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SEC Seeks Enforcement, Whistleblower Program Expansion

Mon, 10 Jun 2013 16:51:00 -0500

Navigant’s James Rough and Joseph Roth of Osborn Maledon co-authored this update for the ABA Section of Litigation, Criminal Litigation Committee on the expansion of the SEC Whistleblower program.

Click here to read the full update.

M&A Season: What to Expect, and Are You Ready?

Thu, 25 Apr 2013 00:00:00 -0500

Anthony B. Creamer III, a CPA and managing director at Navigant, and Jay Dubow, a corporate litigation lawyer at Pepper Hamilton, address what board members should look for when their company is buying or selling a business.

FATCA FILTER

Fri, 22 Feb 2013 00:00:00 -0600

Navigant’s Global Investigations & Compliance team developed FATCA FILTER^SM, a compliance solution and proprietary FATCA rules engine that was specifically designed to help FFIs get a “head-start” on complying with FATCA’s pre-existing account review according to the U.S. Treasury regulations or the IGAs in a cost-effective manner.

FATCA Highlights Volume 8 - FATCA Final Regulations Released: Translating Aspects of the 544 Pages into Business As Usual Processes

Tue, 12 Feb 2013 00:00:00 -0600

On January 17, 2013, the United States Treasury and the Internal Revenue Service (IRS) released the final regulations for the Foreign Account Tax Compliance Act (FATCA). The preamble and final rules are 544 pages long. Generally, the FATCA Final Regulations provide some additional relief to financial institutions and account for and accept many of the suggestions made by the financial services industry as a whole.

In our latest white paper, we provide a summary of the highlights of the FATCA Final Regulations as they relate to registration, due diligence, new FATCA reporting and certifications that have to be made by the responsible officer of the foreign financial institution (FFI).

Preventing Regulatory Exposure in PE Firms

Tue, 12 Feb 2013 00:00:00 -0600

Navigant Director Ken Yormark’s article Preventing Regulatory Exposure in PE Firms discusses how recent regulatory inquiries, coupled with the ongoing trend of investors shifting more of their assets to private equity funds, suggest that we will see increased scrutiny of the PE industry in the coming years. PE firms will begin to feel pressure to develop or refine compliance plans for their own firms as well as any acquired companies, and will need to provide assurance that the requirements of anti-bribery, privacy and other applicable laws are being heeded.

Saul Helman quoted in Pharmaceutical Executive

Thu, 07 Feb 2013 00:00:00 -0600

Saul B. Helman, Managing Director and Segment Leader of Navigant’s Life Sciences Disputes, Compliance and Investigations practice was quoted in the Pharmaceutical Executive article, “The Sunshine Act: Cloudier Still?” Dr. Helman provides his insights on the issue of state pre-emption and the questions that still remain around the compliance and disclosure requirements of the Sunshine Act.

Click here to read the full article.

FATCA Highlights Volume 7 - HMRC Begins to Fill In Important Due Diligence Details

Tue, 15 Jan 2013 00:00:00 -0600

On 18 December 2012, the HM Revenue & Customs (“HMRC”) released Implementation of International Tax Compliance (United States of America) Regulations 2013, Guidance Notes (“HMRC FATCA Guidance”), which provides much needed detail to the Intergovernmental Agreement (“IGA”) to implement FATCA signed by the United Kingdom and United States on 12 September 2012 (“U.K. Signed IGA”).

To read the full white paper, please click here.

FATCA Highlights Volume 6 - A Cross Between the Proposed Regulations and Model 1 IGA

Fri, 14 Dec 2012 00:00:00 -0600

On November 14, 2012, the United States government published the Model 2 intergovernmental agreement (“Model 2 IGA”) to implement the Foreign Account Tax Compliance Act (“FATCA”). The Model 2 IGA is based, in large part, on the Model 1 intergovernmental agreement (“Model 1 IGA”) released on July 26, 2012, but there are important differences.

To read the full white paper, please click here.

