On February 16, 2021, the Securities and Exchange Commission (“SEC”) filed a civil complaint against Morningstar Credit Ratings LLC (“Morningstar”), a credit rating agency, alleging violations of the disclosure and internal controls provisions of the federal securities laws based on Morningstar’s ratings of commercial mortgage-backed securities (“CMBS”).
During a roundtable at the Fifth International Debarment Colloquium last month, Joseph Mauro, a spokesperson for the Compliance Unit of the World Bank Group’s (“World Bank”) Integrity Vice Presidency (“INT”), announced recent changes to the manner in which the World Bank will evaluate borrowers’ compliance programs in future corruption investigations.
In 2019, the Federal Bureau of Investigation (“FBI”) estimated that business email compromises, often carried out via email scams that trick businesses into making wire payments, have caused an estimated $1.7 billion in losses for businesses that fell victim to these schemes, which amounts to the highest out-of-pocket losses incurred from any class of cybercrime.
On September 10, 2020, the Commodity Futures Trading Commission (“CFTC”) Division of Enforcement released its long-awaited “Guidance on Evaluating Compliance Programs in Connection with Enforcement Matters,” which will be incorporated into the CFTC’s enforcement manual and used by CFTC enforcement staff when reviewing the efficacy of corporate compliance programs moving forward.
A recurring question of general counsel and chief compliance officers is whether their proactive investments in compliance programs, voluntary self-disclosure of issues, and cooperation will be meaningfully rewarded.
On Friday, July 17, 2020, Special Inspector General for Pandemic Recovery (SIGPR) Brian D. Miller and U.S. Attorney for the Eastern District of Virginia (EDVA) G. Zachary Terwilliger announced a formal partnership to pursue civil and criminal investigations of financial misconduct and fraud related to the CARES Act of 2020.
On July 3, 2020, the U.S. Department of Justice (“DOJ”) and the U.S. Securities and Exchange Commission (“SEC”) published the Second Edition of “FCPA: A Resource Guide to the U.S. Foreign Corrupt Practices Act” (the “Guide”).
In a little-noticed move yesterday, the U.S. Department of Justice (“DOJ” or “Department”) quietly amended its most important guidance document on corporate compliance.
The SEC’s Enforcement Division recently issued a statement emphasizing the “importance of maintaining market integrity and following corporate controls” during the stock market volatility caused by the COVID-19 outbreak.1
On January 17, 2020, the United Kingdom’s Serious Fraud Office (“SFO”) published new guidance regarding how the office assesses the compliance programs of organizations that are under investigation…
Sarah Lawson, the General Counsel of the U.K.’s Serious Fraud Office (“SFO”), recently emphasized that corporate compliance functions must be well resourced and that the SFO expects such programs…