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Patching the Holes in SOX: FCPA Disgorgement after Liu and the NDAA
Get PDFThe Foreign Corrupt Practices Act (FCPA) forbids companies and persons from bribing foreign officials to secure business and creates an affirmative duty for companies to maintain valid accounting records. Since 2004, following the passage of the Sarbanes-Oxley Act (SOX), the Securities and Exchange Commission (SEC) has pursued “equitable remedies” under 15 U.S.C. § 78u(d) to disgorge profits from those who have violated the FCPA. Despite apparent legislative acceptance of disgorgement, the Supreme Court put disgorgement’s legality into doubt in two recent decisions. The first, Kokesh v. SEC in 2017, established that disgorgement had to happen within a five-year statute of limitations period. The second, Liu v. SEC in 2020, held that disgorgement might not be allowed as an equitable remedy if, as in FCPA cases, the money disgorged was sent to the Treasury rather than wronged investors.
At the close of 2020, Congress responded to these decisions. To preserve the powers of the SEC to protect U.S. financial markets, Congress passed legislation that expressly granted the SEC disgorgement powers and raised the statute of limitations to ten years for select securities law violations. Despite this new legislation, questions still exist as to whether the SEC must abide by the limitations on its disgorgement powers set out by the Liu decision and which statute of limitations applies to FCPA disgorgement. This Comment argues that disgorgement under the newly revised Section 78u(d) should be allowed for FCPA actions that send money to the Treasury, regardless of whether the limitations imposed by the Liu decision still apply. Further, this Comment asserts that, in light of the uncertainty likely to arise from the new changes to Section 78u(d), Congress should revise the statute to expressly allow the SEC to disgorge profits to the Treasury in FCPA actions with a ten-year statute of limitations. Finally, this Comment argues that the best solution for concerns about the slow pace of SEC enforcement would be new legislation that allows for SEC self-funding derived from FCPA disgorgement remedies
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Patching the Holes in SOX: FCPA Disgorgement after Liu and the NDAA
No full textThe Foreign Corrupt Practices Act (FCPA) forbids companies and persons from bribing foreign officials to secure business and creates an affirmative duty for companies to maintain valid accounting records. Since 2004, following the passage of the Sarbanes-Oxley Act (SOX), the Securities and Exchange Commission (SEC) has pursued “equitable remedies” under 15 U.S.C. § 78u(d) to disgorge profits from those who have violated the FCPA. Despite apparent legislative acceptance of disgorgement, the Supreme Court put disgorgement’s legality into doubt in two recent decisions. The first, Kokesh v. SEC in 2017, established that disgorgement had to happen within a five-year statute of limitations period. The second, Liu v. SEC in 2020, held that disgorgement might not be allowed as an equitable remedy if, as in FCPA cases, the money disgorged was sent to the Treasury rather than wronged investors.
At the close of 2020, Congress responded to these decisions. To preserve the powers of the SEC to protect U.S. financial markets, Congress passed legislation that expressly granted the SEC disgorgement powers and raised the statute of limitations to ten years for select securities law violations. Despite this new legislation, questions still exist as to whether the SEC must abide by the limitations on its disgorgement powers set out by the Liu decision and which statute of limitations applies to FCPA disgorgement. This Comment argues that disgorgement under the newly revised Section 78u(d) should be allowed for FCPA actions that send money to the Treasury, regardless of whether the limitations imposed by the Liu decision still apply. Further, this Comment asserts that, in light of the uncertainty likely to arise from the new changes to Section 78u(d), Congress should revise the statute to expressly allow the SEC to disgorge profits to the Treasury in FCPA actions with a ten-year statute of limitations. Finally, this Comment argues that the best solution for concerns about the slow pace of SEC enforcement would be new legislation that allows for SEC self-funding derived from FCPA disgorgement remedies
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
koamabayili/VECTRON-author-checklist: VECTRON author checklist
No full textWe have done our best to complete the author checklist relating to the use of animals in the hut study. Note that the objective for the hut study was to evaluate the IRS treatment applications for residual efficacy against Anopheles mosquitoes, including the local An. coluzzii mosquito population. Cows were only used to attract mosquitoes into the huts and no tests were carried out directly on the cows. The author checklist is intended for use with studies where experiments are carried out on animals, which is why we have had such difficulty in completing this for the hut study, as many of the questions do not relate to how the cows were used
Author-wise bibliometric analysis based on entropy.
No full textAuthor-wise bibliometric analysis based on entropy.</p
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