Posts Tagged ‘China’
China’s New Anti-Corruption Maneuver
It seems that China is revising its anti-corruption rules to give it a stronger hand in prosecuting overseas corporations that bribe government officials, in case you need yet another headache in your compliance officer life. We don’t know the exact details of the new rules or even have a copy of them available to the…
Read MoreUpdate on Jailed Compliance Officer
We have an update on Samuel Bickett, the corporate compliance officer jailed in Hong Kong on trumped-up charges that he assaulted a police officer. He is currently appealing his 18-week prison sentence, and spending the rest of his time helping other inmates he met during an early stint in Hong Kong’s maximum-security prison. Bickett, you…
Read MoreOn Booting Chinese Firms Off U.S. Exchanges
Amid the many executive orders and memoranda President Trump has ballyhooed lately, let’s not forget this sneaky little number: a proposal that Chinese businesses listed on U.S. stock exchanges must submit to U.S. auditing standards. Right now, Chinese firms don’t have to do that. Rather, they can publish financial statements audited by Chinese audit firms;…
Read MoreU.S. Regulators Warn on China
U.S. securities and audit regulators have issued an extraordinary warning that they are not getting the cooperation that they want from their Chinese counterparts, and that U.S.-listed companies with significant operations in China should prepare for more strained relations between U.S. and Chinese securities regulators. The message came in two parts: first, in a special…
Read MoreThree Lessons From Qualcomm FCPA Settlement
Nothing beats a good “princeling” case under the Foreign Corrupt Practices Act for tough, teachable moments that a compliance officer should study. We have that example today, since Qualcomm just paid $7.5 million in fines and penalties to the SEC for its princeling offenses. So let’s take a look. The facts are straightforward. Qualcomm makes…
Read More