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Legal Developments in 2010

Legal Developments in 2010. Jim Swander. The Dodd-Frank Act . The Dodd-Frank Wall Street Reform and Consumer Protection Act – July 21, 2010 Protection on financial products Increases transparency Oversight of financial records. The Dodd-Frank Act. Whistleblower rewards/incentives

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Legal Developments in 2010

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  1. Legal Developments in 2010 Jim Swander

  2. The Dodd-Frank Act • The Dodd-Frank Wall Street Reform and Consumer Protection Act – July 21, 2010 • Protection on financial products • Increases transparency • Oversight of financial records

  3. The Dodd-Frank Act • Whistleblower rewards/incentives • Whistleblower protection

  4. US Federal Sentencing Guidelines • November 1, 2010 • Ethics and compliance programs • Criteria for reduced penalties • Cooperate with investigators • Prove measures in place to detect and prevent unethical acts

  5. Bill 168 (Canada) • Companies liable to protect their employees • Workplace violence and harassment

  6. OECD Guidance • February 18, 2010 • Good Practice Guidance on Internal Controls, Ethics and Compliance

  7. UK Bribery Act 2010 Jim Swander

  8. Briefed by • Director of Trade and Investment – British Embassy Bangkok • Workshops in Bangkok – March 1,2, & 3

  9. History - Bribery Act 2010 • Jack Straw appointed in 2008 • Anti-Corruption Champion • Organization for Economic Co-operation and Development (OECD) Convention Combating Bribery of Foreign Officials in International Business Transactions

  10. Status • Passed in 2010 • All governances not released • Effective April 2011

  11. Offenses • Offering or paying a bribe (Active) * • Requesting or receiving a bribe (Passive)* • Bribing a foreign public official • A corporate offense of failing to prevent bribery being undertaken on its behalf. * Not limited to government officials

  12. Definition of Bribery • “The defendant offers, promises or gives a financial or advantage intending to induce another person to perform improperly one of their functions in their position of trust and responsibility, or as a reward for improper performance.”

  13. Enforcement • UK Serious Fraud Office • UK companies • Overseas companies that conduct part of their business in the UK

  14. Uncertainties • Facilitation payments? • Corporate hospitality? • Extraterritorial reach? • What constitutes UK business? • UK citizen employed by foreign company?

  15. Adequate Defense • Previously – did not know • Now – ignorance is no excuse • Targets – distributors, agents, consultants, middlemen • Governance expected in February 2011

  16. Penalties • Companies + Individuals • Up to 10 years in jail • Unlimited fines • Debarment from EU contracts • Confiscation of the value of the corruptly obtained contracts.

  17. Risk • UK has not prosecuted aggressively under OECD in the past • 19% budget cut

  18. Worries • Accounting violation? • Money laundering?

  19. Concern • Cambodia Anti-Corruption Law has many of the same words • No facilitation payments!

  20. Presentations • www.amchamcambodia.net • Past events

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