Thursday, July 24, 2014

CFTC Launches Investigation into J.P. Morgan Derivatives Loss

The Commodity Futures Trading Commission has opened an investigation into “credit derivatives products as traded by the chief investment officer” of J.P. Morgan, (JPM) agency chairman Gary Gensler told reporters May 21.

SEC Sues Deloitte’s Shanghai Affiliate in First Sarbanes-Oxley Section 106 Action Against Foreign Firm

The Securities and Exchange Commission May 9 sued Deloitte Touche Tohmatsu’s Shanghai affiliate for allegedly “willfully” failing to provide documents to the agency regarding a client under SEC investigation (In re Deloitte Touche Tohmatsu CPA Ltd., SEC, Admin. Proc. File No. 3-14872, 5/9/12).

CFTC Proposes That Foreign Regulators Need Not Indemnify Swap Data Repositories Under Dodd-Frank Act

The Commodity Futures Trading Commission voted 5-0 May 1 to propose an interpretative statement that in many cases would exempt foreign regulators from having to indemnify swap data repositories when seeking information from the entities, as required in the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.

BNA INSIGHTS: The Extraterritorial Implications of the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act: Why Nearly Every Global Company Needs a Robust Anti-Corruption Compliance Program

Business in today’s world is global, and anti-corruption enforcement is as well. Given the extraterritorial reach of the U.S. Foreign Corrupt Practices Act (FCPA) and the U.K. Bribery Act (Bribery Act), multinational corporations with connections to the United States and the United Kingdom are becoming increasingly aware of the risks of enforcement of these two statutes by the U.S. and U.K. authorities. Many companies operating or headquartered outside of the United States are questioning how these laws may be applied to their conduct, and, if so, what course of action they should take to protect themselves from liability. …

U.S. SEC, DOJ Charge Former Senior Siemens AG Executives Over Alleged Argentine Bribery Scheme

The DoJ and the SEC announced parallel charges under the Foreign Corrupt Practices Act against former senior Siemens AG executives over an alleged decades-long bribery scheme to retain a $1 billion contract to produce national identity cards for Argentine citizens…

SEC Proposes New Rules to Establish Business Conduct Standards for Swap Deals

The Securities and Exchange Commission June 29 unanimously agreed to propose new rules to establish business conduct standards for security-based swap dealers and major SBS participants that enter into swap transactions with counterparties…

Citing Morrison Ruling, Court Narrows Class Suit over Alleged Fraud by France’s Vivendi SA

In a long-awaited ruling, the U.S. District Court for the Southern District of New York Feb. 22 significantly narrowed class securities fraud charges against Vivendi Universal S.A. and two former executives who allegedly made material misstatements about the French media conglomerate’s finances, causing its stock to trade at artificially high levels between 2000 and 2002…

Hedge Funds with Swaps May Not Sue in U.S. over Porsche’s Handling of VW Shares, Court Rules

The hedge funds that held swap agreements tied to German corporation Volkswagen’s shares cannot pursue U.S. securities fraud claims that Porsche Automobil Holding SE, also a German corporation, and two of its executives manipulated the price of VW’s shares, the U.S. District Court for the…

SEC Maintains Dodd-Frank Act Reverses Morrison Ruling for Enforcement Purposes

The Securities and Exchange Commission believes that the financial reform legislation effectively overturned the U.S. Supreme Court’s landmark decision in Morrison and restored the so-called “conduct and effects” test for commission enforcement actions, a senior official said…

SEC, U.K. FSA Allege Former Deloitte Partner Was Key to Family-Run Insider Trading Ring

The Securities and Exchange Commission Nov. 30 announced that it and the U.K.’s Financial Services Authority disrupted what they believe to be a multi-million dollar insider trading network anchored by a…

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