is the requirement that securities brokers and dealers must save business communications ' including instant message logs – for at least 3 years. The NASD advised that firms unable to establish adequate procedures to supervise or maintain records of instant messages must prohibit their use in the workplace.
Failure to Meet Data Security Privacy Policy Leads to Sanctions
Guess! Inc., facing U.S. Federal Trade Commission (FTC) charges alleging that it misrepresented its online customer data security practices, resolved such charges via an agreement and consent order with the FTC. The FTC alleged that the company posted a privacy policy and FAQ (frequently asked questions) section on its Web site stating its commitment to consumer privacy, including a representation that credit card information was retained in encrypted form. In fact, the FTC said, this information was stored in plain-text form that was vulnerable to common hacking techniques. The settlement, among other things, subjects the company to heavy FTC oversight, prohibits the company from further misrepresentations about security of personal information collected on its site and requires the company to maintain a comprehensive information security program.
French Language Cops Ban “E-mail”
The French government's General Commission on Terminology and Neology ruled on June 20 that the English-derived word “e-mail” can no longer be used in government communications. Instead, the commission announced its preference for the word “courriel” ' a fusion of the French-language term “courrier electronique” (electronic mail). While the commission's ruling stated that “courriel” has already been widely adopted in France, the ruling is not expected to have a major impact on the French technology industry.
of Note was written by Julian S. Millstein, Edward A. Pisacreta and
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.