I’m going to assume that most of the readers of Compliance Building are working remotely. I hope your firms’ business continuity processes are holding up and you’re keeping things together.
I have to admit that I’m getting a little crazy being stuck in the house and working from home so many days in a row. I’ve cut back on riding outside and am spending more time on Zwift in my basement. If you’re a Zwift rider, let me know and we can ride a virtual meetup.
If your looking for compliance-related stories to read, here are a few that caught my attention.
Coronavirus, Systemic Risk, and Lessons from 2008
by Kathryn Judge
The CLS Blue Sky Blog
Banks cannot be blamed for starting the current crisis, nor can financial regulators be expected to contain it. It is, at bottom, a public health crisis, and the top priority must be to contain the spread of Covid-19. Yet the pandemic will inevitably trigger widespread economic problems, and while congressionally authorized fiscal support will be the most important tool for minimizing them, the health of the financial system will also come into play. If the reforms of the last decade work, the financial system should be able to absorb this shock and continue to provide the support that the real economy will so desperately need to recover. But if runs, losses, and uncertainty take over – and sadly, this seems more likely at this stage – the financial system could magnify, rather than soften, the economic impact of Covid-19.
https://clsbluesky.law.columbia.edu/2020/03/16/lessons-from-the-last-crisis/
A Horse Racing Scandal: Lessons Learned
by David D. Dodge
SCCE’s The Compliance & Ethics Blog
Following the announcements of the federal indictments on March 9, Kentucky Derby-winning trainer Graham Motion stated that, “If this doesn’t wake up as an industry, I don’t know what will… it’s our own fault. We let it happen. This shows we are incapable of policing our own sport and that’s a sad situation.” Motion went on to express hope that “the indictments will bring the sport to rock bottom where opposition to the Horseracing Integrity Act will evaporate and the sport will finally embrace national standards for medications and safety.”
https://complianceandethics.org/a-horse-racing-scandal-lessons-learned/
SEC Has Two ‘Suspected’ Coronavirus Cases, Agency Official Says
by Andrew Ramonas
Bloomberg
Two workers at the SEC’s Washington headquarters may have the new coronavirus, an agency official said in a court filing. The Securities and Exchange Commission’s Enforcement Division has implemented an emergency policy of “either requiring or strongly encouraging telework for its personnel, depending on their individual circumstances and each employee’s physical proximity to the workstations of two suspected COVID-19 cases,” David Mendel, an SEC assistant chief litigation counsel, said in a letter to U.S. District Judge Alvin Hellerstein in New York March 13.
https://news.bloomberglaw.com/securities-law/sec-has-two-suspected-coronavirus-cases-agency-official-says
COVID-19 and the Compliance Risks Related to Sales and Marketing Practices
by Jennifer Kennedy Park and Jonathan Kelly
NYU Law’s Compliance & Enforcement
Those businesses hardest hit in the initial stages of the crisis — e.g., cruise lines, airlines and hotels — quickly face pressures that raise the risks of private litigation and government enforcement in connection with sales and marketing efforts. For example, what assurances should sales representatives in response to inquiries about the chances of contracting the virus in connection with the use of a product or service? What information should be provided about safety measures being taken? Do sales commission and incentive programs exacerbate the risks of non-compliant responses, and should they be suspended?
https://wp.nyu.edu/compliance_enforcement/2020/03/17/covid-19-and-the-compliance-risks-related-to-sales-and-marketing-practices/
Freshfields Discusses How Companies Can Switch to Virtual Annual Meetings After Proxy Filings
By Pamela L. Marcogliese, Elizabeth K. Bieber and Jillian Simons
The CLS Blue Sky Blog
In light of the novel coronavirus, COVID-19, companies are considering the advisability of holding in-person annual meetings. Given the timing of the COVID-19 emergence, companies with December 31 fiscal year ends may be weighing a change to their meeting format after filing their proxy statements and with little time until their annual meeting date.
https://clsbluesky.law.columbia.edu/2020/03/16/freshfields-discusses-how-companies-can-switch-to-virtual-annual-meetings-after-proxy-filings/
Welcome to Watopia – Let’s Be Nice
With many newly-arriving Zwifters worldwide there are a few tips that I think all of us experienced Zwifters need to follow. Let’s cut these newbies a little slack and lend a teaching hand as these new riders find out how many meters the Tron bike actually requires, how to see the real race results on Zwift Power, and most importantly how to connect with the Zwift community more intimately. Whether that’s through group rides, races or just a social club environment, let’s make these folks feel welcome.
https://zwiftinsider.com/welcome-to-watopia-lets-be-nice/
