Compliance Bricks and Mortar – Canada Day Edition

Today marks the joining of the British North American colonies of Nova Scotia, New Brunswick, and the Province of Canada into a federation of four provinces on July 1, 1867.

These are some compliance-related stories that caught my attention recently, even though they have nothing to do with Canada.

canada flag bricks

BREXIT and Compliance by Jonathan Armstrong in SCCEs The Compliance Ethics Blog

In the short-term the change will be minimal. Longer term there is likely to be lots to do on the separation and with the UK putting in place agreements to replace current EU deals – many variations are currently possible. UK politicians have talked of a 6-month scoping exercise as the work on separation starts. Then there is effectively a notice period of two years as the UK exits the EU. [More…]

AIFMD Meets Brexit by Debevoise Plimpton

It is the uncertainty that now exists, and that will continue to exist during the transitional period that will begin on the day that the United Kingdom exits the European Union and end on some unknown date thereafter, that will be destabilising for the UK funds industry and potentially damage the popularity of the United Kingdom as a fund manager jurisdiction of choice [More…]

How to Hire Honest People By Bruce Weinstein, Ph.D. The Ethics Guy® in SCCEs The Compliance Ethics Blog

There are two downsides to asking a direct question about dishonesty. First, it immediately strikes fear in the candidate’s heart, even if the candidate is fundamentally an honest person. I don’t like the idea of making a job candidate squirm. The second is that the question seems to present a no-win situation for the candidate. [More…]


Today, July 1 is the 100th anniversary of the first day of the Battle of the Somme. As I have written this week, there is no single battle in modern British history that has made a greater impression on the British psyche. The five month long battle cost the British some 420,000 casualties. For territory, it was worth a few miles. Daniel Todman, writing in the Financial Times (FT) article entitled “Stories of the Somme”, said, “Both in its scale and duration, the Somme was different to anything the British had done before. With wartime volunteers involved en masse in the most intense combat for the first time, the impact of the battle was felt throughout the Empire. The second world war saw combat that was just as horrific — and a global slaughter that was much worse — but Britain avoided the same enormous and prolonged commitment of its army to the task of breaking the strength of a great power opponent on land.” [More…]

‘Hold’ everything: SEC may be stuck at three commissioners for a while by Bruce Carton in Compliance Week

As I have been following here for many months, President Obama nominated Hester Peirce and Lisa Fairfax to be SEC commissioners in October 2015 to fill open Republican and Democrat seats on the Commission, respectively. Peirce is currently a senior research fellow at the Mercatus Center at George Mason University and Fairfax is a law professor at the George Washington University Law School. The story of how basically nothing has happened with their nominations is chronicledhere and elsewhere on this site, and is comparable to watching paint dry.

Yesterday, Andrew Ackerman of the WSJ reported, these two nominations were delayed even further by the Senate when an unidentified Democratic Senator moved to block any confirmation vote on Peirce through a procedural step known as a “hold.” The WSJ reported that “overcoming a hold generally requires the high hurdle of support from 60 senators.”  [More…]