Subject to Inquiry

Subject to Inquiry

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Tag Archives: “self reporting”

Enforcement and Prosecution Policy and Trends

SEC Launches Self-Reporting Initiative for Investment Advisers

In line with Chairman Jay Clayton’s oft-stated priority of protecting the long-term interests of Main Street investors, on Feb. 12, 2018, the Securities and Exchange Commission’s Division of Enforcement announced the launch of a new self-reporting initiative for investment advisers. This new initiative — the Share Class Selection Disclosure Initiative — aims to address undisclosed… Continue Reading
Anti-Bribery and Corruption, Enforcement and Prosecution Policy and Trends

SEC Highlights Model Response to Evidence of FCPA Violations, Announces Non-Prosecution Agreements

On June 7, the Securities and Exchange Commission (SEC) announced two non-prosecution agreements (NPAs) following a pair of investigations into alleged violations of the Foreign Corrupt Practices Act (FCPA).  Both companies were ensnared by the FCPA through the conduct of their foreign subsidiaries.  The way the companies responded to the apparent violations provides a potential… Continue Reading
Anti-Bribery and Corruption, Enforcement and Prosecution Policy and Trends, Fraud, Deception and False Claims

The Director of the SFO criticises corporations which commission internal investigations before self-reporting

The engagement of external lawyers by corporations is still the safest and best option as those external law firms not only have their own firm's professional brand reputation to protect in giving full honest and fair reports, but the lawyers who form those organisations all owe personal duties to the court not to mislead it. Their report would have been prepared in the knowledge that, if disclosed to the SFO as part of a self-reporting procedure, it could end up being scrutinised by the court.… Continue Reading
Anti-Bribery and Corruption, Compliance, Enforcement and Prosecution Policy and Trends

Oxford University Press pays substantial civil settlement fine for corrupt overseas contracts and is debarred from World Bank tenders

This appears to be the first civil settlement approved by the new Director of the SFO, David Green QC. It confirms what he has said publicly, that he will agree to civil settlements where appropriate (even though they have been the source of criticism in the past) but the SFO will prosecute when it is the public interest to do so.… Continue Reading
Anti-Bribery and Corruption, Compliance, Enforcement and Prosecution Policy and Trends, Financial Institution Regulation, Fraud, Deception and False Claims

BP receives whistleblower letter alleging corruption in its tanker division

The SFO has repeatedly said that it has been looking for a large, high profile international company to pursue in order to send a message around the world that it is serious about its enforcement under the Bribery Act. Could this be one of those cases?… Continue Reading
Enforcement and Prosecution Policy and Trends

Self reporting under the Bribery Act: Why only ten companies so far?

Incentives to self report are a major part of effective anti-corruption enforcement in the US and the Guidance issued by the Ministry of Justice attempts to lay the groundwork for a similar culture of self reporting in the UK. But, absent the same freedom to engage in plea bargaining that its US counterpart, the Department of Justice, enjoys, does the Serious Fraud Office have the tools to incentivise self reporting sufficiently?… Continue Reading
Anti-Bribery and Corruption, Compliance, Enforcement and Prosecution Policy and Trends

Identifying and Resolving Fraud and Corruption Cases in the US and the UK: PART II (Self Reporting )

The SEC and DOJ have long encouraged corporates to voluntarily disclose possible violations of the law. And both the SEC and DOJ offer lesser sanctions - even amnesty in certain cases - for corporates that timely self report suspected violations. Both the DOJ and the SEC stress that the key to receiving credit for self reporting is promptness. Corporates are expected to timely report potential violations identified through internal reporting or compliance programs or an internal investigation.… Continue Reading

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