The SEC guards the integrity of U.S. markets and protects investors by requiring issuers to disclose material information about themselves and their directors and officers. However, the SEC doesn’t tell anyone what to say or how to say it.… Continue Reading
Posts Tagged: Respondeat Superior
Proposed German corporate legislation introduces respondeat superior, compliance defense, and cooperation credit
The upcoming German Corporate Sanctions Act (Verbandssanktionsgesetz aka VerSanG) draft represents a major change for businesses. Originally drafted by the German Federal Ministry of Justice and Consumer Protection in 2019, it introduces the idea of non-natural persons being subject to criminal liability, which is a firmly established concept in many other jurisdictions.… Continue Reading
Earlier this year the Treasury Department’s Office of Foreign Assets Control published A Framework for OFAC Compliance Commitments. It describes essential components of a sanctions compliance program (management commitment, risk assessment, internal controls, testing and auditing, and training).… Continue Reading
The best primary source material for creating and maintaining an anti-corruption compliance program is still Chapter 8 of the U.S. Federal Sentencing Guidelines.
It describes the elements of an “effective compliance program” — a legal term of art with the specific meaning assigned to it by the Sentencing Guidelines.… Continue Reading
Peru welcomed the new year by enacting into force Law 30424, which introduces corporate criminal liability applicable to bribery.
Peruvian law now recognizes the independent criminal liability of a legal person for local and foreign bribery, imposing sanctions ranging from fines, debarment from government contracting to dissolution of the legal entity.… Continue Reading
Privately-held Lindsey Manufacturing is the only corporation to ever face a full jury trial for alleged FCPA offenses.
It lost at trial but eventually won a dismissal because of prosecutorial misconduct.… Continue Reading
President Elect Trump’s pick to lead the SEC is Jay Clayton. He wrote in a 2011 NYC Bar Association paper about the FCPA. The paper addressed the “lasting harm to the competitiveness of U.S.… Continue Reading
The problem, he said, is that deferred- and non-prosecution agreements, however useful they may be, coupled with respondeat superior, increase prosecutors’ leverage over corporations.… Continue Reading
Last week, the British Labour Party, the main opposition party, published a policy review called ‘Tackling Serious Fraud and White Collar Crime.’
As might be expected, the review throws a number of political punches, in particular, the government’s recent proposals to cut red tape for business, by exempting facilitation payments, and the lack of resources for financial crime enforcement agencies.… Continue Reading
The criminal liability of corporations is an essential part of the fight against foreign bribery. Yet not every legal system views this area of law in the same way, and not everyone agrees on the best approach.… Continue Reading