From law firm Morrison & Foerster, a preliminary look at the dismissal of all charges in the “Africa Sting” Foreign Corrupt Practices Act trial. It’s a useful reminder that – even when there’s no clear evidence of wrongdoing – multinationals without compliance programs that draw clear lines between appropriate and inappropriate activities still run the… Read more »
Earlier this year, the Consumer Financial Protection Bureau expanded its bank supervisory program to include nonbanks, companies “that offer or provide consumer financial products or services but [do] not have a bank, thrift, or credit union charter.” Since that time, the agency has begun to provide greater detail on the nonbanks it is monitoring and the fraudulent… Read more »
For your reference, here’s a roundup of recent legal developments affecting US corporations and financial institutions doing business around the globe: Supreme Court of India’s Vodafone Judgment: Implications for International Investors (White & Case LLP) “On January 20, 2012, the Supreme Court of India delivered a landmark judgment in Vodafone International B.V. v. Union of… Read more »
On February 14, 2012, the Centers for Medicare & Medicaid Services released a proposed rule regarding reporting and returning overpayments under the Medicare program. Under the new regulation, hospitals and doctors who receive Medicare funds would be required to report and return overpayments within 60 days or face significant damages and penalties. For your reference,… Read more »
For your reference, here’s a roundup of recent law firm commentary on key issues facing global corporations in their ongoing fight against corruption and bribery: Compliance Rules for Compliance Sakes? (Michael Volkov) “A strict policy without any rational justification is a costly policy. Too many companies simply adopt a flat amount for certain expenditures above… Read more »
Employers, HR professionals, managers, and everyone else interested in the rules that govern employment will want to read K&L Gates’ update on the 2012 labor and employment legislative and regulatory landscape. It’s an extensive review of federal and state developments in 2011 and how they will affect companies and their employees: “The last year saw… Read more »
Earlier this month, in In re American Express Merchants’ Litigation, the Second Circuit struck down — for the third time — an arbitration provision containing a class action waiver in an American Express credit card agreement. By ruling the class action waiver unenforceable, the decision sets up a potential conflict with the Supreme Court’s ruling… Read more »
For your convenience, a roundup of securities law advisories published recently on JD Supra: On Whistleblower Programs - Whistleblower Bounty Program: Corporate Compliance Program Considerations [King & Spalding] “The SEC recently reported to Congress that during the first seven weeks of the program’s operation, it received 334 whistleblower tips, which most commonly focused on market… Read more »
International law firm Littler published the highlights of its 2011 Global Employer Institute conference in a 70-page report on some of “the most challenging issues facing global employers.” It’s a comprehensive overview, touching on globalization, employee security, labor relations, employment agreements, and a number of other topics. Three articles within the report caught our eye… Read more »
We’re seeing interest in Pennsylvania’s Marcellus Shale bill, as recently enacted amendments to the state’s Oil and Gas Act are known. Designed to strengthen environmental protections, the legislation imposes additional reporting and operating burdens on natural gas producers in the state. For your reference, here’s quick roundup of key points addressed in the new law.… Read more »
On February 8, 2012, the Internal Revenue Service issued its long-awaited proposed regulations for implementing the Foreign Account Tax Compliance Act (FATCA). The new rules lay out a step-by-step process for US account identification, information reporting, and withholding requirements for non-US financial institutions and other foreign entities. For your reference, five takeaways from the proposed… Read more »
From law firm Sheppard Mullin, a critical look at the “misguided proposal” to require mandatory debarment for companies that violate the Foreign Corrupt Practices Act: “… a proposal [requiring mandatory debarment] is completely wrong-headed. Debarment is a severe, forward-looking administrative remedy – the corporate ‘death penalty’ – not a vehicle to ‘boost’ the penalties for… Read more »
On February 9, The Food and Drug Administration released its draft guidelines for drug makers on the abbreviated approval pathway for biosimilars, a move that could open the door to cheaper generic versions of branded biotech drugs. For your reference, here’s a roundup of legal commentary on the proposed rules: FDA Publishes Draft Guidelines for… Read more »
According to the Organisation for Economic Co-operation and Development (OECD), in 2010 US corporations invested more than $350 billion in foreign direct investment projects across the globe: buying factories, setting up businesses, establishing joint ventures. For companies considering their own international investment, here’s a roundup of updates on labor laws in some common destinations of… Read more »
“All too often, I hear complaints about compliance officers, general counsels, and outside counsels, who are the so-called ‘deal-killers’ or ‘doomsayers.’ The challenge within any organization is not to stop the work but to consult and advise on ways to meet the requirements of the law and figure out a way to make it work.… Read more »
