Four Ways the SEC Enforcement Landscape Is Changing and Why They Matter to FCPA Practitioners
Rebecca Hughes Parker
The judiciary and others have recently attacked the SEC’s longstanding “neither admit nor deny” policy, which allows defendants to settle without admitting any of the allegations leveled against them, and new SEC Chairwoman Mary Jo White has announced plans to end that policy in selected egregious cases. How much will this change affect companies? In the $13 billion settlement reached between JP Morgan and the SEC on November 19, 2013 over the sale of mortgage-backed securities, for example, the government recited agreed-upon facts, but some have called that weak tea, characterizing the facts as vague, and saying companies should have to make it clear why they are paying a fine. Others say forcing defendants to admit allegations will squeeze the SEC’s resources, limiting it to bringing fewer enforcement actions as companies refuse to settle and go to trial. The admissions policy change comes alongside a few other notable trends, including the increased use of administrative enforcement actions, a greater focus on cooperation tools and a greater judicial scrutiny of settlement agreements – for the “neither admit nor deny” provision and other settlement provisions, such as the fine and the reporting requirements. During a recent webinar hosted by the Berkeley Research Group, Paul Hastings LLP and the Anti-Corruption Report, H. David Kotz, Managing Director at BRG, and Thomas Zaccaro, partner at Paul Hastings, discussed the development of these four trends and the implications for companies and individuals. Rebecca Hughes Parker, Editor-in-Chief of the Anti-Corruption Report, moderated the event.
In honor of International Women’s Day, some of ION Analytics' editorial teams led by women interviewed notable women in the markets and industries we cover. This part highlights notable women in compliance and hedge fund, data privacy and cybersecurity, and anti-corruption law, including Amii Barnard-Bahn, Abigail Bell, Genna Garver, Jane Horvath, Barbara Li, Amy Mushahwar, Mara Senn and Carol Widger. The interviews are here.
The Anti-Corruption Report spoke with chief compliance officer and assistant general counsel at General Motors, Michael Ortwein, who shared his insights on top-of-mind issues in advance of his participation in ACI's FCPA Conference.
The full video is here. The associated article is here.
Senior Editor Megan Zwiebel recently appeared on a podcast with Perkins Coie White Collar & Investigations partners Gina LaMonica and Caryn Trombino, who discussed the use of AI in compliance programs, including trends in AI-based compliance, steps companies can take to utilize AI in their compliance programs, and how regulators view the use of data and AI in compliance programs. Listen to the podcast here.
Listen to our Fall Editorial Update for a discussion of recent enforcement actions; enforcement trends and policies; and top-of-mind issues, such as internal investigations and hotlines, all in under 15 minutes. Register here.
​​​​The Senior Editors of the Anti-Corruption Report and the Cybersecurity Law Report recently teamed up to present an update on the trends and hot topics in the anti-corruption, cybersecurity and data privacy spaces since the beginning of the year and what the publications will be focusing on in the coming months. A complimentary download of the webinar is available here.
Please join our sister product, the Hedge Fund Law Report, on Thursday, May 30, 2019, at 11:00 a.m. EDT, for a complimentary webinar discussing the key components of a robust anti-money laundering program. To register for the webinar, click here.
Transaction monitoring can help a company identify problem areas and assess how well its compliance program is working. Please join the Anti-Corruption Report for a complimentary webinar on May 2, 2019, from 1 p.m. to 2 p.m. EDT, where Senior Editor Megan Zwiebel will interview Google global ethics & compliance senior counsel Therese Lee and forensic program manager Aditya Yerramilli about how Google handles the art and science of transaction monitoring. Registration information is here.
Doing business in a country that is embroiled in a mega-scandal can be treacherous. This is particularly true when the local business community is slow to get on the compliance bandwagon, as has been the case in Argentina while the Notebooks Scandal has been unfolding. Please join the Anti-Corruption Report on April 17, 2019, from 1:00 p.m. to 2:00 p.m. EDT for a complimentary webinar in which Editor-in-Chief Nicole Di Schino will discuss how to mitigate risk in light of the developing scandal with Argentinian attorney Guillermo Jorge, a partner at Bruchou, Fernandez Madero & Lombardi, and Barrick Gold’s Jonathan Drimmer. To register, please click here.
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