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Internal Information Controls: Corporate Accountability
The swift enactment of Sarbanes-Oxley (SOX) in the wake of numerous corporate scandals brought at least as many questions as solutions for executives charged with ensuring corporate compliance with SOX's many provisions. As the various compliance deadlines for SOX draw near or expire and the Securities and Exchange Commission (SEC) continues to release rules and guidelines, even more questions emerge, requiring executives to quickly gain familiarity with otherwise unfamiliar topics in order to avoid the potential liability associated with violations of the law. One such topic is the security and control of financial information.
Section 404 of SOX requires corporate executives and auditors to confirm the effectiveness of internal controls for financial reporting. Similarly, Section 302 requires that executives certify the accuracy of corporate financial reports. Of course, the accuracy of financial reports is a direct product of the accuracy and integrity of the information on which they are based. Although the precise scope and impact of Sections 404 and 302 remain to be seen, it has become clear that compliance with SOX requires certain levels of security to protect the integrity of corporate information and to guard against its alteration, theft or misuse. Given the increased level of information piracy and the growing use of offshore IT resources, this may be an increasingly difficult task.
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.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
'Insurable Interest' and the Scope of First-Party Coverage
This article reviews the fundamental underpinnings of the concept of insurable interest, and certain recent cases that have grappled with the scope of insurable interest and have articulated a more meaningful application of the concept to claims under first-party property policies.