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Journal of Regulatory Compliance

New York Federal Court Rules in Favor of CFTC in its First Ever Anti-Fraud Enforcement Action Involving Bitcoin

Judge P. Kevin Castel of the U.S. District Court for the Southern District of New York entered an Order for Final Judgment and Consent Order for Final Judgment (“the Orders”) early this month, resolving charges of a Commodity Futures Trading Commission (the “CFTC”) Complaint against a New York Corporation, Gelfman Blueprint Inc. (“GBI”) and its Chief Executive Officer, Nicholas Gelfman. The CFTC’s complaint, filed in January of 2017, marked the first anti-fraud enforcement action involving Bitcoin filed by the Commodity Futures Trading Commission. The Orders found that from approximately January of 2014-January 2016 Defendants Gelfman and GBI, through its officers and agents and employees, operated a Bitcoin Ponzi scheme in which they fraudulently solicited more than $600,000 from at least 80 customers.

Climate Change: A Compliance Crisis

In October 2018, the Intergovernmental Panel on Climate Change of the United Nations issued a special report on the impact of global warming. The report shared extensive research about our changing atmosphere and issued a grave warning: we must act immediately. The harrowing news came just over one year after President Trump ordered the United States’ withdrawal from the Paris Climate Agreement in June 2017. This begs the question:  how will changes be made when the world’s most powerful and impactful hegemon refuses to cooperate?

SCOTUS Overturns Stay, “Dark Money” Donors Will Be Partially Disclosed

On September 18, 2018, the United States Supreme Court overturned a stay blocking a District Court ruling requiring non-profits to disclose identity of all contributors who give more than $200 a year. Prior to the ruling, IRS designated 501(c)(4) social welfare organizations and 501(c)(6) organizations such as business leagues and boards of trade, who do not register as political committees with the Federal Election Commission (FEC), were required to disclose donors only when they contributed for specific political advertisements. While the ruling requires the FEC to give guidance, newly issued FEC rules limit the scope of the court’s intention. It is likely that the new ruling will allow some donors to remain undisclosed while requiring partial disclosure of donors who contribute towards certain, but not all, expenditures.

Proposed Changes to the NIH Guidelines for Human Gene Transfer Experiments

The National Institute of Health (NIH) has submitted a proposal to amend the NIH Guidelinesfor research involving recombinant or synthetic nucleic acid molecules.  The proposed amendmentseeks to streamline the oversight for human gene transfer clinical research protocols and reduce duplicative reporting requirements already captured within existing regulatory framework.  The amendment specifically seeks to delete the NIH protocol registration submission and reporting requirements under Appendix M of the NIH Guidelines, and modify the roles and responsibilities of entities involved in human gene transfer or the Recombinant DNA Advisory Committee(RAC).

International Business Travel Comes with Potential Data Risks

The economic rebound seen in the last decade has resulted in a substantial increase in business travel, both foreign and domestic. Increasingly complex global supply chains are necessitating that business leaders travel the world in order to expand their businesses and forge valuable new partnerships. Unfortunately, this increase in travel also presents an increased risk for the theft of proprietary or confidential information.

Election Assistance Commission Releases Funds to Help States Prepare for 2018 Elections

The U.S. Election Assistance Commission has released over $300 million in Help America Vote Act funds to 48 states and territories intended to improve election security and administration. This comes after the Consolidated Appropriations Act of 2018 appropriated $380 million into the Help America Vote Election Security Fund in March of this year. 

Kicking Off the 2018-2019 Academic Year at the Center for Compliance Studies

Ryan Meade Editor-in-Chief Director, Regulatory Compliance Studies at Loyola University Chicago School of Law The academic year for 2018-2019 has kicked off at the Center for Compliance Studies. It promises to be a big year with even more robust blog activity planned, a symposium in February 2019 that will be one of the first academic looks …
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Closing out the 2017-2018 academic year

With less than a week left in the semester, the Journal of Regulatory Compliance editors are hard at work studying for exams, gearing up for summer jobs, or eagerly awaiting graduation. However, before we shutter INSIDE COMPLIANCE for the summer session, I want to take this opportunity to look back over the past year, and how much our members have accomplished.

The Journal of Regulatory Compliance is a young law journal, even for Loyola University Chicago School of Law. It’s only been a few years since our first annual symposium, and the debut of the Center for Compliance Studies here at Loyola University Chicago School of Law. In many ways, this year was an experiment—we debuted a new Board structure, a new editorial process, a new blog format and a new time of year for our Symposia. Despite that uncertainty, the 30-plus members of the Journal of Regulatory Compliance have accomplished extraordinary things.

REGISTER NOW for the 2018 Compliance Symposium!

“What is the Role of a Regulation if it is Not Enforced?”

Friday, February 16
9 a.m.–4 p.m.

Philip H. Corboy Law Center
25 E. Pearson Street
Power Rogers & Smith Ceremonial Courtroom, 10th Floor
Chicago, IL

The symposium will explore questions of theory and practice related to an administrative state that has such a largesse of regulations (and quasi-regulations in the form of interpretative guidance) that administrative agencies cannot possibly audit or enforce all of their expectations for regulated actors. The size and decentralized control of the administrative state poses questions of legal theory on the role of regulations in society if the state has no intention or lacks resources for enforcing them and practical questions for the regulated actors in how or when to comply with the regulations. But it also sets up a minefield for the regulated actor if enforcement agencies can play “gotcha” on technical strict liability rules which may be buried amid manuals or have been previously enforced. Although focusing on law, the symposium is intended to be multi-disciplinary and seeks to bring together scholars from law, ethics, political science, business, economics, and philosophy.