Regulation

Profession to bear the cost of new regulatory regime

By Legal Week | August 3, 2010

The regulatory infrastructure that underpins the legal profession is undergoing unprecedented change, with the idea that the profession is capable of regulating itself irretrievably abandoned. And now that the new, wholly independent governing bodies are in place, attention is focused on the way in which the new order will go about its day-to-day business. The reforms enshrined in the Legal Services Act focus on the organisational change that is needed to move away from self-regulation towards a more independent structure. The independent Legal Services Board (LSB) has been created to be the oversight regulator for the entire legal profession, with a mandate to raise public awareness of the professional standards against which practitioners are assessed - and the grievance procedures that are available, if required.

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Professional negligence and indemnity: Regulation in the balance

By Legal Week | August 3, 2010

Following on from the Solicitors' Code of Conduct 2007, the implementation of the Legal Services Act 2007 and the development of the Legal Services Board at the end of 2009, the Solicitors Regulation Authority (SRA) has recently published further plans for regulatory change. These plans are characterised by a new consumer-focused approach and, specifically, the proposed outcomes-focused regulation embodied in the draft code of conduct coming into force on 6 October 2011.

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Gibson Dunn launches in Hong Kong with hire of General Electric veteran

By Suzi Ring | August 2, 2010

Gibson Dunn & Crutcher is to open an office in Hong Kong this year as the top 20 US law firm moves extend its compliance and white collar crime practice into Asia. The new office will be led by Kelly Austin, who joins the firm as a partner from General Electric International in Hong Kong, where she has been for the last eight years. She specialises in Asia-wide Foreign Corrupt Practices Act (FCPA) and compliance matters. Austin will be joined by Gibson Dunn corporate partner Joseph Barbeau, who is relocating from the firm's Palo Alto office, and associate Kate Yin, who is relocating from its Los Angeles office.

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FSA calls for law firm secondees as City shake-up moves forward

By Alex Aldridge | July 29, 2010

The Financial Services Authority (FSA) is aiming to attract more secondees from law firms to assist in its dismantling following last month's announcement that the UK's system of financial regulation is to be overhauled. The secondees will assist the FSA's general counsel division in dividing up the City watchdog to form the separate regulators - the Prudential Regulation Authority (PRA) and the Consumer Protection and Markets Authority (CPMA) - at the heart of the new regulatory framework.

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Goldman trader blames in-house lawyers in response to SEC charge

By Legal Week | July 21, 2010

Fabrice Tourre, the Goldman Sachs trader at the heart of a high-profile fraud claim launched against the bank, has blamed its in-house legal team in his defence, writes Corporate Counsel. In a filing on Monday (19 July) in federal court in Manhattan, the self-described 'Fabulous Fab' denied allegations by the Securities and Exchange Commission (SEC) that he made materially misleading statements or omissions in a 2007 deal involving subprime mortgages.

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Financial regulation: Death, taxes and consultation papers

By Legal Week | July 21, 2010

Major changes to the regulation of the financial services industry are coming from a bewildering array of directions. CC's Simon Crown charts the challenge of working in perennial uncertainty

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Financial regulation: A little spare change

By Legal Week | July 21, 2010

The creation of a new agency to tackle white-collar crime raises awkward questions about funding, argue Norton Rose's Charles Evans and Dorian Drew

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Financial regulation: The Fed's master craftsman

By Legal Week | July 21, 2010

The New York Federal Reserve Bank general counsel Thomas Baxter helped engineer the bailouts that kept the bottom from falling out of the economy. Sue Reisinger reports

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End of FSA is an opportunity to influence global reform

By Legal Week | July 21, 2010

After a period of 'will they, won't they?', the Chancellor finally ended the speculation over the Financial Services Authority's (FSA's) fate in his Mansion House speech. The announcement spelled the end of the tripartite regulation system as well as the FSA, whose responsibilities will be shared out among newly-created bodies after its planned demise in 2012. The new Government has opted for a 'twin peaks' model of regulation, whereby conduct of business and prudential regulation will be supervised by separate bodies.