Fair Market Value is Critical in Implementing the Physician Payments Sunshine Act

Wed, 14 Nov 2012 00:00:00 -0600

With the Physician Payments Sunshine Act ("PPSA") January 2013 implementation date approaching, life sciences companies need to prepare for the increased scrutiny they will be facing from the government on their payments being made to Healthcare Professionals ("HCPs") and Healthcare Institutions ("HCIs"). Companies need to have an integrated system in place which will manage all aspects of payments to their HCPs and HCIs, including supporting that the payments are consistent with fair market value ("FMV").

This article outlines strategies for a consistent and supportable approach to determine the FMV for services being provided by HCPs and HCIs.

Medical Loss Ratio in Group Markets: Will Many Plan Participants Receive Rebates?

Tue, 25 Sep 2012 00:00:00 -0500

Recent data indicates that $700 million in medical loss ratio (MLR) rebates will be going to only a small percentage of participants. The burden of rebate distribution lies with employers and, as a result, employers have numerous determinations to make and important considerations during the rebate distribution process. Navigant’s Sonya Kwon and Melissa Hulke co-authored this article with Wayne Jacobsen, partner at O’Melveny & Myers.

Preparing for Sequestration’s Storm

Sat, 01 Sep 2012 00:00:00 -0500

The potential for sequestration to occur is real and will impose devastating effects on government contractors. Sequestration will automatically remove more than $1.2 trillion dollars from agencies’ budgets over the next ten years in an across-the-board manner. These annual cuts in mission funds will disrupt priority and non-priority programs alike. Even if Congress acts to avoid sequestration, it will nevertheless be forced to make deep cuts in federal programs, across defense and non-defense sectors alike. Federal contractors urgently need to prepare now for these developments. Navigant Director Pete McDonald discusses what government contractors need to know about sequestration. Click here to read more.

Aggregate Spend 2.0 - An Integrated Systems Approach Managing All That Sunshine Brings

Thu, 30 Aug 2012 00:00:00 -0500

A key provision of the Patient Protection and Affordable Care Act (“PPACA”), the Physician Payment Sunshine Act (“Sunshine Act”), requires pharmaceutical, biotech, medical device and diagnostic companies to collect and report requisite data regarding payments and other transfers of value made to covered Healthcare Professionals (“HCPs”) and Healthcare Institutions (“HCIs”). Companies must be prepared to justify their spend and why it occurred and to manage their HCP/HCI relationships in a consistent and compliant manner.

This article outlines the key components of an integrated, comprehensive aggregate spend system and how companies can get the most out of their data and prepare for the final rule of the Sunshine Act.

FCPA Compliance Programs - Best Practices

Thu, 16 Aug 2012 00:00:00 -0500

Joseph Spinelli, managing director and leader of Navigant’s Anti-Bribery and Corruptions and Investigations practice, discusses key elements in designing and implementing an “effective” FCPA Compliance Program.

Broker-Dealer AML Transaction Monitoring: The Devil’s in the Details

Wed, 15 Aug 2012 00:00:00 -0500

Broker-dealers often face a significant challenge monitoring transactions for possible money laundering or other suspicious activity, especially given the volume of transactions they handle. In this article, Alma Angotti of Navigant Consulting and Daniel Nathan of Morrison & Foerster LLP examine what measures broker-dealers need to take into consideration for their AML transaction monitoring procedures.

FATCA Highlights Volume 3 - Saying What They Mean and Meaning What They Say

Wed, 01 Aug 2012 00:00:00 -0500

The third edition of Navigant’s FATCA Highlights summarizes the key considerations of the new model intergovernmental agreement to implement the Foreign Account Tax Compliance Act (FATCA) and what it means for Foreign Financial Institutions.

IFRS For Government Contractors: It Will Cost You, Sooner Or Later

Tue, 31 Jul 2012 00:00:00 -0500

Director Pete McDonald of Navigant’s Government Contractor Services practice addresses what Government contractors need to know about IFRS in the Government Contract Costs, Pricing & Accounting Report. The convergence to IFRS will impact Government contractors as much as any other businesses. A decade ago, many regarded IFRS as something that would likely happen in the future. Now that the future is here, this article focuses on accounting matters for those with the greatest need to understand cost and pricing issues. Still, non-accountants working under Government contracts, particularly those with managerial responsibilities, should also have familiarity with the subject matter.

