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Big Brother Is Watching
Companies considering outsourcing today, and companies that have already outsourced significant functions and processes, face an increasingly complex web of domestic and foreign laws and regulations at various levels of government. Compliance with those laws in the context of an outsourcing transaction poses a considerable and growing challenge. This article examines three of the hottest topics in the area of regulatory compliance in outsourcing: Sarbanes-Oxley, privacy, and legislative initiatives focusing on offshore outsourcing.
Corporate Reform: the Impact of Sarbanes-Oxley
In response to high-profile corporate collapses resulting from accounting irregularities and perceived failures of ethics and controls, Congress enacted the Sarbanes-Oxley Act of 2002 (SOX). Section 404 of SOX requires the CEO and CFO of reporting companies to assess, and certify in each 10-K, the adequacy of the company's internal control structures and procedures for financial reporting. If functions relating to or impacting a company's financial reporting have been outsourced, this assessment must include an assessment of the adequacy of the service provider's internal control structures and procedures. If the company has outsourced significant portions of finance and accounting to a third party, those functions obviously impact financial reporting. However, any outsourced function that is part of the information and communication component of the company's internal control over financial reporting may also be part of the company's controls over financial reporting.
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?