US Securities and Exchange Commission’s announcement of chief of Foreign Corrupt Practices Act unit signals possible anti-bribery enforcement focus on non-United States issuers

2018 ◽  
Vol 19 (1) ◽  
pp. 31-34
Author(s):  
James L. Sanders ◽  
Kyle Bahr ◽  
Calvin Chan ◽  
Charles Hewetson
Keyword(s):  
United States ◽  
Design Methodology ◽  
Internal Controls ◽  
Legal Counsel ◽  
Foreign Corrupt Practices Act ◽  
Content Type ◽  
Playing Field ◽  
Additional Pressure ◽  
The Us

Purpose This paper explains how recent statements by the US Securities and Exchange Commission’s (SEC’s) leadership – including the new Chief of the SEC’s Foreign Corrupt Practices Act (FCPA) Unit – signal the American regulator’s intent to “level the playing field” by stepping up its investigations and enforcement of companies worldwide and what non-US issuers can do to prepare. Design/methodology/approach Uses information included in the announcement naming Charles E. Cain as Chief of the SEC’s specialized FCPA Unit to lay out an argument that the Unit’s priorities may focus more on non-US companies than US companies. Findings Based on past statements and written accounts made by Mr Cain, and with the tacit support of other senior SEC officials, it can be assumed that non-US companies will experience additional scrutiny from the SEC, in the name of leveling the playing field. Furthermore, it can be assumed that the SEC will place additional pressure on anti-corruption regimes in other international jurisdictions to do their part in combatting corruption. Originality/value This paper is of value to personnel within non-US issuers who are responsible for creating and enforcing their organization’s anti-bribery or anti-corruption policies and internal controls. It is also of value to legal counsel interested in developing an understanding of the current priorities of the SEC as far as the FCPA is concerned.

Sanofi settles FCPA charges with SEC for $25.2 million

2019 ◽  
Vol 20 (1) ◽  
pp. 27-30
Author(s):  
Jennifer Kennedy Park ◽  
Abena Mainoo
Keyword(s):  
Design Methodology ◽  
Securities And Exchange Commission ◽  
Internal Controls ◽  
Healthcare Industry ◽  
Foreign Corrupt Practices Act ◽  
Content Type ◽  
Enforcement Action ◽  
Compliance Programs ◽  
The Us ◽  
Practical Implications

Purpose To explain a recent enforcement action by the US Securities and Exchange Commission (SEC) highlighting risk factors for Foreign Corrupt Practices Act (FCPA) violations. Design/methodology/approach Summarizes the basis of the SEC’s enforcement action against Sanofi for violating the FCPA’s books and records and internal controls provisions, reviews the terms of the SEC’s resolution with Sanofi, explains Sanofi’s remedial efforts and cooperation with the SEC’s investigation, and discusses factors contributing to corruption risks in the healthcare industry. Findings The SEC’s enforcement action against Sanofi, and other recent enforcement actions, underscore the importance of comprehensive anti-corruption compliance programs and strong internal controls across large multinationals and their subsidiaries. Practical implications Companies operating in high-risk industries and markets should regularly assess and address corruption risks. Originality/value Practical guidance from experienced enforcement lawyers.

US SEC report calls for better internal accounting controls for cyber-related threats

2019 ◽  
Vol 20 (1) ◽  
pp. 5-9
Author(s):  
David Martin ◽  
David Engvall ◽  
Kerry Burke ◽  
Gerald Hodgkins ◽  
Matthew Franker ◽  
...  
Keyword(s):  
Design Methodology ◽  
Internal Controls ◽  
Public Companies ◽  
Content Type ◽  
Policies And Procedures ◽  
The Us ◽  
Practical Guidance ◽  
Internal Accounting ◽  
Corporate Disclosures

Purpose To summarize and explain the US Securities and Exchange Commission’s (Commission) recent report of investigation cautioning public companies to consider cyber-related threats when designing and implementing internal accounting controls. Design/methodology/approach Explains that the Commission’s report arose out of a Commission enforcement investigation into the internal accounting controls of nine unidentified public companies that were victims of email scams, explains that the Commission issued the report to emphasize that cybersecurity remains a high priority for the Commission and the report should serve as a reminder that all public companies need to consider cyber-related threats when devising and maintaining internal accounting controls and provides practical considerations for public companies to consider in light of the Commission’s report. Findings Public companies should assume that the Commission is actively monitoring all areas related to cybersecurity, including corporate disclosures of cyber-related incidents and also whether companies have established policies, procedures, and internal controls in place to ensure cyber-related incidents are prevented. Given that assumption, public companies should take prompt steps to assess and, if appropriate, improve internal accounting controls, disclosure controls, and cyber-related policies and procedures to address the risk of cyber-related incidents. Originality/value Practical guidance from experienced securities lawyers.