Accounting Boards Reaffirm Position that a Lessee Should Recognize Lease Obligations on the Balance Sheet

Tue, 31 Jul 2012 00:00:00 -0500

Navigant Managing Directors, Frank Scheuerell and Jonathan MacKenzie address lease obligations on the balance sheet. On June 13, 2012, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) (the Boards), reached significant tentative decisions to complete their revised proposals for lease accounting, which will result in major changes for many companies with operating leases, including not-for-profit organizations.

Overview of Meaningful Use Attestation and Electronic Health Record Incentives

Fri, 22 Jun 2012 00:00:00 -0500

The Medicare and Medicaid Electronic Health Record (EHR) Incentive Program provides funds to eligible Medicaid and Medicare providers to purchase EHR systems and to state Medicaid agencies to administer and make incentive payments to eligible Medicaid providers. The EHR incentive payments are expected to promote the adoption and "meaningful use" of EHR systems which will in turn improve patient outcomes and the effectiveness of the healthcare system. Appropriate oversight of this large investment is necessary to maximize the effective use of program funds and minimize overpayments, as well as potential fraud and abuse.

Compliance Concerns in Clinical Research: Sponsors and Sites Beware

Wed, 20 Jun 2012 00:00:00 -0500

Recent developments such as healthcare reform, increased enforcement actions and continued globalization of research all have an impact on pharmaceutical and medical device manufacturers' research and development activities, such as clinical trials and publications. This article examines the recent trends and legislation around clinical trials as well as the challenges in monitoring and mitigating risk for life sciences companies.

Medical Loss Ratio: New Developments and What’s to Come

Fri, 08 Jun 2012 00:00:00 -0500

Navigant’s Ernest Dixon and Melissa Hulke presented on this AHLA webinar providing a brief background of the Medical Loss Ratio (MLR), an analysis of the preliminary data on MLR rebates, and a thorough discussion of the nuances of the MLR regulations and relevant legal and compliance issues to consider when analyzing or reporting MLR data. The webinar also addressed the impact of the MLR regulations and incentives on plans’ relationships with pharmacy benefit managers, providers, and brokers.

FATCA Pre-existing Accounts v. New Accounts: Factors to Drive Implementation Decisions

Wed, 30 May 2012 13:27:00 -0500

The due diligence requirements for new and pre-existing accounts consume nearly 100 pages of the FATCA Proposed Regulations. The end game - proper classification of account holders - is the same for both the update of onboarding procedures and the pre-existing account review, but the best way to approach each of these regulatory challenges may be different.

The second edition of Navigant’s FATCA Highlights summarizes key criteria that foreign financial institutions should consider when operationalizing the FATCA-mandated due diligence requirements.

FinCEN Requests Comments on Planned Rule to Explicitly Require Customer Due Diligence and Beneficial Ownership

Wed, 11 Apr 2012 21:29:00 -0500

The Financial Crimes Enforcement Network (“FinCEN”) recently issued an Advanced Notice of Proposed Rule-Making (“ANPRM”) requesting comment on plans to explicitly require financial institutions to perform customer due diligence and to obtain information about the beneficial ownership of accounts. The most important aspect of the ANPRM is that FinCEN clearly describes the due diligence that it expects financial institutions to be performing right now, even in the absence of a specific rule. In this article, Alma Angotti and Ellen Zimiles outline the key provisions discussed in the ANPRM and recommends best practices for customer due diligence programs.

Anti-Money Laundering Compliance for Investment Advisers – What You Can Do Right Now

Tue, 06 Mar 2012 16:41:00 -0600

The Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) recently revealed they are working on a proposed rule that would require investment advisers to implement anti-money laundering (“AML”) compliance programs and report suspicious activity. FinCEN did not provide much detail on the rule except to say there would be an AML compliance requirement and the requirement to file suspicious activity reports, with a goal of applying the same rules to all entities covered by the Bank Secrecy Act (“BSA”). In this article, Alma Angotti and Ellen Zimiles address what FinCEN’s rule could mean for investment advisers, including who is covered, developing an AML compliance program, suspicious activity reporting, examination and enforcement, and what investment advisers can do now to prepare.

Best Practice for Audit Committees: Monitoring the Independent Auditor

Thu, 01 Mar 2012 00:00:00 -0600

In NACD’s March issue of Directorship, Frank Scheuerell of Navigant and Paul Breene of ReedSmith LLP explore key issues of auditor independence and the impact of the Sarbanes-Oxley Act on audit committee roles and responsibilities.

