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Article
Publication date: 4 September 2017

Breon S. Peace, Jennifer Kennedy Park, Robin M. Bergen and Nowell D. Bamberger

To explain and analyze two Enforcement Advisories that set forth the factors the US Commodity Futures Trading Commission Division of Enforcement may consider in assessing…

Abstract

Purpose

To explain and analyze two Enforcement Advisories that set forth the factors the US Commodity Futures Trading Commission Division of Enforcement may consider in assessing cooperation by companies and individuals in the context of CFTC enforcement proceedings.

Design/methodology/approach

Explains the background, including the 2007 Enforcement Advisory for Companies. Explains the 2017 Enforcement Advisory for Companies and the parallel Enforcement Advisory for Individuals, including policy-based considerations and factors such as the materiality, timeliness, nature, and quality of a company’s cooperation; the value of a company’s cooperation to the Commission’s broader law enforcement interests; and the company’s culpability, culture and other relevant factors. Provides examples of uncooperative conduct. Discusses a broader trend among enforcement authorities in the US and abroad of setting higher cooperation standards.

Findings

The new Advisories make clear that merely complying with requests for information from the CFTC staff will not be sufficient; a company or individual seeking cooperation credit as part of a resolution with the CFTC must go above and beyond its legal obligations in order to qualify for such credit.

Originality/value

Practical guidance from experienced white collar defense, regulatory enforcement, civil litigation and arbitration lawyers.

Details

Journal of Investment Compliance, vol. 18 no. 3
Type: Research Article
ISSN: 1528-5812

Keywords

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Article
Publication date: 8 May 2018

Matthew C. Solomon, Robin M. Bergen and Alexis Collins

To discuss and analyze the US Securities and Exchange Commission’s (SEC’s) FY 2017 Annual Report, which details its priorities for the coming year and evaluates enforcement

Abstract

Purpose

To discuss and analyze the US Securities and Exchange Commission’s (SEC’s) FY 2017 Annual Report, which details its priorities for the coming year and evaluates enforcement actions that occurred during FY2017.

Design/methodology/approach

Summarizes key shifts from FY 2016, outlines the Enforcement Division’s current priorities, and, in view of its stated focus on the conduct of investment professionals and protection of retail investors, provides guidance to the investment management industry as it gears up for the coming year.

Findings

The Report provides insight into changes in the SEC’s approach to enforcement actions, including a general shift in tone suggesting a more measured approach to enforcement and remedies and a move away from a statistics-oriented approach, and a glimpse into its priorities for the coming year, including five core principles guiding the Division’s enforcement decisions.

Practical implications

As those in the asset management industry consider revisions to their policies and procedures for FY 2018, as well as their risk profile more generally, they should keep in mind key insights into the Commission’s enforcement strategy offered by the Report.

Originality/value

Practical guidance from experienced securities enforcement, litigation, compliance and anti-corruption lawyers.

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Article
Publication date: 23 September 2019

Alice S. Fisher, Douglas K. Yatter, Douglas N. Greenburg, William R. Baker III, Benjamin A. Dozier and Robyn J. Greenberg

This paper aims to analyze the March 6, 2019 enforcement advisory in which the Division of Enforcement (Division) of the US Commodity Futures Trading Commission (CFTC or…

Abstract

Purpose

This paper aims to analyze the March 6, 2019 enforcement advisory in which the Division of Enforcement (Division) of the US Commodity Futures Trading Commission (CFTC or Commission) announced that it will work alongside the US Department of Justice (DOJ) and other agencies to investigate foreign bribery and corruption relating to commodities markets.

Design/methodology/approach

This paper explains the enforcement advisory and outlines key considerations for industry participants and their compliance teams, including the CFTC’s plan to investigate in parallel with other enforcement authorities, an expansion of the CFTC’s existing self-reporting, cooperation and remediation policy to address foreign corruption and the CFTC’s focus on market and economic integrity, and provides guidelines for commodities companies concerning anti-corruption compliance and training programs, investigating potential incidents of bribery and corruption, reporting obligations under the Commodity Exchange Act (CEA) and CFTC regulations, voluntary reporting of incidents of foreign corruption and whistleblowing.

Findings

The CFTC announcement adds a new dimension to an already crowded and complex landscape for anti-corruption enforcement. A range of industries, including energy, agriculture, metals, financial services, cryptocurrencies and beyond, must now consider the CFTC and the CEA when assessing global compliance and enforcement risks relating to bribery and corruption.

