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Expanded Supervisory Liability for In-House Lawyers
In-house lawyers, beware ' your exposure to potential supervisory liability may extend far beyond the confines of the legal department. In In the Matter of Theodore W. Urban, 2010 WL 3500928 (SEC Release No. 3-13655, Sept. 8, 2010), an SEC Administrative Law Judge held that an in-house lawyer at a broker-dealer with no direct supervisory authority over a retail financial adviser was, nonetheless, that financial adviser's “supervisor” under the federal securities laws.
Although the ALJ ultimately found that the in-house lawyer's supervision was “reasonable,” the fact that the ALJ concluded that the lawyer was a financial adviser's supervisor is a disquieting development for all in-house lawyers at broker-dealers. Moreover, because failure to supervise liability can be asserted against investment advisers under Sections 203(e)(6) and 203(f) of the Investment Advisers Act of 1940, in-house lawyers at registered and unregistered investment funds could also be subject to this expansion of supervisory liability under the Urban holding.
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.