In a recent speech to the Practising Law Institute’s Private Equity Forum, Norm Champ, Director of the SEC’s Division of Investment Management, discussed the SEC’s increasing attention to the growth in “alternative mutual funds,” or open-end mutual funds that feature investment strategies more typically seen in private funds. Similar to recent speeches and discussions related
UK Government’s Response to the Department for Business, Innovation and Skills “Whistleblowing Framework: Call For Evidence”
Crucially businesses should be confident that reprisals against whistle-blowers are not an issue for them, and that their organisation understands and trusts any whistleblowing policy and procedure they have in place. Deficiencies in these areas may very well lead to a Regulator challenging the overall effectiveness and adequacy of an organisations compliance programme.
The Serious Fraud Office Reports…
It is simply to emphasise that complex City fraud needs the kind of unified approach, expertise and special tools that Roskill advocated and that the SFO has developed.
The SEC Moves to Improve “Intermediation” in the Municipal and Corporate Fixed Income Markets
The average investor does not get very far when trying to buy a bond in today’s municipal and corporate fixed income markets. Some may find it difficult to find the exact bond they want to purchase, while many grow frustrated with the lack of transparency in bond pricing. Contrasted with the equity markets, where information
Update: Second Circuit Vacates Judge Rakoff, Clarifies Standard of Review for Consent Decrees.
In a much anticipated decision, on June 4 the Second Circuit vacated District Court Judge Rakoff’s rejection of a consent judgment approving a $285 million settlement between the U.S. Securities and Exchange Commission (SEC) and Citigroup. In 2011, the SEC alleged that Citigroup created and sold mortgage bond investments without disclosing that the people
In Fraud Suit Against Lance Armstrong, Court Rejects Application of Wartime Suspension of Limitations Act to False Claims Act
In a decision last Thursday, the United States District Court for the District of Columbia held that the Wartime Suspension of Limitations Act (WSLA) does not apply to the current version of the False Claims Act (FCA). United States ex. rel. Landis v. Tailwind Sports Corporation, No. 10–cv–00976 (RLW), 2014 WL 2772907, at *39-42 (D.D.C.
Ken Clarke reviews the law enforcement response to City scandals
There is also a pivotal issue that needs to be urgently reviewed: is the jury system properly configured to cope with the prosecution of serious and complex fraud?
“The FCPA Does Not Define the Term ‘Instrumentality,’ and this Court Has Not Either.” The 11th Circuit Issues a Decision “Defining” Instrumentality
On May 16, 2014, the U.S. Court of Appeals for the 11th Circuit ruled in U.S. v. Esquenazi that the Foreign Corrupt Practices Act’s (FCPA’s) “instrumentality” provision could include state-owned businesses.
Joel Esquernazi and Carlos Rodriquez co-owned Terra Communications (Terra). In 2011, a jury convicted Esquernazi and Rodriquez on 21 counts related to
All Relief Sought by SEC Subject to 5-Year Statute of Limitations
As we reported last year, the U.S. Supreme Court’s decision in Gabelli v. SEC precludes the SEC from using the “discovery rule” to extend the five-year statute of limitations on the government’s claims for civil penalties available under 28 U.S.C. § 2462. In Gabelli, the Supreme Court expressly declined to address whether the statute
The Importance of Getting It Right: Employment Eligibility Verification
Employers are required to complete and retain a Form I-9 for each individual hired. As part of this process, employers verify the individual’s identity and employment eligibility by reviewing supporting documents and recording the information on the Form I-9. On its face, it might seem like a simple step for an employer to review a