FinCEN Imposes Anti-Money Laundering Compliance and Suspicious Activity Reporting Requirements on Non-Bank Residential Mortgage Lenders and Originators

Wed, 29 Feb 2012 15:18:00 -0600

The Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) recently finalized a rule requiring non-bank residential mortgage lenders and originators to implement anti-money laundering (“AML”) compliance programs and report suspicious activity going into effect in six months. In this article, Alma Angotti and Ellen Zimiles address FinCEN’s extension of some of the Bank Secrecy Act (“BSA”) provisions to non-bank residential mortgage lenders and originators (“RMLO”), including who is covered, developing an AML compliance program, suspicious activity reporting, examination and enforcement, and what companies can do now to prepare.

Turning Up the Heat on Offshore Account Holders

Tue, 14 Feb 2012 00:00:00 -0600

The New York Law Journal Special Section on White Collar Crime featured an article authored by Navigant FATCA Task Force Leaders Jeffrey Locke and Richard Kando on the implications of the Foreign Account Tax Compliance Act (“FATCA”) on offshore account holders. As a result of FATCA, offshore, undisclosed account holders will be faced with a dilemma: a continuous potential 30% withholding on select payments to the account or a one-time payment of 27.5% of their highest account value and other provisions under the current voluntary disclosure program. In this article, Jeffrey Locke and Richard Kando provide an overview of FATCA, including, its effect on foreign financial institutions (“FFIs”), passthru payments, issues surrounding global bank secrecy and data protection, and the options offshore account holders have and risks they could face.

Wave of Regulation

Thu, 01 Dec 2011 00:00:00 -0600

With the forthcoming compliance requirements of the US’s Foreign Account Tax Compliance Act (FATCA), foreign financial institutions (FFIs) will have to obtain and report information on accounts used by US taxpayers to the Internal Revenue Service (IRS). In this article published in the Securities & Investment Review, membership magazine of the Chartered Institute for Securities & Investment, Hugo Cox examines FATCA’s compliance costs and consequences for UK and European financial institutions and wealth managers. Navigant Director Jeff Locke is quoted and provides insight as to what FATCA implementation will require and its implications for foreign financial institutions.

Managing the Risks of Master/Sub-Account Relationships

Tue, 18 Oct 2011 13:27:00 -0500

The SEC recently issued a National Exam Risk Alert to registered broker-dealers detailing many of the significant compliance risks that can arise as a result of the master/sub-account trading model. In addition, both FINRA and the SEC have announced that master/sub-account relationships and the regulatory issues arising out of direct market access are examination priorities. In this white paper, Ellen Zimiles, Alma Angotti and Jay Perlman outline several steps that broker-dealers in securities that have master/sub-account trading structures can take to ensure compliance with all applicable laws and regulations and address the risk presented by their customers.

Meeting the New FATCA Deadlines: A Phased Implementation Approach to Compliance

Mon, 01 Aug 2011 00:00:00 -0500

On July 14, 2011, in an effort to provide further guidance regarding the implementation of FATCA, the Treasury and the IRS published Notice 2011-53, which introduces a phased approach to FATCA compliance, and provides anticipated dates for the proposed and final regulations. While the new notice provides much needed relief for the industry, it does not mean that foreign financial institutions can become lax in their implementation. In this white paper, the third in our FATCA series, Ellen Zimiles, Richard Kando and Jeffrey Locke give a high level overview of the latest FATCA guidance to help organizations assess their current implementation plan and make the necessary changes in accordance with Notice 2011-53.

False Claims Act Case Tracker - Q2 2011

Mon, 01 Aug 2011 00:00:00 -0500

Navigant's Healthcare Disputes, Compliance and Investigations practice presents the 2nd quarter 2011 issue of our False Claims Act Case Tracker designed to keep the legal community apprised of False Claims Act (FCA) cases, trends and important legal updates. This issue of the FCA tracker provides details on cases that were filed in Federal courts from January 2007 – March 2011. Authors Bernard Ford and Mark Farrar highlight some notable settlements made during the quarter and also spotlight noteworthy healthcare cases. And new to this quarter’s Tracker is the addition of a guest commentator column we have titled: First Person. This quarter’s commentator is David T. Fisher of Shook Hardy & Bacon in Washington, DC.

