Compliance Bits & Pieces for July 23

Here are some recent stories that I found interesting:

Dodd-Frank Forum: What would Brandeis think? by Mike Guttentag in The Conglomerate

Louis Brandeis famously coined the metaphor (“sunlight is the best policeman”) that provided the philosophy underpinning the first federal securities acts (disclosure, disclosure, and more disclosure). I thought it might be fun to run a thought experiment: what would the intellectual father of federal securities regulation think of the Dodd-Frank Act?

The FCPA’s Top Ten in the FCPA Blog

Here are the top ten FCPA settlements of all time. If our math is right, the financial penalties (criminal fines, civil disgorgement, and prejudgment interest) add up to $2.8 billion, with almost 50% of that coming from the top two settlements.

The Men Who Ended Goldman’s War by Louise Story for the New York Times

LAST Wednesday at around 3 p.m., the Securities and Exchange Commission and Goldman Sachs settled an epic, seismic battle — one waged over whether the storied investment bank defrauded investors in a transaction that regulators said Goldman had built to self-destruct.

SEC Expects Massive Staff Increase Needed to Implement FinReg in Compliance Avenue

Yesterday, SEC Chairman Mary Schapiro, during her Testimony Concerning Oversight of the U.S. Securities and Exchange Commission: Evaluating Present Reforms and Future Challenges, which she gave before the United States House of Representatives Committee on Financial Services Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises, stated that the Commission expects to hire approximately 800 new positions during the course of the implementation.

Image of Louis Brandeis is from the United States Library of Congress’s Prints and Photographs Division under the digital ID cph.3a31794.

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