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SEC Chair Gensler Is Right … Details Matter

gensler

Recently, SEC Chair Gary Gensler delivered this speech.

Citing President Franklin Delano Roosevelt who stated upon signing the first of the federal securities laws, “this law and its effective administration are steps in a program to restore some old-fashioned standards of rectitude,” Gensler discussed “effective administration” of SEC enforcement including accountability and process.

Regarding accountability, Gensler stated:

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Issues To Consider From The Gol Enforcement Action

Issues

This post highlighted the recent net $38.1 million Foreign Corrupt Practices Act enforcement action against Gol Linhas Aereas Inteligentes S.A. (Gol) – an airline headquartered in Sao Paulo, Brazil with shares traded on the New York Stock Exchange – for bribing Brazilian officials.

This post highlights additional issues to consider from the enforcement action.

Timeline

As highlighted in this prior post, Go’s FCPA (and related) scrutiny began in late 2016.

Thus from start to finish, Gol’s FCPA scrutiny lasted an approximate six years.

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Assistant AG Kenneth Polite On Deterrence And Compliance Certifications

Polite

It is mid-September.

Thus, consistent with historical practices, DOJ officials are out giving speeches about DOJ policy. Previous posts here and here have focused on the recent release of the so-called Monaco Memo and this post highlights a recent speech by Assistant Attorney General Kenneth Polite.

In addition to discussing the recent Monaco Memo, Polite touched upon the following topics: deterrence and compliance certifications.

Deterrence

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Issues To Consider From The Tenaris Enforcement Action

Issues

This post highlighted the recent $78.1 million Foreign Corrupt Practices Act enforcement action against Tenaris (the second time the company has resolved an FCPA enforcement action in the last approximate decade).

This post highlights additional issues to consider from the enforcement action.

Timeline

Tenaris “voluntarily notified” the SEC and DOJ of the matters involved in the enforcement action in October 2016.

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Issues To Consider From The Glencore Enforcement Action

Issues

This previous post highlighted the recent net $443 million Foreign Corrupt Practices Act enforcement action against Glencore.

This post highlighted the CFTC’s related enforcement action against the company.

This post discussed how the executive officer certification in the FCPA enforcement action sets up Glencore personnel to fail.

This post continues the analysis by highlighting additional issues to consider from the Glencore FCPA enforcement action.

Timeline

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