Final Dodd-Frank Whistleblower Rules- How Companies Can Respond

Fri, 01 Jul 2011 00:00:00 -0500

In this Navigant Anti-Corruption Alert, authors Ellen Zimiles, Carmina Hughes, Jay Perlman and Stacey-Ann Williams summarize clarifications, eligibility and procedures outlined in the final Dodd-Frank whistleblower ruling approved by the U.S. Securities and Exchange Commission (SEC) on May 25, 2011. In addition, this article addresses how companies should plan, re-evaluate and implement compliance procedures based on the latest whistleblower provisions.

FATCA Compliance Preparing for the Challenges Ahead

Wed, 22 Jun 2011 00:00:00 -0500

Navigant Directors Richard Kando and Jeffrey Locke presented with Steptoe & Johnson Partner Philip West a Securities Docket webinar on “FATCA Compliance: Preparing for the Challenges Ahead” on June 22, 2011. This presentation addresses ongoing criminal tax matters, FATCA’s effective date and affect on foreign and U.S. financial institutions. In addition, it outlines the top 10 things you need to know about FATCA.

Collateral Damage: The Impact on Contractors of GAO's DCAA Reports

Tue, 02 Feb 2010 00:00:00 -0600

This white paper for the Bureau of National Affairs by Navigant's Peter A. McDonald, C.P.A., Esq., and John A. Howell, Esq. of Sullivan & Worcester LLP discusses two reports issued by the U.S. General Accounting Office (GAO) addressing allegations that certain audits done by the Defense Contract Audit Agency (DCAA) did not comport with generally accepted government auditing standards and discusses the collateral damage to contract administrators. Howell and McDonald point out the impact these reports may have on DCAA's relationship with government contractors. The writers conclude that DCAA's quality problems, including its decentralized structure, insular culture and lack of internal quality control system are so severe that the agency is currently unable to issue an audit report in accordance with professional standards, a development creates an incentive for contractors to attack adverse DCAA audit reports. Further, by encouraging policy complaints, the agency has impaired contract administration by usurping the role of the contracting officer.

U.S. Government Contracting: Risk Management for Professional Services

Tue, 01 Dec 2009 00:00:00 -0600

This article in Contract Management Magazine analyzes the seven sources of risk for contracting to deliver professional services to the U.S. government, as well as proven-effective best practices for mitigating such risks. The seven risks focus on: requirements, the contract, delivery schedules, service quality, project management, workforce challenges, and acceptance criteria. The authors explain how eight best practices can equip contractors to achieve the vast requirements of the government. The best practices are: 1) establish an integrated project team, 2) develop a performance work statement, 3) conduct market research, 4) use commercial quality standards and metrics, 5) create contract incentives, 6) develop quality assurance plans, 7) implement project management, and 8) tie pay to performance results. (The article is a modified extract from Risk Management for Complex U.S. Government Contracts and Projects, NCMA 2009.)

Life Science Product Value Preservation in a Changing Sea of Liability Risk

Mon, 19 Oct 2009 00:00:00 -0500

In this article, Kevin Cornish, along with Navigant colleagues Dr. Saul Helman and Jack Tanselle, Willis of New York, Inc. Senior Vice President Mary Beth Borgwing make the case for new product liability risk management strategies among life sciences companies in order to optimize, preserve and protect product value and proactively mitigate the risk of potential events. The authors note that product scrutiny of every aspect of a product's life cycle and company operations from both government and private entities has never been greater, while also discussing the overall environment in which these companies are operating and some of the most recent product liability events. The article provides seven detailed reasons why the product liability risk environment today is different than the past and provides a breakdown of potential liability issues throughout the product development life cycle. The article concludes with a look at the product liability insurance market for life sciences companies.

