CCZ: Proven Practice – Practical experience with US Compliance Monitorships
In the current issue of the Corporate Compliance Zeitschrift (CCZ 2020, 57-64) an article by our partner Nicole Willms on the topic of “Practical experience with US Compliance Monitorships” has been published.
Not only the U.S. Department of Justice (“DoJ”) and the Securities Exchange Commission (“SEC”), but also other U.S. regulatory authorities, such as the New York State Department of Financial Services (“DFS”) and the Environmental Protection Agency (“EPA”) make worldwide use of the long-established legal institute of corporate monitorships on the basis of extraterritorial U.S. regulations: in addition to fines and the forfeiture of profits, companies that have committed crimes are required to establish or strengthen their compliance and ethics programs and have their corresponding measures monitored, evaluated and, if necessary, certified by an independent monitor.
Nicole Willms reports on her experiences as a leading member of the US Independent Compliance Monitor Team (DoJ and SEC) at the telecommunications company VEON Ltd. and as German Counsel to the Monitor for Larry Thompson, the Compliance Monitor for Volkswagen AG. She shares her opinion on how these experiences should be used to introduce a comparable legal institute in Germany.
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