Compliance Bits and Pieces for January 21

Here are some recent compliance-related stories that recently caught my eye:

The Swiss Compliance House: a Model for FCPA Compliance? by Thomas Fox

The Compliance House is a model which has been developed by Swiss businesses to use as the foundation of effective compliance management by ensuring that by “binding values and appropriate compliance management they can safeguard their integrity, and avoid or contain breaches of the law.” Buhr believes that it is the basic legal responsibility of any company board of directors to make certain breaches of law are either avoided or, if they occur, are detected early enough so that the company may remedy the situation.

Ex-JPMorgan banker loses whistleblower case by Jonathan Stempel for Reuters

A federal judge dismissed a whistleblower lawsuit by a former JPMorgan Chase & Co private banker who said she was fired for questioning the dealings of a lucrative client. …. In his ruling, [U.S. District Judge Robert] Sweet said the plaintiff failed to properly allege a Sarbanes-Oxley claim because she did not identify the specific illegal conduct forming the basis of her whistleblower complaint.

Why Did Goldman Blink? in DealBook

Goldman Sachs’s decision to offer shares of Facebook only to offshore investors is simple risk management. The risk here can be attributable to the scrutiny that this transaction, and Goldman Sachs generally, are now under. …. The media hoopla surrounding the announcement of the sale could be characterized as coordinated in a way to create the type of hype that the securities rules are trying to avoid. The stampede of Goldman clients seeking to invest is evidence of this hype. In other words, Goldman arranged the mechanics of this sale to create a media fury that constituted a “general solicitation.”

Advice for Young Compliance Officers by Matt Kelly in Compliance Week

Congratulations on finishing your education and entering the workforce. If corporate compliance is where you want to make your career, you’re in a superb position to attract the attention of global corporations. Those businesses are desperate for skilled labor to bolster their ethics and compliance departments. With some thoughtful career moves now, you can have a bright future for a long while.

Global Hedge Fund Association Comments on Implementing EU Hedge Fund Legislation in Jim Hamilton’s World of Securities Regulation

A global hedge fund association has called for the national implementation of the EU hedge fund adviser legislation to be flexible and proportionate and based on the principles of openness and transparency. The Alternative Investment Fund Managers Directive was passed by the European Parliament last year. The Alternative Investment Management Association (AIMA) comments were a consultation response sent to the new European Securities and Markets Authority (ESMA). The authority released a Call for Evidence ahead of the rule-making Level 2 of the legislative process. The industry was asked to respond in January to the main issues raised in the Directive and AIMA immediately established a working group of member firms to study the proposals and contribute to the response.

Image of Old Swiss House by LinksmanJD

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