Compliance Bricks and Mortar for November 15

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These are some of the compliance-related stories that recently caught my attention.

We chat with Harvey Pitt about CCO independence, prestige in The FCPA Blog

The FCPA Blog wanted to explore the idea of the dual-hatted compliance officer — the one who occupies both the general counsel and chief compliance officer roles in a company. We talked with the former SEC Chairman and now Kalorama Partners CEO, Harvey Pitt. The conversation turned into a thoughtful exchange about what it means to be an independent and effective CCO in any industry today. Executive editor Julie DiMauro asked the questions for the FCPA Blog.

Update: When will payroll employment exceed the pre-recession peak? in Calculated Risk

Right now it appears payrolls will exceed the pre-recession peak in mid-2014.

Currently there are about 1.5 million fewer payroll jobs than before the recession started, and at the recent pace of job growth it will take about 8 months to reach the previous peak.

Of course this doesn’t include population growth and new entrants into the workforce (the workforce has continued to grow).

“Demo Days” and General Solicitation by Joe Wallin in Startup Law Blog

I’ve been writing an article on general solicitation, a long one, and doing a lot of research. As part of that, I found the attached SEC No-Action letter that I wanted to share with everyone, because it directly hits on the question of whether “demo days” constitute general solicitation.

Just Who Is A Promoter And Why You May Want To Know by Keith Paul Bishop in California Corporate & Securities Law

The SEC’s adoption of its so-called “bad actor” rules makes knowing the meaning of “promoter” important for issuers relying on Rule 506 under the Securities Act.  Under these amendments, the disqualification provisions apply to a long list of covered persons.   Buried in this list is “any promoter connected with the issuer in any capacity at the time of such sale.”  The adopting release provides this additional color: …

The Texans Are 2-7: What is Missing from Your Compliance Program? by Tom Fox in FCPA Compliance and Ethics Blog

I thought about Reed and the Texans when I read a post from the noted site JDSupra entitled, “What’s the One Thing Missing From Your Corporate Compliance Program?” They put that question to various compliance attorneys writing on JD Supra, asking each to commit to just one essential element that, in their experience, they regularly see missing from corporate programs; IE., programs that are required to address myriad regulatory issues to do with privacy and data security, insider trading, bribery and corruption, and other such matters across numerous jurisdictions. I found the replies quite interesting and perhaps some insights which the Texans can use.

Classic KM quote by Jack Vinson in Knowledge Jolt with Jack

“He who receives ideas from me, receives instruction himself without lessening mine; as he who lights his taper at mine receives light without darkening me”
-Thomas Jefferson