Harry Cassin
Publisher and Editor
Andy Spalding
Senior Editor
Jessica Tillipman
Senior Editor
Bill Steinman
Senior Editor
Richard L. Cassin
Editor at Large
Elizabeth K. Spahn
Editor Emeritus
Cody Worthington
Contributing Editor
Julie DiMauro
Contributing Editor
Thomas Fox
Contributing Editor
Marc Alain Bohn
Contributing Editor
Bill Waite
Contributing Editor
Shruti J. Shah
Contributing Editor
Russell A. Stamets
Contributing Editor
Richard Bistrong
Contributing Editor
Eric Carlson
Contributing Editor
From SEC Commissioner Daniel M. Gallagher’s remarks at the 67th National Conference of the Society of Corporate Secretaries & Governance Professionals, Seattle, Washington on July 11, 2013:
The vital importance and proven value of our disclosure regime as a whole does not and should not lead to the conclusion that more government-mandated disclosure is always better.… Continue Reading
Avon Products Inc. said in a quarterly filing Thursday that the DOJ and SEC rejected an offer in June to settle an ongoing FCPA investigation for $12 million and have not yet made any counter offers.… Continue Reading
As reported last week, the Las Vegas Sands said it has improved its internal controls. The board’s audit committee, according to the company, now believes the internal controls ‘do not represent a material weakness .… Continue Reading
Wal-Mart said in its annual report filed with the SEC Tuesday that because of uncertain outcomes of U.S. and foreign government bribery investigations and civil suits filed by shareholders, it ‘can provide no assurance that these matters will not be material’ to its business in the future.… Continue Reading
In an SEC filing this week, global real estate services firm CB Richard Ellis (CBRE) disclosed possible FCPA violations in China.
It said payments by employees for entertainment and gifts to Chinese government officials were discovered during an internal investigation.… Continue Reading
After a public company finds evidence of illegal payments overseas, there are decisions to make. Should the board launch an internal investigation? Should the company self-report its findings to the DOJ and SEC?… Continue Reading
It’s a material world — at least for auditors, public-company executives and securities lawyers. Material losses. Material misstatements and omissions. Material adverse changes. But wait. When it comes to the books and records provisions of the U.S.… Continue Reading
The text of the Foreign Corrupt Practices Act sets out three types of payments to foreign officials that are lawful — facilitating payments, promotional expenses and payments permitted under the written laws of the host country.… Continue Reading
Facing a decision to either stay in a joint venture or leave, when staying means violating the Foreign Corrupt Practices Act and leaving means breaching contractual obligations, is a legal disaster.… Continue Reading
Strictly speaking, “materiality” should never be part of an FCPA discussion. A payment or promise to pay anything of value can violate the antibribery provisions, and the books and records provisions apply to any book, record or account.… Continue Reading
