Berkeley Research Group’s Post

Today is #WorldWhistleblowerDay. Whistleblowers provide valuable information, including information related to early-stage misconduct, that is critical to our ability to quickly respond and protect investors from further harm. The OSC Whistleblower Program accepts tips on possible violations of Ontario securities law, offers protections for individuals who come forward, as well as a reward of up to $5 million for tips that lead to enforcement action (https://ow.ly/WFnQ50SnjT1).

Join us at this webinar next week. Criminal Disclosure - How to get it right. https://lnkd.in/eXkdYxvR Our experienced presenters will provide practical advice on how to navigate difficult disclosure hurdles. James Rapley KC Robin McCoubrey Christopher Stevenson

My last work item of 2023 is a prediction: You’ll hear a lot about the Corporate Transparency Act in 2024. Own 25+% of an LLC or other state registered entity? Your one year grace period to declare beneficial ownership begins on Monday. Don’t think you need to comply? Starting in 2025, fines can be $500 per day per entity and up to 2 years in prison.

🔍 Supreme Court Case Update! 🏛️ In Murray v. UBS Securities, LLC, the Supreme Court clarified whistleblower protections under the Sarbanes-Oxley Act. While whistleblowers are required to demonstrate their protected activity was a contributing factor in their employer’s unfavorable personnel action, they do not need to prove that the employer acted with retaliatory intent. #SupremeCourt #LegalNews #WhistleblowerProtection #SarbanesOxley #LawUpdate

The #SEC’s newest application of the rule against impeding whistleblowers is a warning to organizations in all industries. #HaynesBoone attorneys Kit Addleman, Kurt Gottschall and Tim Newman discuss the implications below.

At 2pm (GMT) tomorrow we'll be going live on LinkedIn to explore how regulators are widening their focus to include civil and criminal recourse, and from corporate to personal accountability. How is this developing and what does it mean for the compliance profession? You can pre-register below - hope you can join us for this 20 minute session! https://lnkd.in/eKMm4v7R #compliance #regulatorychange

Should whistleblowers receive monetary rewards? Whistleblowers should indeed be rewarded for their crucial contributions. Simply protecting good-faith whistleblowers from retaliation is necessary but falls short of being fully effective and foolproof. A lawsuit aimed at discrediting and intimidating a whistleblower, even if ultimately unsuccessful, can still be a powerful tool for silencing individuals due to the significant power and financial disparities between large institutions and single whistleblowers. Relying solely on individuals with extraordinary ethics for whistleblowing is unrealistic. We need to offer tangible incentives to encourage others who might not have the same moral fortitude. This approach aligns with the principles of checks and balances. Just as law enforcement offers rewards for tips that lead to the capture of criminals, we should provide strong incentives for those who can identify and report violations. These incentives should outweigh any potential backlash, ensuring that whistleblowers feel supported and motivated to come forward.

Whistleblowing is important for businesses because it is a regulatory requirement. This means there is a legal obligation to implement whistleblower channels and protect whistleblowers when they raise reports of fraud, corruption, or other misconduct. In the United States, whistleblower systems are required by laws such as the Sarbanes-Oxley Act and the Dodd-Frank Act. Whistleblowers are essential in identifying and stopping securities law violations. Read more on our website through the 🔗 below. https://bit.ly/3VyN87j #LAlawfirm #californiaattorneys #CaliforniaLawfirm #employmentlaw #workplaceharassment #workplacerights #laborrights #workerprotection

Last week, Acting Assistant Attorney General Nicole Argentieri participated in a panel and delivered a keynote speech at ABA’s 39th Annual National Institute on White Collar Crime.   The Criminal Division will be at the forefront of DOJ's efforts to design & launch the pilot program announced by the Deputy AG to pay monetary rewards to whistleblowers - filling gaps in existing programs & providing financial incentives to disclose misconduct.   "Those who step up will be able to unlock the benefits afforded by our policies & those who do not will face stiff punishments. Companies making the tough decision of whether to disclose, take note - we now have more ways than ever to discover misconduct." - Acting AAG Argentieri. "Corrupt executives who commit crimes undermine public trust in the fairness of our financial markets. It is critical that we hold to account both the individual wrongdoers who engage in misconduct & the corporations that benefit from their crimes." Watch the Enforcers and Regulators Panel: https://lnkd.in/gaVU-tKg Read Acting AAG Argentieri's full remarks: https://lnkd.in/gDJ7G6eU

Thank you to the NYU Program on Corporate Compliance and Enforcement's blog for posting Part 4 in our series on remediation. In this article, my colleagues Michele Edwards, Chris Hoyle and I explore key steps to demonstrate #remediation and #compliance program effectiveness to the board, prosecutors, regulators and other stakeholders. We welcome the opportunity to continue the discussion. https://lnkd.in/evhJDhpg