The last thirty days in September, the end of the US federal government’s fiscal year, is generally an important time to analyze enforcement activity by the US Securities and Exchange Commission and the US Commodity Futures Trading Commission. In this short video, Baker McKenzie Partner Peter Chan, a former SEC Assistant Director of Enforcement, provides his insights regarding the importance of the timing of some of these enforcement actions.
View the recorded sessions from our 2023 Virtual Global Trade Conference where international trade compliance lawyers from around the world reviewed major developments impacting international trade.
In lieu of our annual conference in Bellevue, WA, we are excited to again provide a Virtual Global Trade Conference available to all our clients and friends worldwide! The conference will be comprised of 90 minutes sessions over the course of two days. Join us on July 12 and 13 for any or all of the sessions and learn from our panel of experts as they share their insights on cutting-edge trade trends, regulatory updates and challenges, and major policy developments.
The South African Department of Finance has published Directive 8 on the compulsory screening of employees for competence and integrity. Failure to comply means that such businesses will risk sanction, including a fine of up to ZAR 50 million. Accountable institutions must record how the screening has been conducted and keep records of the outcome of such screening, which must be made available to the Financial Intelligence Centre upon request. It has been stipulated that screenings should begin as soon as possible.
After initially granting certiorari and hearing oral arguments in In re Grand Jury ─ a matter concerning the application of the attorney-client privilege to dual-purpose communications ─ the United States Supreme Court “dismissed as improvidently granted” the case. Tax practitioners had hoped that a ruling by the Supreme Court would resolve a circuit split regarding the extent to which such communications fall within the ambit of the privilege.
On 3 March 2023, the Criminal Division of the United States Department of Justice published details of a three-year Pilot Program Regarding Compensation Incentives and Clawbacks. The Compensation Pilot Program is effective 15 March 2023 and from that date it will be applicable to all corporate criminal matters handled by the DOJ Criminal Division. At the same time, DOJ also updated its Evaluation of Corporate Compliance Programs guidance document to reflect the criteria introduced by the Compensation Pilot Program, among other updates.
On 22 February 2023, the US Department of Justice announced a new voluntary self-disclosure policy for corporate criminal enforcement in all 94 United States Attorneys’ Offices across the country. This new voluntary self-disclosure policy is a response to Deputy Attorney General Lisa Monaco’s 15 September 2022 Memorandum insisting all DOJ divisions develop a self-disclosure policy, to the extent one does not already exist. Other DOJ components, including the Criminal Division, have already taken steps to issue or update their own policies on this topic.
On 23 October 2019, the European Parliament and the Council adopted Directive (EU) 2019/1937 on the protection of persons who report breaches of Union law, informally referred to as the “EU Whistleblower Directive”.
Belgium has implemented the EU Whistleblower Directive separately for the public and the private sectors, with the Act of 8 December 2022 on reporting channels and protection of whistleblowers in federal public sector bodies and the integrated police, and the Act of 28 November 2022 on the protection of whistleblowers of breaches of Union or national law established within a legal entity in the private sector, published on 15 December 2022, which came into effect on 15 February 2023.
The Belgian act implementing EU Directive 2019/1937 (“Whistleblower Act”) requires legal entities in the private sector to establish channels and procedures for internal reporting and follow-up of reports in specific areas. In this context, the Whistleblower Act established a particular method to calculate the employee headcount within the legal entity with reference to the Belgian legislation on the social elections. However, there has been some uncertainty about how this reference should be applied in the context of the Whistleblower Act.
Our Asia Pacific Employment & Compensation Team is pleased to provide you with our second quarterly update for 2022 highlighting key employment law changes across the Asia Pacific region.