Legal risks of bribery increase globally

2016 ◽  
Keyword(s):  
Developing Countries ◽  
Money Laundering ◽  
Civil Aviation ◽  
Criminal Investigation ◽  
Foreign Corrupt Practices Act ◽  
Content Type ◽  
Playing Field ◽  
Legal Risks ◽  
The Us ◽  
The Uk

Subject Foreign Corrupt Practices Act outlook. Significance On August 8, the United Kingdom's Serious Fraud Office (SFO) opened a criminal investigation into allegations of fraud, bribery and corruption at the civil aviation business of Airbus Group. Although in effect since 2011, investigations and enforcements relating to the UK Bribery Act have only recently gathered pace. Enforcement of the US equivalent, the Foreign Corrupt Practices Act (FCPA), is also increasing, with the number of actions in the first half of 2016 outstripping the total for 2015 as a whole. Impacts FCPA and Bribery Act enforcement trends suggest rising overall risk, especially for companies in Asia and the pharma and hi-tech sectors. The London anti-corruption summit in May renewed interest in clamping down on grand corruption and money laundering. Improved enforcement capacity even in developing countries is helping to level the playing field and close loopholes.

OCIE issues risk alert on the most frequently identified advisory fee and expense compliance issues

2018 ◽  
Vol 19 (4) ◽  
pp. 1-3
Author(s):  
Robert Van Grover
Keyword(s):  
Design Methodology ◽  
Best Practice ◽  
Investment Management ◽  
Content Type ◽  
Informed Decisions ◽  
Policies And Procedures ◽  
The Us ◽  
Investment Advisers ◽  
Practical Implications

Purpose To summarize and interpret a Risk Alert issued on April 12, 2018 by the US SEC’s Office of Compliance Inspections and Examinations (OCIE) on the most frequent advisory fee and expense compliance issues identified in recent examinations of investment advisers. Design/methodology/approach Summarizes deficiencies identified by the OCIE staff pertaining to advisory fees and expenses in the following categories: fee billing based on incorrect account valuations, billing fees in advance or with improper frequency, applying incorrect fee rates, omitting rebates and applying discounts incorrectly, disclosure issues involving advisory fees, and adviser expense misallocations. Findings In the Risk Alert, OCIE staff emphasized the importance of disclosures regarding advisory fees and expenses to the ability of clients to make informed decisions, including whether or not to engage or retain an adviser. Practical implications In light of the issues identified in the Risk Alert, advisers should assess the accuracy of disclosures and adequacy of policies and procedures regarding advisory fee billing and expenses. As a matter of best practice, advisers should implement periodic forensic reviews of billing practices to identify and correct issues relating to fee billing and expenses. Originality/value Expert guidance from experienced investment management lawyer.

NCSS notable trade book lesson plan: the girl who buried her dreams in a can

2020 ◽  
Vol 15 (2) ◽  
pp. 121-126
Author(s):  
Takisha Durm
Keyword(s):  
United States ◽  
Research Design ◽  
Design Methodology ◽  
Lesson Plan ◽  
The United States ◽  
Elementary Grades ◽  
Effect Change ◽  
Content Type ◽  
Similarities And Differences ◽  
Future Date

PurposeThe Girl Who Buried Her Dreams in a Can, written by Dr Tererai, profiles a cultural, yet global experience of the power of believing in one's dream. Through this study of the similarities and differences of how children in the United States and abroad live and dream of a better life, this lesson seeks to enhance students' understandings of the power and authority they possess to effect change not only within their own lives but also in the lives of countless others in world. After reading the text, students will work to create vision boards illustrating their plans to effect change within their homes, schools, communities, states or countries. They will present their plans to their peers. To culminate the lesson, the students will bury their dreams in can and collectively decide on a future date to revisit the can to determine how far they have progressed in accomplishing their goals.Design/methodology/approachThis is an elementary grades 3–6 lesson plan. There was no research design/methodology/approach included.FindingsAs this is a lesson plan and no actual research was represented, there are no findings.Originality/valueThis is an original lesson plan completed by the first author Takisha Durm.

Lenovo’s successful acquisition of the IBM PC Division

2016 ◽  
Vol 32 (9) ◽  
pp. 32-35
Author(s):  
Mark Thomas
Keyword(s):  
Design Methodology ◽  
Chinese Economy ◽  
High Tech ◽  
Tablet Computers ◽  
Content Type ◽  
Us Economy ◽  
The Us ◽  
Pertinent Information ◽  
Traditional Manufacturing

Purpose The purpose of this paper is to analyze Lenovo’s successful acquisition of IBM’s PC division using Ghemawat’s (2001) CAGE framework. It was an acquisition that was so full of symbols that it is difficult to know where to begin. Lenovo’s purchase of IBM in 2005 was first seen as a sign of the rapid growth and expansion of the Chinese economy and its transformation away from the traditional manufacturing base to more high-tech areas. For doomsday merchants in the land of Uncle Sam, it foretold the end of the world domination of the US economy. Despite a considerable number of skeptics at the time, Lenovo was clearly up to the task. Such was the success of the acquisition that by 2015, Lenovo could claim to have grown into the world’s number 1 PC maker, number 3 smartphone manufacturer and number 3 in the production of tablet computers. Design/methodology/approach This paper is a case study. Findings Despite a considerable number of skeptics at the time, Lenovo was clearly up to the task. Such was the success of the acquisition that by 2015, Lenovo could claim to have grown into the world’s number 1 PC maker, number 3 smartphone manufacturer and number 3 in the production of tablet computers. Indeed, by 2014, the firm had enough confidence to add the IBM server business to its portfolio. Originality/value The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

