MyComplianceOffice Blog

South Africa recently introduced a new regulator and regulatory framework whose primary objective is to supervise the conduct of business of all financial institutions there. The Financial Sector Conduct Authority (FSCA) represents a distinct change in the country’s approach to regulation of its financial services industry. 

The U.S. Supreme Court recently held protections in the International Organizations Immunities Act of 1945 against civil lawsuits in U.S. courts were not absolute. Instead, immunity granted to international organizations, including Multilateral Development Banks (MDBs), is no greater than that enjoyed by foreign governments under the Foreign Sovereign Immunities Act (FSIA).  

A 2019 study by Strategy&, the strategy consulting arm of PwC, found for the first time ever, more CEOs were forced out of their organizations for ethical lapses than for poor financial performance or conflicts with their Board.  

The Association of Corporate Counsel (ACC) published an article in May focusing on the top ten things small corporate legal departments need to know about complying with the Foreign Corrupt Practices Act (FCPA). While all ten are good to review, three stand out as critical to making sure your FCPA compliance program is more than just a written policy.  

It’s only six months until the Financial Conduct Authority (FCA)’s new Senior Managers and Certification Regime (SMCR) requirements take effect. It’s important to remember as of December 9, 2019, a senior manager may be held personally liable for breaches in SMCR requirements. The FCA has made it clear it does not matter if the senior manager was involved in the breach. They will still be held accountable if the breach occurred as a result in their failure to execute on their SMCR responsibilities.