Corporate Compliance

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On April 15, the UK Treasury released proposed steps, entitled a “consultation,” to adopt the EU’s Fifth Money Laundering Directive (“5AMLD”) into national law, while also seeking comments and evidence from stakeholders to inform the final government decisions on adoption of 5AMLD. In certain respects, the exchequer suggests that it might expand the scope of 5AMLD, in part by targeting a perceived gap in stemming the flow of illicit funds in the real property sector.…
On April 15, the New Jersey Bureau of Securities (the “Bureau”) issued a rule proposal to establish a uniform fiduciary duty standard applicable to investment advisers, brokers-dealers and their registered representatives and agents.  Specifically, the proposed rule (N.J.A.C. 13:47A-6.4), which could take effect as early as the end of the year, will require all investment professionals registered with the Bureau to provide investment advice, recommend investment strategies, open or transfer assets to any type of…
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How confident are you in your web archive’s fidelity? If you visit the websites of Hanzo’s competition, you’ll find quotes from their senior leadership touting them as “the financial services industry’s premier electronic communications archiving provider.” This blanket statement is, of course, carefully crafted to give you confidence. From our perspective, though, it’s actually doing one of three things: Misleading you about their technology’s superiority to win your business. Demonstrating how naive they are to…
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UK-based Standard Chartered Bank (“SCB”) announced the terms of significant settlements last week with various U.S. and U.K. governmental agencies, resolving a series of related investigations into the bank’s alleged violations of international sanctions and concomitant failures of anti-money laundering (“AML”) controls over a period stretching from 2007 to 2014. The bank will pay a total of $1.1 billion in combined forfeitures and fines to various national and state agencies in the two countries —…
As recognized by new guidance from the Financial Industry Regulatory Authority (FINRA), the departure of a registered representative often prompts customer questions about the departing representative and the continued servicing of a customer’s account. In light of the continued frequency of movement of registered representatives from, or among, member firms, FINRA issued guidance on April 5, 2019, regarding what information it expects member firms to communicate to customers upon the departure of a registered representative.…
When you need information, where do you go? For the majority of people today, the answer involves a smartphone and social media. From Facebook and LinkedIn to Instagram, Twitter, and even YouTube, social media is everywhere—and full of answers, data, opportunities, and potential risks. For organizations, and the risk, legal, and compliance professionals within them, that means consumers are using your business’s social media profiles and website to make critical decisions. If you’re not keeping full…
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Making a difference is a guiding light for the team at Hanzo, and perhaps, is exemplified most clearly by those who deliver service to customers. For this Meet Team Hanzo spotlight, I talked with Matthew Stringer, from the Hanzo Service Delivery team. We spoke about supporting customers in solving real-world legal challenges with technology, his inspiration from space, and some practical life philosophy we all can apply. Hanzo Spotlight: Matthew Stringer, Service Delivery Manager What…
In the recent decision of CelestialRX Investments, LLC v. Krivulka, C.A. No. 11733-VCG (Del. Ch. Mar. 27, 2019), the Delaware Court of Chancery addressed whether certain named defendants were subject to jurisdiction in Delaware under the implied consent statute of 6 Del. C. § 18-109(a).  That statute provides a statutory basis for “managers” (as defined in the LLC Act), and those who otherwise participate materially in the management of the LLC, to be subject…
On March 21, 2019, the Department of Defense (DoD) Defense Innovation Board (“DIB”) released a report, Software is Never Done: Refactoring the Acquisition Code for Competitive Advantage (“the Report”), summarizing DIB’s Software Acquisition and Practices (SWAP) study, which was mandated by the National Defense Authorization Act of Fiscal Year (FY) 2018. The two-year study involved conversations with Congress, the DoD, federally-funded research and development centers, contractors, and the public focused on ways in which DoD…
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On the afternoon of Monday, April 8th, 2019, I spoke with AP Capaldo-Aoun, a global compliance attorney and director of E&C at a Fortune 100 technology company, about the compliance implications of Operation Varsity Blues. Our conversation took place just as news broke that Felicity Huffman and 12 others would plead guilty to bribery in the widespread college admissions scandal, and on the heels of coverage of the topic by Hui Chen and other members…