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Sarbanes-Oxley: Reflections Eight Months Later
Since it became the law on July 30, 2002, The Sarbanes-Oxley Act has been the subject of an endless stream of panel discussions, seminars, speeches, articles and media interpretations. It may or may not be a tsunami in the financial markets comparable to the changes brought by the regulatory scheme developed in the 1930s. But the statute and the corollary changes by stock exchanges to their listing requirements will alter the relationships between the participants in the financial markets in significant and long-term ways. This article highlights and places in context the changes wrought thus far, and concludes by noting areas in which further change is yet possible.
The Sarbanes-Oxley changes can be organized around a few central principles. Financial statements must become more reliable and more informative. Auditors must stand more independent of their clients. Boards must have committees and board committees must take governance responsibility, including holding management accountable. Management must insist upon full and accurate disclosure and must take responsibility for the process as well as the disclosures.
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.
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.
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.