Implementation Implications of a Compliance Program Aligned with CIA Trends

Wed, 01 Jul 2009 00:00:00 -0500

In an article for American Health Lawyers Association's Life Science newsletter, Navigant's Bernard J. Ford, Saul B. Helman, and Julia Singleton discuss Corporate Integrity Agreements (CIAs) issued by the U.S. Department of Health and Human Services Office of Inspector General (HHS OIG) and their implications for healthcare leaders. CIAs create unique obligations requiring board of directors and senior management to be held accountable for compliance, while increasing the scope and sophistication of reviews performed by Independent Review Organizations (IROs). This article discusses the implications for officers in companies that are either under some form of government enforcement or that are trying to maintain a compliance program at a level expected by government. The authors analyzed several CIAs to glean actions companies can take to maintain a compliance program that meets or exceeds current OIG requirements, focusing on four unique requirements of these CIAs: (1) certification processes; (2) compliance effectiveness reviews; (3) board-level and management compliance committees; and (4) systems and transactions reviews. Copyright 2010 American Health Lawyers Association, Washington, DC Reprint permission granted

Optimizing the U.S. Federal Government's Supply Chain(s)

Sun, 01 Feb 2009 00:00:00 -0600

In this article, Navigant discusses the U.S. Government's need for a strong, viable and ethical supplier base to support its supply chain; provides insight into the current supply chain, including what it consists of, its structure, and its challenges; and offers recommendations for optimizing the U.S. Government's supply chain for the benefit of U.S. taxpayers, government agencies, and industry. The article provides detailed insight into the critical supply chain challenges facing the government--for example, because the government is not a business, the government must often put serving the needs of its citizens above cost-effective and efficient purchasing. The article's four recommendations for improving the U.S. government supply chain are designed to help the government use taxpayer dollars as wisely as possible.

Change Order Accounting

Fri, 01 Aug 2008 00:00:00 -0500

In an article for Contract Management, Jeffrey P. Hildebrant, Principle of Hildebrant & Associates and Navigant's Peter A. McDonald argue for the effectiveness and efficiency of change order accounting over alternatives, such as total cost accounting or estimating actual costs, when working with government contracts. Hildebrant and McDonald remind contractors that the burden of proof for filing requests for equitable adjustment (REA) is always with them and that good change order accounting provides the data contractors need. The method also helps contractors reconstruct records in the event of a natural disaster, equipment malfunction or procedural error. The writers also contend that government contract officers would benefit by requiring contractors to use change order accounting because its inclusion in a contract mitigates liability should an REA result in litigation. When contractors are not required to implement change order accounting, for example, then they are not required to support their claims with actual costs.

Bid/No-Bid Decision Making - Tools and Techniques

Thu, 30 Jun 2005 00:00:00 -0500

This white paper discusses how creating a simple, repeatable, and effective bid/no-bid decision-making process can help a company reduce costs and improve both revenues and profits. The paper offers ten elements of opportunity and ten elements of risk to consider when making bid/no-bid decisions and offers two case studies (IBM Global Services and Boeing Integrated Defense Systems) showing how this approach works in practice. From there, the paper offers a opportunity/risk assessment grid that companies can use to evaluate which available opportunities have the highest probability of success.

A Short Guide to FATCA

Mon, 11 Feb 2013 10:37:06 -0600

In this March 2011 article published in Law360, Ellen Zimiles, Richard Kando and Jeff Locke discuss the steps that financial institutions can take today to prepare for the Foreign Account Tax Compliance Act (FATCA), which takes effect in January 2013. FATCA mandates that a foreign financial institution (FFI) identify U.S. taxpayers with accounts at the FFI worldwide or suffer a 30 percent withholding on certain U.S.-sourced income payment to the FFI.

For The Record Magazine - A Dash of Compliance

Mon, 11 Feb 2013 12:27:29 -0600

This article in For the Record magazine discusses how hospitals can use the Program for Evaluating Payment Patterns Electronic Report (PEPPER), developed by the Centers for Medicare & Medicaid Services (CMS), to support fraud prevention and compliance efforts. PEPPER provides hospital-specific statistics for Medicare severity diagnosis-related groups (MS-DRGs) and discharges that may be at high risk for payment errors. "When the program raises a red flag, that could indicate a billing or compliance problem," states Navigant's Bo Martin, who is quoted extensively throughout the article. The article discusses PEPPER's capabilities and explains how its format and reports have changed in order to improve improper payment identification. A sidebar discusses how to use PEPPER in order to realize its full potential.