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Financial regulation: Hunting the hunter

By Alex Aldridge | July 21, 2010

The FSA is to be broken up as part of a huge shake-up of regulation by the new Government - despite strong misgivings from City professionals. Alex Aldridge charts the watchdog's rise and fall and looks at the new bodies that will replace it

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Law.com

Law.com Compliance: 'Whistleblowers Can Come From Any Company' | Mayer Brown Adds FTC Veteran | New Antitrust Suit Against Amazon | California AG Speaks Out | Big New Moves

By Mike Scarcella | May 26, 2021

Welcome to Compliance Hot Spots, our weekly snapshot on white-collar, regulatory and compliance news and trends.

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National Law Journal

Ex-Chief of SEC Whistleblower Program Warns of Rising Activity

By Bruce Love | May 25, 2021

Jane Norberg, who headed the SEC's whistleblower program and is now a partner at Arnold & Porter, expects to see an escalation of investigations and enforcement activity after a surge in tips during the pandemic.

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Legaltech News

In-House Can Handle Government-Mandated Cyber Reporting—But Will It Work?

By Frank Ready | May 24, 2021

Lawmakers are pondering legislation that would require companies to report cyberattacks to the government. While many legal departments may be able to handle the strain that comes with additional reporting requirements, how effective such a law would be remains to be seen.

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Law.com

Law.com Cannabis Briefing: FTC Ramps Up CBD Enforcement | Connecticut Poised for Marijuana Legal Work | Norton Rose Advises HEXO Corp. | Comments Due on CA Marijuana Proposal

By Cheryl Miller | May 20, 2021

Welcome to Law.com's Cannabis Briefing: Higher Law. This week we're looking at: the FTC's latest complaint targeting a CBD company • Connecticut's move toward recreational-use legalization • Colorado's crackdown on Delta-8 THC • DEA's decision to allow more marijuana grows for research

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Legaltech News

Outlook Unclear: 3 Reasons EU's Data Privacy Future Remains Cloudy

By Rhys Dipshan | May 20, 2021

European privacy experts at Relativity Fest London discussed the complications facing the EU's data regulations, and why the impact of laws such as the GDPR is still being determined.

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Law.com

Law.com White-Collar Briefing: Walmart Questions Amicus Backing DOJ | Raising Need for Tax Talent | CFPB Probe Survives Post-SCOTUS | Headlines: Paul Weiss Sanction, and More | Mayer Brown Snags FTC Official

By Mike Scarcella | May 18, 2021

Welcome to Compliance Hot Spots, our weekly snapshot on white-collar, regulatory and compliance news and trends. Your feedback is welcome and appreciated. Reach Mike Scarcella, senior editor in Washington, at [email protected].

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Legaltech News

Latest Big Tech Data Ban Could Herald Europe-Wide Crackdown, Lawyers Say

By James Carstensen | May 17, 2021

Hamburg's three-month ban on Facebook from collecting user data from WhatsApp in Germany could set a precedent that opens up tech giants in Ireland to challenges from data protection agencies across Europe, top lawyers have said.

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The Recorder

For Consumer Bureau, No Do-Over in Probe of California Firm

By Alaina Lancaster | May 14, 2021

Circuit Judge Patrick Bumatay dissented to the court's order denying rehearing in the case—which questions whether the former CFPB acting director validly ratified a civil investigative demand into Seila Law.

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Legaltech News

Should Your Clients' Involvement With Cryptocurrency Scare You?

By Ross Benson and Robert N. Driscoll, McGlinchey Stafford | May 14, 2021

It's not a matter of whether you think it's all a bizarre techno-bubble, the eventual replacement for fiat currency, or somewhere in between. Your clients, and future clients, are more likely than ever to have a connection to this market, and a brief review of the headlines can make this prospect seem terrifying.

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Daily Report Online

Landlords Are Ready to Restart Evictions Amid Pandemic; 11th Circuit Weighs Arguments

By Cedra Mayfield | May 14, 2021

"Our clients were able to file paperwork, but they can't achieve any meaningful remedy while this eviction moratorium is going on," said attorney Caleb Kruckenberg. "If they use state court systems to affect a lawful eviction under state law, that is a federal crime under the CDC eviction order."

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