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Technology and Corporate Risk Management
It's a fact: Litigation costs have skyrocketed over the last two decades. In the securities industry, this trend is evident in that governmental inquires into the practices and dealings of financial and corporate entities on the heels of the MCI WorldCom and Enron scandals have shown no signs of abating. The shareholder actions resulting from these scandals have done little to restore investor confidence. To ameliorate the situation and shore up public confidence in a system that has been operating in a de facto mode of “irrational exuberance,” a host of legislation has been introduced to address the need for greater accountability and transparency in the way our financial institutions and corporations conduct their affairs. The most significant legislation is the Sarbanes-Oxley Act of 2002 (SOX). Comprised of 11 parts and 66 sections, this is broadest piece of legislation out of Washington since the 1933 and 1934 U.S. Securities Acts.
SOX and Risk Management
SOX has had far-reaching consequences from a number of perspectives, and has spawned a number of industries, many of which have evolved into the burgeoning field of Corporate Risk Management from Litigation Support and Readiness disciplines. Loosely defined, Corporate Risk Management functions involve the periodic assessment and auditing of organizational accounting practices, financial reporting and decision making systems, human resources policies and procedures, IT information management, retention systems and data content, vis a vis their impact on ensuring organizational conformity and compliance with the various industry practices, rules and regulations. Corporate Risk Management as embodied primarily by sections 302, 404 & 409 of SOX, is described as follows:
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.
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.
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.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Anti-Assignment Override Provisions
UCC Sections 9406(d) and 9408(a) are one of the most powerful, yet least understood, sections of the Uniform Commercial Code. On their face, they appear to override anti-assignment provisions in agreements that would limit the grant of a security interest. But do these sections really work?