Corporate Compliance

January 21, 2020

Here’s a riddle: what will it take to solve the ediscovery challenges posed by new collaboration applications? I recently posed that question to a few industry leaders who—like me—have been giving a lot of thought to how organizations can manage the ediscovery challenges of collaboration apps. We all agreed that the answer could be found in the question itself: collaboration, specifically between the legal department and IT professionals. Before I get to that, though, I…

Delaware Chancery Law Blog

AmerisourceBergen Ordered to Produce Board Level Documents Relating to Opioid Investigations in Section 220 Books and Records Action

By Carl Neff

January 19, 2020

In one of the more lengthy decisions issued in a books and records case commenced under 8 Del. C. § 220, Lebanon County Employees’ Retirement Fund, et al. v. AmerisourceBergen Corporation, Vice Chancellor Laster ordered AmerisourceBergen Corporation (“AmerisourceBergen” or the “Company”) to make available for inspection board-level documents formally evidencing the directors’ deliberations and decisions and the materials that the directors formally received and considered (the “Formal Board Materials”) relating to whether AmerisourceBergen engaged in wrongdoing…

The Corporate Compliance and White Collar Advisor

New York Enacts Legislation Related to Board Diversity

By Teri Wilford Wood & Anna K. Broccolo

January 17, 2020

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New York recently enacted the “Women on Corporate Boards Study” law (S. 4278), joining a growing number of states requiring organizations to report their board composition. The new law applies to domestic and foreign corporations “authorized to do business” in the state. Given the expanse of companies doing business in New York, this law may have a broad reach and impact organizations based far from New York. New York’s new law mandates a…

Money Laundering Watch

Key Developments in the Prosecutions for Leaks by Government Personnel of SARs Related to Michael Cohen, Paul Manafort, Richard Gates, and Others

By Mary K. Treanor

January 16, 2020

Note to Government Personnel: Don’t Disclose SARs This week, major developments unfolded in the cases against two former federal government employees for their respective roles in disclosing Suspicious Activity Reports (“SARs”) in violation of the Bank Secrecy Act (“BSA”). Historically, prosecutions pertaining to improper SAR disclosures have been supremely rare, so the fact that two court hearings involving this issue occurred in a single week is particularly notable. Both involve defendants allegedly acting on their…

Hanzo Blog

5 Reasons to Meet Hanzo at Legaltech during Legalweek

By Sarena Regazzoni

January 16, 2020

The clock is ticking until Legalweeek and you need to schedule your time wisely! Hanzo will be exhibiting and we’d love to meet. Following are five compelling reasons to connect with Hanzo during your Legalweek adventure. Book a meeting here. Slack – Say no more…we get it! We’ve seen the wide adoption of Slack, and it has caught on like wildfire because it is an amazing collaboration tool that people love to…

Subject to Inquiry

FINRA 2.0: FINRA Releases Its 2020 Risk Monitoring and Examination Priorities

By Cheryl Haas, Emily P. Gordy, Anitra T. Cassas, Molly M. White & Piper Waldron

January 14, 2020

FINRA’s examination program has undergone its most significant reorganization in decades. As stated in a press release, Oct. 1, 2018, FINRA’s goal for the reorganization was to “consolidate its Examination and Risk Monitoring Programs, integrating three separate programs into a single, unified program to drive more effective oversight and greater consistency, eliminate duplication and create a single point of accountability for the examination of firms.” The new look of the examination program was released…

Subject to Inquiry

SEC 2020 National Exam Program Examination Priorities

By Cheryl Haas, Emily P. Gordy, Anitra T. Cassas, Molly M. White & Piper Waldron

January 8, 2020

On January 7, 2020, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) released its 2020 examination priorities. OCIE is prioritizing practices, products, and services that it believes present heightened risks to investors or market integrity. The examination priorities are organized around seven themes, many of which build on OCIE’s priorities from prior years: Retail investor protection, including seniors and those saving for retirement; Market infrastructure; Information security; Focus areas relating…

Money Laundering Watch

Money Laundering Watch: 2019 In Review

By Peter D. Hardy, Juliana B. Carter, Brad Gershel, Terence M. Grugan, Gretchen L. Gurstelle, Beth Moskow-Schnoll, Marjorie J. Peerce, Shauna Pierson, Priya Roy, Mary K. Treanor & Jessica C. Watt

January 5, 2020

Happy New Year! And, happy birthday to Money Laundering Watch, which is entering its fourth year. Let’s look back. 2019 has been yet another busy year in the world of money laundering and BSA/AML. We are highlighting 12 of our most-read blog posts, which address many of the key issues we’ve examined during the past year — massive bank scandals; beneficial ownership; potential AML reform; virtual currency; cannabis and financial institutions; counter terrorism financing; money laundering…

Money Laundering Watch

AMA Updates AML Best Practices for AML Compliance

By Priya Roy

December 31, 2019

AMA Details Components of a Strong AML/BSA Program for the Gaming Industry Earlier this month, the American Gaming Association (“AGA”) released an updated Best Practices for Anti-Money Laundering (“AML”) Compliance (“Best Practices Guidance”) reflecting a heightened focus on risk assessment as well as Know Your Customer/Customer Due Diligence measures for the gaming industry. This update amends the industry’s first set of comprehensive best practices for AML compliance, issued in 2014. At the time, the best…

Franchise Law Update

Taxes in Texas: Rent and Other Fees are Taxable Income

By Kathleen Lenox

December 29, 2019

In a recent opinion, the Texas State Office of Administrative Hearings (SOAH) disagreed with a Texas franchisor that claimed rent and other fees received from its franchisees were mandated by fiduciary duty to flow through to other entities and therefore not taxable revenue. The Franchise Agreement and the Franchise Disclosure Document of the franchisor, an automotive maintenance and repair business with more than 150 franchises located nationwide, detail specific costs the franchisee is required…