Washington will rethink its foreign chip strategy

2021 ◽  
Keyword(s):  
United States ◽  
Supply Chain ◽  
The United States ◽  
Export Controls ◽  
Political Pressure ◽  
Technical Standards ◽  
Content Type ◽  
The Us ◽  
Technology Competition ◽  
Business In China

Significance Follow-on action from Washington and responses from foreign actors will shape the US government’s adversarial policy towards China in semiconductors and other strategic technologies. Impacts The Biden administration will likely conclude that broad-based diversion of the semiconductor supply chain away from China is not feasible. The United States will rely on export controls and political pressure to prevent diffusion to China of cutting-edge chip technologies. The United States will focus on persuading foreign semiconductor leaders to help develop US capabilities, thereby staying ahead of China. Washington will focus on less direct approaches to strategic technology competition with China, notably technical standards-setting. Industry leaders in the semiconductor supply chain worldwide will continue expanding business in China in less politically sensitive areas.

Online disinformation is greater risk for older users

2021 ◽  
Keyword(s):  
United States ◽  
Voter Turnout ◽  
Senior Citizens ◽  
Rapid Evolution ◽  
The United States ◽  
Content Type ◽  
News Source ◽  
The Us ◽  
Older Users ◽  
Special Concern

Significance The growing numbers of senior citizens in the United States, their rapidly increasing adoption of social media and their high levels of voter turnout make their vulnerability to disinformation a matter of special concern. Other advanced democracies likely mirror the US experience. Impacts Older US adults' use of television as their primary news source may provide some bulwark against being targeted by disinformation online. The rapid evolution of news distribution technologies will challenge older adults used to a more slowly changing media landscape. Further research is necessary to determine the causes of age-based vulnerability and levels of resilience.

So you want to work in sports? An exploratory study of sport business employability

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
David J. Finch ◽  
Norm O'Reilly ◽  
David Legg ◽  
Nadège Levallet ◽  
Emma Fody
Keyword(s):  
United States ◽  
Emotional Intelligence ◽  
Labor Market ◽  
Exploratory Study ◽  
Design Methodology ◽  
Sport Management ◽  
The United States ◽  
Content Type ◽  
The Past ◽  
Analytical Thinking

PurposeAs an industry, sport business (SB) has seen significant growth since the early 2000s. Concurrently, the number of postsecondary sport management programs has also expanded dramatically. However, there remain concerns about whether these programs are meeting the demands of both employers and graduates. To address these concerns, this study examines the credential and competency demands of the SB labor market in the United States.Design/methodology/approachResearchers conducted an analysis using a broad sample of employment postings (N = 613) for SB positions from two different years, 2008 and 2018.FindingsResults support that a complex set of SB qualifications exist, and the credentials and competencies included in SB employment postings have evolved over the past decade.Originality/valueA noteworthy finding is that meta-skills are found to be particularly important for employability, including items such as communication, emotional intelligence and analytical thinking and adaptability.

SEC permits all issuers to submit confidential draft registration statements

2017 ◽  
Vol 18 (4) ◽  
pp. 16-21
Author(s):  
Andrew Brady ◽  
Brian Breheny ◽  
Michelle Gasaway ◽  
Stacy Kanter ◽  
Michael Zeidel ◽  
...  
Keyword(s):  
Corporate Finance ◽  
Design Methodology ◽  
Review Process ◽  
Going Public ◽  
Content Type ◽  
Submission Process ◽  
The Us ◽  
Practical Guidance ◽  
Jobs Act ◽  
A Company

Purpose To explain the US Securities and Exchange Commission’s (SEC’s) June 29, 2017 announcement (as updated August 17, 2017) that the staff of its Division of Corporation Finance will accept draft registration statement submissions from all companies for nonpublic review, thereby expanding a popular benefit previously available only to emerging growth companies (ECGs) under the JOBS Act and, in limited circumstances, to certain foreign private issuers under historical Staff practices. Design/methodology/approach Explains the rationale and limitations of the new policy, the existing confidential submission process, the expanded class of issuers and transactions that now qualifies for the nonpublic review process, and content and staff processing details. Findings Recognizing that the confidential submission process for EGCs proved highly popular and quickly became standard practice for eligible companies seeking to conduct an IPO, the SEC has made the nonpublic review process available to an expanded class of issuers and transactions. The expanded confidential submission process for IPOs addresses some of the typical concerns associated with engaging in the IPO process by giving a company more time and flexibility to determine whether it actually will be able to achieve the benefits of going public before it incurs the burdens and expenses of doing so. Originality/value Practical guidance from experienced securities and corporate finance lawyers.

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