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Internal Controls: Cure-all or Snake Oil?
“Internal controls” have been touted for years as the cure-all for corporate ills. Why, then, are we bombarded with daily revelations of abuses crippling corporations around the globe?
Calls for internal control systems can be found in literature dating back almost half a century. In 1958, the American Institute of Certified Public Accountants (AICPA) took the first shot at defining a system to ensure corporate control over transactions, assets, and operations. Among other things, AICPA recommended the development of procedures to safeguard assets from pillaging and misuse and to maintain complete and accurate financial records.
It took almost 20 years for the concept to find legislative acceptance in the Foreign Corrupt Practices Act (FCPA), passed by Congress in another era of corporate scandals– one involving bribery by U.S. businesses, some of which maintained huge off-shore slush funds to grease the palms of foreign officials and U.S. politicians.
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Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Stranger to the Deed Rule
In 1987, a unanimous Court of Appeals reaffirmed the vitality of the "stranger to the deed" rule, which holds that if a grantor executes a deed to a grantee purporting to create an easement in a third party, the easement is invalid. Daniello v. Wagner, decided by the Second Department on November 29th, makes it clear that not all grantors (or their lawyers) have received the Court of Appeals' message, suggesting that the rule needs re-examination.