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SEC Potentially Targets CCOs for Cybersecurity Lapses
Two recent speeches by Securities and Exchange Commission (SEC) officials likely got the attention of every Chief Compliance Officer (CCO).
In the first, at an Investment Adviser and Broker-Dealer Compliance Conference last month, SEC Chief of Staff Andrew J. Donohue indicated that the SEC will continue to bring enforcement actions against CCOs for not addressing compliance issues, including cybersecurity. Donohue challenged compliance professionals to be “pro-active” in their work and pointed to three recent SEC enforcement actions against CCOs on the ground that they failed to implement compliance programs reasonably tailored to the specific needs of their firms. See, “Remarks at NRS 30th Annual Fall Investment Adviser and Broker-Dealer Compliance Conference.”
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Compliance Officers: Recent Regulatory Guidance and Enforcement Actions and Mitigating the Risk of Personal Liability
This article explores legal developments over the past year that may impact compliance officer personal liability.