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Compliance Hotline
SEC Takes Efforts to Improve Implementation of Section 404
On May 17, the Securities and Ex-change Commission announced a series of actions it intends to take to improve the implementation of the ' 404 internal control requirements of the Sarbanes-Oxley Act (SOX). The actions include issuing guidance for companies and working with the Public Company Accounting Oversight Board on revisions of its internal control auditing standard. In addition, the agency will include inspections of PCAOB efforts to improve ' 404 oversight and a brief further postponement of the ' 404 requirements for the smallest company filers, although the SEC announced ultimately all public companies will be required to comply with the internal control reporting requirements of ' 404. The actions the SEC expects to take include:
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.