These are some of the compliance-related stories that recently caught my attention.
Compliance Officers Think Regulators Are Targeting Them By Samuel Rubenfeld in the Wall Street Journal’s Risk & Compliance Journal
Thomson Reuters, for its Personal Liability Report, found that 93% of compliance professionals expect their personal liability to increase over the next year, with 64% of them expecting a “significant” increase. Half of the respondents believe senior managers don’t really know what’s going on in their businesses. And yet, nearly two-thirds of the 2,000 risk and compliance professionals surveyed by Thomson Reuters also expect the regulatory focus on holding senior managers accountable to extend internationally. [More…]
Volcker’s Covered Fund Rules: When Banking Law Borrows from a Securities Law Statute by Erik F. Gerding in the CLS Blue Sky Blog
In a recent short article just published in The Capital Markets Law Journal (an earlier ssrn draft is available here), I examine this decision by Congress and federal regulators. In crafting the statutory provision and the final rule respectively, Congress and federal regulators chose to apply the covered funds rule to bank investments in entities that would otherwise be investment companies but for the exemptions in Sections 3(c)(1) and 3(c)(7) of the Investment Company Act. This importation from the Investment Company Act – in what I call a trans-statutory cross reference – has profound consequences. [More…]
U.S. Justice Dept Borrows From Academics for Policy Shift by Stephen Dockery in the Wall Street Journal’s Risk & Compliance Journal
The U.S. Justice Department is considering a new policy that gives companies a clearer idea of what to expect when self-reporting foreign corruption violations to the government, a move strikingly similar to a corporate-minded approach to criminal liability advocated by law professor Jennifer Arlen at New York University. [More…]
Still think fantasy sports isn’t gambling? Don’t bet on it by Phil Mushnick in the New York Post
They’re sold as get-rich-quick, no-downside methods to win thousands, tens of thousands, millions, the come-ons geared toward mostly young, impressionable (vulnerable) men stoked by the promise of winning more treasure than they can stuff in a 1996 Civic. [More…]
Marc Wyatt Named Director of the Office of Compliance Inspections and Examinations
Mr. Wyatt previously was OCIE’s Deputy Director and has been the office’s Acting Director since April 2015, following the departure of former director Andrew Bowden.
Mr. Wyatt joined the SEC in December 2012 as a senior specialized examiner focused on examinations of advisers to hedge funds and private equity funds. He was named Deputy Director in October 2014 and in that position he led OCIE’s Technology Controls Program and served as a member of the office’s Operating and Executive Committees. He also was the national co-coordinator of OCIE’s Private Fund Specialized Working Group and participated in the creation of its Private Fund Examination Unit, whose attorneys, accountants, and examiners specialize in examinations of advisers to private funds.
