Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
FCPA: Recent Enforcement Activity Sounds Warning for Financial Services Industry
When Cheryl J. Scarboro, Chief of the U.S. Securities and Exchange Commission's (SEC) Foreign Corrupt Practices Act (FCPA) enforcement unit, remarked in November 2010 that her unit “will continue to focus on industry-wide sweeps and [that] no industry is immune from [FCPA] investigation,” the financial services industry would have been wise to take notice. Now, with news that the SEC is examining whether banks and private equity firms have run afoul of the FCPA in their dealings with sovereign wealth funds (SWFs), Scarboro's remarks are no longer merely a harbinger for FCPA enforcement activity ' they represent the reality facing the financial services industry.
Scarboro's comments and the SEC's recent SWFs inquiries are even more significant when viewed in the context of FCPA enforcement activity in 2010, which was a record year for both the SEC and the U.S. Department of Justice (DOJ), the statute's enforcers. Consider that, in 2010, the DOJ and SEC: 1) collected eight of the 10 highest monetary penalties ever paid over the 33-year history of the FCPA; 2) brought a combined 74 enforcement actions, nearly doubling the then'record-setting 40 enforcement actions brought in 2009; and 3) focused their enforcement efforts on particular industries. As Assistant Attorney General Lanny A. Breuer remarked: “[W]e are in a new era of FCPA enforcement; and we are here to stay.” Given the DOJ's and SEC's focus on coordinating FCPA enforcement efforts, this “new era” clearly now includes the financial services industry. Accordingly, financial services firms should re-examine their FCPA compliance efforts and proactively manage their FCPA risks.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
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.
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.
Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
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.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.