United States: NYC Council Votes To Ban Employers From Conducting Credit Checks

On April 16, 2015, the New York City Council (the “Council”) passed a bill (Int. 0261-2014) prohibiting employers from requesting or using the consumer credit history of an employee or job applicant when making employment decisions (the “Bill”). More specifically, the Bill would make it a discriminatory practice to request or use the consumer credit history of applicants or employees by amending the City’s Human Rights Law to include the following provision:

Except as provided […]

By | April 29th, 2015 ||

Canada: Five Ways The Department Of Labor Could Improve Its Fiduciary Proposal

The U.S. Department of Labor has released its long-awaited re-write of proposed changes to the rules determining who is a fiduciary under ERISA, and the different sides have rushed to respond by calling the proposal either a great step forward in consumer protection or likely to result in less or no advice to small plan fiduciaries and IRA owners.

While it is undeniable that the proposal would meaningfully expand the class of advisers who are […]

By | April 29th, 2015 ||

United States: Who Wants To Be A Millionaire? Compliance Officer Whistles His Way To A Million Dollar Pay Day

Last week the SEC announced an award of between $1.4 to $1.6 million to a whistleblower who provided information that assisted the SEC in an enforcement action. The enforcement action against the whistleblower’s company resulting in monetary sanctions exceeding $1 million. This marks the second award to a whistleblower with an internal audit or compliance function at a company. The first was back in August 2014, when the SEC awarded a whistleblower […]

By | April 29th, 2015 ||