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New Guidance on Whistleblower Hotlines in the EU
Congress enacted the Sarbanes-Oxley Act ('SOX') in 2002 in response to a series of corporate scandals that diluted confidence in the U.S. financial markets. The law was intended to improve the accuracy and reliability of corporate disclosures and financial statements and to enhance the ethical standards and accountability of companies that are publicly traded on U.S. stock exchanges. SOX imposes compliance obligations not only on publicly traded companies in the United States, but also on non-U.S. entities listed on U.S. exchanges. While Congress made significant efforts in drafting SOX to ease potential legal conflicts in non-U.S. jurisdictions, in certain instances the law imposes compliance obligations on non-U.S. entities that conflict with local laws.
Last year, a conflict arose between SOX's mandate that audit committees of public companies establish whistleblower hotlines on the one hand, and data protection laws in the Member States of the European Union ('EU') on the other. In response to a groundswell of concern from companies forced to comply with both SOX and EU data protection laws, European data protection authorities and the EU Article 29 Data Protection Working Party have issued guidance that will allow companies to comply with both sets of laws.
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?
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.
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.
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.
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.