Fast Developing Events in Ukraine Prompt EU and US Trade Sanctions
[T)he European Union published a regulation imposing sanctions on several specific Ukrainian persons, including the former president of Ukraine, Viktor Yanukovych. In addition, President Obama signed an executive order authorizing the imposition of U.S. sanctions in connection with the situation in Ukraine.
The CFPB In Numbers: 3 Years, 35 Enforcements, 300,000 Complaints, And Plenty of Lessons... -
Corporate Law Report
From attorney Jon Eisenberg of K&L Gates, an in-depth look at the first three years of Consumer Financial Protection Bureau enforcement and lessons that the organizations under its authority – banks, credit unions, mortgage lenders, payday lenders, and more – should draw. It’s a valuable read for those institutions, certainly, but also for everyone looking to understand the agency and how it will shape the financial future of consumers and providers alike…
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Foreign Corrupt Practices Act enforcement activity in 2013 was robust, with DOJ and the SEC bringing 31 new FCPA enforcement actions, exceeding the 2012 total of 25. Total penalties amounted to more than $720 million, the second highest year on record.
In 2013, DOJ brought:
Read Venable’s 12-page FCPA Snapshot 2013 »
The government’s approach in the regulatory and criminal investigations of JPMorgan, Rabobank and other financial institutions such as SAC signals a shift in the government’s attitude toward big banks. — Attorney Robert Anello of Morvillo Abramowitz in Destitute Before Proven Guilty: Supreme Court OKs Asset Seizure In White-Collar Cases That Bars Defendants’ Ability to Retain Counsel»
Contorting The Law Of Disgorgement In Contorinis: Disgorging Ill-Gotten Gains That Were Never Gotten -
Several months ago, I raised the question of why the large-scale accounting fraud cases of the type that had been so prevalent in the early 2000s were no longer a staple for either federal prosecutors or the SEC. In so doing, I was not the only one to have noted a dramatic shift away from such cases towards investigations involving Ponzi schemes, allegations of insider trading, violations of the Foreign Corrupt Practices Act, or other types of financial improprieties. Accounting commentators have noted the decline of such cases – as well as the financial restatements that often precede them – for some time now…
How the 'Internet of Things' Will Impact eDiscovery -
Big data is only going to get bigger, my friends …the deluge of data discoverable in legal actions will dwarf the data tsunami that is seemingly engulfing litigation teams today in 2014.
EU responds to Ukrainian crisis by imposing asset freeze on 18 politicians, family members and businessmen -
As part of agreed targeted EU sanctions in response to recent violent events in Ukraine, the EU Member States have as a first step introduced an asset freeze against 18 Ukrainian individuals deemed responsible for misappropriation of Ukrainian State funds and human rights violations…
[T]he crippling threat of being blacklisted should prompt such companies to reevaluate and, if necessary, revise their compliance policies, and to ensure that the proper “tone at the top” is conveyed globally. — Attorneys Aaron Tidman and Stephanie Willis of Mintz Levin on why pharmaceutical and medical device companies doing business in China must have robust anti-corruption programs in place.
Mt Gox Bankruptcy, Proposed Bitcoin Ban, and Other Virtual Currency Stories We’re Following -
From JD Supra Buzz:
“[C]ustomers will face an uphill battle arguing priority to recovered bitcoins over Mt. Gox’s other creditors.” (Timothy Durken)
Wondering what the Mt Gox bankruptcy means for the future of Bitcoin? Whether Senator Manchin’s proposed ban on Bitcoin could spell the end of the virtualcurrency? How governments are responding to the growing use of cryptocurrencies? Read these updates:
- Gone Baby Gone — Recovery of Stolen Bitcoins in Mt. Gox Bankruptcy - Timothy Durken, JD Supra Perspectives
- Namecoin cryptocurrency: Moveover Bitcoin! - Hodgson Legal
- Will Legal Reform Kill the Bitcoin? - Tyler Atkinson of McManis Faulkner
- Bitcoin Exchange Mt. Gox Files for Bankruptcy Protection; May Have Broader Implications for Digital Currency Industry - Rosanne Ciambrone, Rudolph Di Massa, Ron Oliner, and James Schu of Duane Morris
- Bitcoin Does Not Need a Ban, It Needs Enlightened Regulation - JD Supra Perspectives
- State Regulators Form Emerging Payments Task Force - BuckleySandler LLP
- Amidst Fluctuating Bitcoin Prices, CDIC Leaves Digital Currencies Exposed - Andre Garber of Dentons
- Digital Currency Identified As An “Emerging Risk” In The Canadian Federal Government’s 2014 Budget - Michael Lipton, Jack Tadman, and Kevin Weber of Dickinson Wright
- Real Money Cannot Be Invented: What Bitcoin & Other Virtual Currencies Need to Be Legitimate - Jason Wisniewski, JD Supra Perspectives
- New York DFS Identifies Potential Next Steps For Virtual Currency Regulation - BuckleySandler LLP
- Last Week at the FEC: Commission Asked to Approve a Framework for Acceptance and Use of Bitcoins - Andy Emerson of Holland & Knight
- DOJ Files Criminal Charges Against Former Bitcoin Exchange Head - Crystal Kaldjob and Abim Thomas of Goodwin Procter
- Legislature Considers Allowing Alternative Currencies - Keith Paul Bishop of Allen Matkins
- Russia Cracks Down On Bitcoin - Elsa Broeker of Pillsbury
- New FinCEN Guidance On Virtual Currency Transactions - Joseph Cutler, J. Dax Hansen, and Carla Reyes of Perkins Coie
Read more on Virtual Currency at JD Supra»
BNP Paribas could face record fines for OFAC violations
Although BNP has reserved $1.1 billion for settlement, the amount assessed against the bank could be significantly larger. […] The final penalties will be determined by the regulatory agencies once they complete their analysis of all offending transactions and decide the appropriate amount of restitution. Because banks often set aside less money than they will eventually need for settlement, it is quite possible that BNP’s future settlement with OFAC could be record-shattering.
Read: $1.1 Billion and Counting – The New Era of OFAC Enforcement»
[A]s of January 2014, California and Maryland have adopted conflict minerals legislation, Connecticut and Massachusetts have proposed their own, the Canadian Conflict Minerals Act has been introduced, and the European Commission is expected to propose conflict minerals legislation in early 2014. — Attorneys Chesley Blevins, Arcie Jordan, and Doug Paisley of Jackson Walker on why the SEC’s Conflict Minerals rule isn’t the only ‘responsible sourcing” law to worry about.
SCOTUS extends SOX whistleblower protections to employees of private contractors that do business with public companies:
"The Supreme Court reversed the decision of the First Circuit, holding that the plain language of the [Sarbanes-Oxley] Act ‘shelters employees of private contractors and subcontractors, just as it shelters employees of the public company served by the contractors and subcontractors.’"
Mt. Gox’s security breach is a significant hit to the fledgling virtual currency. — Attorneys from Duane Morris in Bitcoin Exchange Mt. Gox Files for Bankruptcy Protection; May Have Broader Implications for Digital Currency Industry
It’s not enough to publish the employee Code of Conduct and the anti-bribery policies; you must train your employees in a way so they will remember the information and apply it when necessary. — Want to Keep the DOJ Away? Get Clear Anti-Corruption Policies and Good, Interactive Employee Compliance Training»
Overall, the new FATCA regulations are a significant improvement over the prior regulations, but there remain a number of unintended and intended consequences that could have significant commercial consequences to policyholders and the [insurance] industry. — New FATCA Regulations Address Certain Concerns of the Insurance Industry»