Originality/value

Expert guidance from lawyers with broad experience in white collar defense, investigations, financial services, securities, commodities, energy and derivatives.

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Article
Publication date: 1 January 2006

Richard Burger

To consider the recommendations made by the Financial Services Authority (FSA) enforcement process review (the review).

Abstract

Purpose

To consider the recommendations made by the Financial Services Authority (FSA) enforcement process review (the review).

Design/methodology/approach

This paper has considered the concerns raised by the Financial Services and Markets Tribunal in the Legal & General case, the reaction of the FSA to those concerns and the terms of reference for the review, plus the impact of the review's 44 recommendations.

Findings

That the recommendations will bring greater transparency to the FSA's process of investigating regulatory breaches and taking enforcement action against firms and individuals, although it may take some time for the regulator and the city to adapt to the revised enforcement process.

Originality/value

This paper will be of interest to firms and individuals in the regulated sector and regulatory lawyers interested in the FSA's enforcement process.

Details

Journal of Financial Regulation and Compliance, vol. 14 no. 1
Type: Research Article
ISSN: 1358-1988

Keywords

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Article
Publication date: 20 November 2009

Nader H. Salehi, Gerald J. Russello and Vincent Hull

The purpose of this paper is to explain new initiatives announced by SEC Division of Enforcement Director Robert Khuzami on August 5, 2009 as Phase I of the division's…

Abstract

Purpose

The purpose of this paper is to explain new initiatives announced by SEC Division of Enforcement Director Robert Khuzami on August 5, 2009 as Phase I of the division's self‐assessment.

Design/methodology/approach

The paper outlines five initiatives: creating specialized units; creating an Office of Market Intelligence; streamlining the Division's management structure; fostering cooperation by individuals in staff investigations, and using the Division's resources more strategically in areas such as mortgages and the credit crisis, Ponzi schemes, and cross‐market misconduct.

Findings

The Division expects the structural and process changes to make the enforcement staff more nimble and effective.

Originality/value

The paper offers practical guidance by experienced securities lawyers.

Details

Journal of Investment Compliance, vol. 10 no. 4
Type: Research Article
ISSN: 1528-5812

Keywords

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Article
Publication date: 28 June 2013

Brian L. Rubin, Carmen L. Brun, Jaliya Stewart Faulkner, Michael K. Freedman, Kurt Lentz and Jae C. Yoon

The purpose of this paper us to summarize the remarks of the Commissioners and participants in several panel sessions and workshops during the 2013 annual “SEC Speaks”…

Abstract

Purpose

The purpose of this paper us to summarize the remarks of the Commissioners and participants in several panel sessions and workshops during the 2013 annual “SEC Speaks” conference held by the Practising Law Institute in cooperation with the US Securities and Exchange Commission, discussing the SEC's accomplishments in 2012 and its agenda for 2013.

Design/methodology/approach

The paper summarizes remarks by Chairman Walter and Commissioners Aguilar, Paredes, and Gallagher; provides highlights from panel sessions and workshops concerning the Division of Corporation Finance, the Division of Trading and Markets, the Division of Enforcement, the Division of Investment Management, the Office of Compliance Inspections and Examinations as well as highlights from the panel sessions relating to Accounting, Risk, Strategy and Financial Innovation. Judicial and Legislative Developments, and Ethics.

Findings

The summaries provide an overview of the SEC's most important current rulemaking, projects and policy priorities.

Originality/value

The paper presents current SEC issues and developments addressed by experienced SEC lawyers.

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Article
Publication date: 3 June 2014

Randall Fons and Tiffany Rowe

To summarize and comment on the Securities and Exchange Commission’s (SEC’s) two-day conference, “The SEC Speaks,” held February 21-22, 2014, in which commissioners and…

Abstract

Purpose

To summarize and comment on the Securities and Exchange Commission’s (SEC’s) two-day conference, “The SEC Speaks,” held February 21-22, 2014, in which commissioners and senior staff provided thoughts and insights into the most pressing issues currently being considered by the commission.

