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AlixPartners LLC | China | 13 Sep 2021

While the cat's away: assessing risk in dynamic environments

Risks are always heightened during times of significant change. Given the amount of disruption to business models, supply chains and working practices that the covid-19 pandemic has caused, it is critical for organisations to fully and proactively assess risks. However, with China maintaining strict quarantine requirements, this poses a unique set of challenges for organisations where key......
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Sofunde Osakwe Ogundipe & Belgore | Nigeria | 5 Jul 2021

A long road to convictions for white collar crimes in Nigeria

In Nigeria, it is often the case that defendants in high-profile cases seek to terminate charges on technical grounds and evoke appeals; an anticipated strategy employed as part of their defence so as to ensure that there is no quick resolution to the case. This is sometimes described as the "an adjournment is as good as an acquittal" strategy. However, with two recent examples of this tactic......
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Sofunde Osakwe Ogundipe & Belgore | Nigeria | 14 Jun 2021

Public Complaints and Anti-corruption Commission Law 2021

The Lagos State House of Assembly recently passed the Public Complaints and Anti-corruption Bill. According to the state government, the objective of the law is to deepen the culture of accountability and transparency in the expenditure of appropriated public funds generated in Lagos. However, there is speculation that its real intention is to protect high-profile individuals presently being......
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AKD | Netherlands | 8 Jun 2021

Terminating and opening bank accounts through litigation

Litigation on the termination of bank accounts due to compliance issues or strategic reorientation has become more prevalent in recent years. However, there has also recently been a trend in the opposite direction, where banks' refusal to open bank accounts has led companies to initiate legal proceedings against them. This article provides an overview of recent litigation on both the......
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Nagashima Ohno & Tsunematsu | Japan | 7 Jun 2021

Underwriters' liability for false statements made in IPO

In December 2020 the Supreme Court handed down a decision in relation to certain obligations of lead underwriters and bookrunners in an initial public offering (IPO). Although the underlying facts related to an IPO, the judgment also applies to underwriters involved in the submission of a securities registration statement and there are useful takeaways for any company faced with investigating......
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Hogan Lovells | USA | 31 May 2021

Second Circuit doubles down on insider trading liability for corporate outsiders

The Second Circuit recently affirmed the insider trading conviction of Benjamin Chow, a corporate outsider who was found guilty of tipping off his former colleague about a potential acquisition of a US publicly traded company. The Second Circuit has once again addressed the issue of whether the breach of a duty of confidentiality created by a non-disclosure agreement can form the basis for......
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Hogan Lovells | USA | 24 May 2021

From Bridgegate to Wall Street: Kelly, Blaszczak and the scope of insider trading liability

Since the Supreme Court's decision in United States v Kelly, the scope of the decision's impact on federal white collar criminal prosecution has been an open question. The potential implications for insider trading prosecutions were made clear in United States v Blaszczak, with the Supreme Court vacating a US Court of Appeals for the Second Circuit decision that had affirmed four insider......
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Clasis Law | India | 11 May 2021

Court rules on effect of compromise or compounding in predicate offence proceedings under PMLA

The Bombay High Court was recently posed with an issue regarding the fate of proceedings under the Prevention of Money Laundering Act 2002 in the event of compromise or compounding in a predicate offence. This judgment is significant as it ensures that perpetrators of serious economic offences cannot use actions such as compromise or settlement to undermine the object of a statute of public......
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Arnecke Sibeth Dabelstein | Germany | 10 May 2021

Whistleblower Protection Act: new compliance requirements

The Federal Ministry of Justice and Consumer Protection recently presented a draft bill for the Whistleblower Protection Act. The reason for the draft bill is the EU Whistleblowing Directive, which aims to better protect whistleblowers (ie, internal employees who draw attention to their employers' compliance violations). Without adequate protection, whistleblowers are often subject to......
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Ogier | Guernsey | 22 Apr 2021

Regulatory investigations: overview

The Guernsey Financial Services Commission (GFSC) routinely visits Guernsey licensees to check on their compliance with the local regulatory law, regulations and rules. The GFSC will examine and may identify deficiencies in a regulated licensee's corporate governance, management or internal controls. In those circumstances, the GFSC will require the licensee to carry out remediation work to......
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