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The Intersection of the Dodd-Frank Act and the Foreign Corrupt Practices Act: What All Practitioners, Whistleblowers, Defendants, and Corporations Need to Know
With the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act),1 government authorities are no longer the only ones with a monetary interest in ferreting out those who violate federal laws. Specifically, section 922 of the Dodd-Frank Act provides a whistleblower program that rewards individuals who assist the Securities and Exchange Commission (SEC) in uncovering securities violations, including Foreign Corrupt Practices Act (FCPA) violations. Because the Dodd-Frank Act allows individual whistleblowers to reap significant benefits by reporting offenders and because the SEC and Department of Justice (DOJ) have increased FCPA prosecutions in recent years, global companies and their employees, especially those in the pharmaceutical and medical device industry, should understand how the Dodd-Frank Act and the FCPA intersect.
The Regulation of Swaps and Derivatives and It's impact on Business after Dodd-Frank
The Dodd-Frank Wall Street Reform Act (the “Dodd Act”) is the most significant financial legislation since the Depression-era reforms 75 years ago. It was signed into law on July 21, 2010 and is 2,300 pages long. Despite its length, it is more like a set of guidelines than a specific law, with a directive to regulators to craft regulations to take control of a vast and complicated financial system.
The Regulation of Swaps and Derivatives and Its Impact on Business After Dodd-Frank
The Dodd-Frank Wall Street Reform Act (the “Dodd Act”) is the most significant financial legislation since the Depression-era reforms 75 years ago. It was signed into law on July 21, 2010 and is 2,300 pages long. Despite its length, it is a more like a set of guidelines than a specific law, with a directive to regulators to craft regulations to take control of a vast and complicated financial system. The law itself required regulators to draft and finalize these regulations within one year. It did not happen that way. As of the third anniversary of the Dodd Act, according to one law firm’s estimates, even though 13,789 pages of rules containing 15 million words have been written by ten different regulators, the process is only 39% complete. At this pace it would take several more years to complete. For a large number of businesses, one segment of the law affects them the most: the regulation of swaps that they use to hedge against price swings for things like commodities or interest rates. These businesses have become known as “end users” because they are at the end of the market and because they use swaps to reduce risk arising out of their commercial enterprise. In dollar terms, the end users are a small part of the overall market, less than 10%. But the number of end users is large. The U.S. Commodities Futures Trading Commission (“CFTC”) estimates that 125 entities will fit under the swap dealer (“SD”) definition, which is down from its estimate of 300 last year, while the number of end users may be greater than 100,000. This paper will focus on the end users and the major issues they are facing currently under the Dodd Act.
Summer, 2014
Includes articles entitled: "Texas Supreme Court’s Recent Shareholder Oppression Opinions Reaffirm Primacy Of Common Law Fiduciary Duties" by Byron Egan and Michael L. Laussade; "Texas Pattern Jury Charge on Trade Secret Misappropriation Near Completion" by Joe Cleveland; and "CFPB Targets Law Firm with First Civil Enforcement Action" by Justin M. Long and John Podvin.
Spring, 2013
This issue includes articles entitled: "Legislation Update on Article 4A Amendment" by Roger Bartlett; "Potential Impact of the Canning Decision on CFPB Rules" by Cheryl Crandall Tangen; and "Legal Opinions Committee Update: Dodd-Frank and Swap Guarantees by and Joint and Several Liability Provisions for Entities that are not Eligible Contract Participants" by Steve Tarry.
Summer, 2014
Includes articles entitled: "Texas Supreme Court’s Recent Shareholder Oppression Opinions Reaffirm Primacy Of Common Law Fiduciary Duties" by Byron Egan and Michael L. Laussade; "Texas Pattern Jury Charge on Trade Secret Misappropriation Near Completion" by Joe Cleveland; and "CFPB Targets Law Firm with First Civil Enforcement Action" by Justin M. Long and John Podvin.
Spring, 2013
This issue includes articles entitled: "Legislation Update on Article 4A Amendment" by Roger Bartlett; "Potential Impact of the Canning Decision on CFPB Rules" by Cheryl Crandall Tangen; and "Legal Opinions Committee Update: Dodd-Frank and Swap Guarantees by and Joint and Several Liability Provisions for Entities that are not Eligible Contract Participants" by Steve Tarry.