Design/methodology/approach

Discusses SEC Chair’s decision to require defendants to admit violations in appropriate cases, the creation of the Financial Reporting and Audit (FRAud) Task Force, new guidelines that will allow staff to bring more enforcement cases as administrative proceedings rather than in federal district court, Foreign Corrupt Practices Act (FCPA) staff goals for 2014, some unfamiliar statutory provisions that are expected to be cited in upcoming enforcement cases, litigation goals for 2014, and other areas of historical concern that will receive continuing emphasis in 2014.

Findings

Where last year’s conference provided little insight in terms of specificity and direction of the enforcement program, this year’s conference revealed an Enforcement Division that has found its bearings and intends to use new technology, new ideas and new staff to enhance and improve its enforcement program.

Originality/value

Practical guidance from experienced financial services and securities lawyers.

Details

Journal of Investment Compliance, vol. 15 no. 2
Type: Research Article
ISSN: 1528-5812

Keywords

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Article
Publication date: 1 September 2003

Leanne Liu and Brian H. Kleiner

This article briefly discusses the history of the American labour force. Following by a discussion of the importance of enforcement of labour standards as well as an…

Abstract

This article briefly discusses the history of the American labour force. Following by a discussion of the importance of enforcement of labour standards as well as an in‐depth look within the Division of Labor Standards Enforcement, including its function units and specifically what each unit is responsible for. Then there are a couple of short definitions of labour standards followed by some criticism, as well as their opposing arguments. A short section follows discussing what is believed to be the key functional prerequisites to have successful labour standards. The article concludes by posing the question of whether the labour standards are adequately enforced and the opinions from various sides: labour, management, and state agency representatives.

Details

Equal Opportunities International, vol. 22 no. 6/7
Type: Research Article
ISSN: 0261-0159

Keywords

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Article
Publication date: 8 May 2018

Bradley J. Bondi, David Slovick and Michael Wheatley

To provide an overview of the Commodity Futures Trading Commission’s (CFTC’s) new self-reporting and cooperation program.

Abstract

Purpose

To provide an overview of the Commodity Futures Trading Commission’s (CFTC’s) new self-reporting and cooperation program.

Design/methodology/approach

Summarizes the key features of the CFTC’s new cooperation program and the CFTC’s statement of its purpose in enacting the program; provides the authors’ views on the likely implications of the program for CFTC enforcement actions.

Findings

Whether the CFTC’s self-reporting and cooperation program will be a useful tool for deterring misconduct remains to be seen as the CFTC begins to implement it, but there are indications that it may encourage cooperation. If properly implemented, the program has the potential to benefit the CFTC and regulated parties significantly.

Originality/value

Practical insights on a new CFTC policy from experienced civil enforcement lawyers.

Details

Journal of Investment Compliance, vol. 19 no. 1
Type: Research Article
ISSN: 1528-5812

Keywords

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Article
Publication date: 9 March 2010

Ryan Patten

Numerous research studies have analyzed the difficulties of implementing community‐oriented policing (COP) in policing agencies, but there is no research examining this…

Abstract

Purpose

Numerous research studies have analyzed the difficulties of implementing community‐oriented policing (COP) in policing agencies, but there is no research examining this phenomenon in a natural resource law enforcement department. This paper aims to examine Washington Department of Fish and Wildlife law enforcement officers' attitudes and opinions regarding their agency's paradigm shift toward COP to gain compliance with resource‐protective regulations.

Design/methodology/approach

Data are collected through the use of 43 semi‐structured interviews and ten ride‐alongs to determine the officers' commitment to use of COP in resolving contentious natural resource disputes.

Findings

This paper reaffirms findings of other COP studies regarding the need to have clear communication about officers' roles under COP and the necessity for the department to reformulate its evaluations of officer production and progress.

Practical implications

Other regulatory agencies can apply the lessons learned from this research, which demonstrate that capitalizing on veteran officers' positive experiences and rewarding officers engaged with COP are important steps to consider when attempting an agency shift from feared “regulator” to a trustworthy “collaborative problem solver”. Based on the conclusions of this research, policing and other regulatory administrators should not assume that their veteran officers are unwilling to accept a change in their roles and duties, and seasoned employees can also be determined leaders when training new recruits.

Originality/value

In a stark contradiction to other COP research, the paper reveals that veteran officers are significantly more likely to accept and utilize COP approaches as opposed to their younger counterparts.

Details

Policing: An International Journal of Police Strategies & Management, vol. 33 no. 1
Type: Research Article
ISSN: 1363-951X

Keywords

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