Financial Markets Association’s Market Solutions Newsletter

Fri, 11 Jan 2013 13:59:42 -0600

The Financial Markets Association’s Market Solutions Newsletter, features Ellen Zimiles and Alma Angotti’s article Anti-Money Laundering Compliance for Investment Advisers- What You Can Do Right Now, as the cover story for their March issue. The Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) recently revealed they are working on a proposed rule that would require investment advisers to implement anti-money laundering (“AML”) compliance programs and report suspicious activity. This article addresses what FinCEN’s rule could mean for investment advisers and what they can do now to prepare.

The UK Bribery Act 2010: What Does it Mean for Multinationals?

Mon, 11 Feb 2013 14:27:57 -0600

Ellen Zimiles and Joseph Spinelli authored a Navigant Anti-Corruption Alert entitled, “The U.K. Bribery Act 2010: What Does It Mean for Multinationals.” In this article, the authors provide a comparison between the UK Bribery Act and the Foreign Corrupt Practices Act. The UK Bribery Act consolidates and modernizes previously existing U.K. anti-bribery and corruption laws and is intended to alleviate criticism that U.K. anti-bribery and corruption enforcement efforts have been insufficiently robust. In addition to creating four new substantive bribery and corruption offenses, the Act differs from the U.S. Foreign Corrupt Practices Act (FCPA) in a number of respects.

Life Sciences Article Series, Inaugural Issue

Fri, 11 Jan 2013 13:59:42 -0600

Navigant is pleased to share the inaugural issue of our Life Sciences article series, created to highlight the impact of key events in the healthcare and life sciences community. We will be providing insightful information about the latest issues and emerging trends affecting operations and compliance, evolving and approved legislation, and litigation matters.

In this article, we examine the reporting requirements around the Sunshine Act and how life sciences companies can establish parameters around their reporting to help mitigate potential disputes.

Sales Force Compensation Compliance: Back to the Future – a Response to Recent Corporate Integrity Agreement Settlements

Fri, 11 Jan 2013 13:59:42 -0600

Recent Corporate Integrity Agreements (CIA) have included a focus on the compliance controls associated with Sales Force Compensation. In this article, Navigant Managing Director Saul Helman examines the importance of the compliance tools that must be implemented by life sciences companies to protect the sales force from the potential incentive to engage in non-compliant behavior that may lead to activity like off label sales and sales channel kickbacks.

The UK Bribery Act: Roadmap to Compliance

Mon, 11 Feb 2013 14:13:12 -0600

On March 30, 2011, the UK Ministry of Justice issued its long-awaited guidance ("Guidance") on the "adequate procedures" requirement of the UK Bribery Act of 2010 ("Bribery Act"). The Guidance reinforces the need to employ a risk-based approach when developing and implementing a comprehensive and effective anti-bribery and corruption compliance program. With the final Guidance now issued, the Bribery Act will take effect on July 1, 2011. Organizations have three short months to thoroughly review and adapt their anti-bribery programs. Navigant has prepared a "Roadmap to Compliance", a high level project plan to help organizations assess their current program and make the necessary changes for enhanced compliance with the UK Bribery Act.

The Credit Crisis and WARN's Unforeseeable Business Circumstances Exception

Mon, 11 Feb 2013 14:15:02 -0600

In this article for the American Bar Association's Employment & Labor Relations Law newsletter, Navigant's Timothy H. Savage and Ross H. Friedman, an associate with Morgan, Lewis & Bockius LLP, discuss the potential for lawsuits under the federal Worker Adjustment and Retraining Notification (WARN) Act given the magnitude of the layoffs and reductions in force during the recession. The authors explain the requirements of the WARN Act, which requires that employers provide unions, nonunion affected employees, and certain government entities 60 days' written notice before any mass layoff or plant closing. The authors also provide details on the exceptions and exemptions from the law. The rest of the article focuses on defending against a WARN violation using the "unforeseen business circumstances exception" under the law.

SEC Commences FCPA Inquiry of Financial Institution

Mon, 11 Feb 2013 13:51:25 -0600

Navigant's Anti-Corruption Alert titled Securities Exchange Commission Inquiry of Financial Institutions suggests Financial institutions should consider undertaking a review of their anti-corruption compliance programs.

