By Che Odom
Jan. 28 — Nearly a third of general counsel worldwide said in a new survey that their companies were targeted by regulators in the past two years.
This shows that companies are facing additional risks and wider government scrutiny as they conduct cross-border work, said the Association of Corporate Counsel (ACC), which released the results of its survey Jan. 27.
The ACC, a legal association of 40,000 in-house lawyers, questioned 1,302 chief legal officers in 41 countries and found that ethics and compliance remain the top concerns of corporate law department leaders, with regulatory issues one percentage point behind.
The Foreign Corrupt Practices Act is one area that has seen robust enforcement. In 2015, regulators leveled millions of dollars in penalties and fines against companies in FCPA cases.
In one notable example, Alstom SA was sentenced Nov. 13 to pay a $772 million fine for a worldwide bribery scheme.
Companies also face regulatory risks under domestic and foreign anticorruption laws, such as the U.S. Travel Act, the U.K. Bribery Act, and increased scrutiny from regulators in China, Russia, Brazil, Australia and other countries, Danish Hamid, a partner in the Washington, D.C., office of Cooley LLP, said Jan. 28 during a webinar hosted by Bloomberg BNA.
In other highlights, the ACC survey found that corporate law departments are spending more on internal budgets than on law firms or other external legal service providers.
The respondents said that their companies doubled the number of legal professionals on their staffs between 2014 and 2015.
To contact the reporter on this story: Che Odom in Washington at email@example.com
To contact the editor responsible for this story: Yin Wilczek at firstname.lastname@example.org
The ACC survey may be downloaded at http://src.bna.com/cnz.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)