FATCA FIND^SM

Mon, 14 Jan 2013 13:09:37 -0600

The Foreign Account Tax Compliance Act (“FATCA”) requires that tens or hundreds of thousands of pre-existing accounts be reviewed for indicia of U.S. taxpayer status. Specifically, each participating foreign financial institution (“FFI”) must assess the personal knowledge of relationship managers, conduct searches of electronic information and manually review paper and imaged account documents. Navigant’s Global Investigations & Compliance team developed FATCA FIND^SM specifically to perform and expedite FATCA’s pre-existing account review requirements. The dynamic decision flow and feature-rich case management system of FATCA FIND^SM focus on helping FFIs deliver high quality work on a transparent and fully auditable platform with project management reporting and performance metrics.

Click here for Spanish version.

Navigant Insights RSS Feed

SEC Seeks Enforcement, Whistleblower Program Expansion

M&A Season: What to Expect, and Are You Ready?

FATCA FILTER

FATCA Highlights Volume 8 - FATCA Final Regulations Released: Translating Aspects of the 544 Pages into Business As Usual Processes

Preventing Regulatory Exposure in PE Firms

Saul Helman quoted in Pharmaceutical Executive

FATCA Highlights Volume 7 - HMRC Begins to Fill In Important Due Diligence Details

FATCA Highlights Volume 6 - A Cross Between the Proposed Regulations and Model 1 IGA

Fair Market Value is Critical in Implementing the Physician Payments Sunshine Act

Medical Loss Ratio in Group Markets: Will Many Plan Participants Receive Rebates?

Preparing for Sequestration’s Storm

Aggregate Spend 2.0 - An Integrated Systems Approach Managing All That Sunshine Brings

FCPA Compliance Programs - Best Practices

Broker-Dealer AML Transaction Monitoring: The Devil’s in the Details

FATCA Highlights Volume 3 - Saying What They Mean and Meaning What They Say

IFRS For Government Contractors: It Will Cost You, Sooner Or Later

Accounting Boards Reaffirm Position that a Lessee Should Recognize Lease Obligations on the Balance Sheet

Overview of Meaningful Use Attestation and Electronic Health Record Incentives

Compliance Concerns in Clinical Research: Sponsors and Sites Beware

Medical Loss Ratio: New Developments and What’s to Come

FATCA Pre-existing Accounts v. New Accounts: Factors to Drive Implementation Decisions

FinCEN Requests Comments on Planned Rule to Explicitly Require Customer Due Diligence and Beneficial Ownership

Anti-Money Laundering Compliance for Investment Advisers – What You Can Do Right Now

Best Practice for Audit Committees: Monitoring the Independent Auditor

FinCEN Imposes Anti-Money Laundering Compliance and Suspicious Activity Reporting Requirements on Non-Bank Residential Mortgage Lenders and Originators

Turning Up the Heat on Offshore Account Holders

Wave of Regulation

Managing the Risks of Master/Sub-Account Relationships

Meeting the New FATCA Deadlines: A Phased Implementation Approach to Compliance

False Claims Act Case Tracker - Q2 2011

Final Dodd-Frank Whistleblower Rules- How Companies Can Respond

FATCA Compliance Preparing for the Challenges Ahead

Collateral Damage: The Impact on Contractors of GAO's DCAA Reports

U.S. Government Contracting: Risk Management for Professional Services

Life Science Product Value Preservation in a Changing Sea of Liability Risk

Implementation Implications of a Compliance Program Aligned with CIA Trends

Optimizing the U.S. Federal Government's Supply Chain(s)

Change Order Accounting

Bid/No-Bid Decision Making - Tools and Techniques

A Short Guide to FATCA

For The Record Magazine - A Dash of Compliance

Financial Markets Association’s Market Solutions Newsletter

The UK Bribery Act 2010: What Does it Mean for Multinationals?

Life Sciences Article Series, Inaugural Issue

Sales Force Compensation Compliance: Back to the Future – a Response to Recent Corporate Integrity Agreement Settlements

The UK Bribery Act: Roadmap to Compliance

The Credit Crisis and WARN's Unforeseeable Business Circumstances Exception

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