INSIDE COMPLIANCE – Page 4 – Loyola University Chicago School of Law

The Story That Sounded Too Good to Be True Was, Indeed, Too Good to Be True.

October 21, 2021Fraud & Abuse, The Marketplace

The process of the criminal trial of the youngest woman self-made billionaire, has recently started up again after being stalled due to Covid restrictions in the past year. Former CEO and founder of Theranos, Elizabeth Holmes, and her former president and one-time boyfriend, Ramesh Balwani, have been accused of misleading investors and raising hundreds of millions of dollars by making false or exaggerated claims in defiance of the anti-fraud provisions of federal securities laws. While she is currently facing a federal indictment on twelve different charges, including two counts of conspiracy to commit wire fraud and ten counts of wire fraud, Holmes has already settled her civil charges, which were brought forth by the Securities Exchange Commission (SEC). The civil charges brought forth by the SEC have now put Silicon Valley on alert by ensuring that technology companies who claim that they have a new groundbreaking technology that can change the world must be based on factual evidence, not purely myths.

Corporate ComplianceCorporate Accountabilityfraud and abusefraudtechnologySecurities and Exchange Commission

Put the Salary in the Job Description – Pay Transparency Laws’ Impact on Hiring and Pay Equity

October 20, 2021Uncategorized

Lately, more and more job applicants seem to want to know the expected salary prior to applying to a job. In 2018, LinkedIn conducted a survey of 450 members asking which parts of a job description they found the most important. When surveyed, sixty-one percent reported that compensation was the most important, indicating that compensation is a key factor for many applicants in evaluating whether a potential job opening is worth their time. Although companies offer their reasons for keeping salary information from applicants, pay transparency, especially in the recruiting stages, is one of the main ways to achieve pay equity

Colorado pay transparencyColoradoEqual Paypay transparencypay equitypay disclosureRegulationremote worksalary transparencysalary disclosure

Illinois Energy Code Compliance: A Lost Cause?

September 30, 2021Uncategorized

The International Code Council (ICC) originally adopted the International Energy Conservation Code (IECC) in 2000. The 2021 IECC addresses energy efficiency on several fronts including cost, energy usage, use of natural resources, and the impact of energy usage on the environment. As of June 2019, Illinois has adopted a statewide commercial and residential building code based off the 2018 IECC. This Illinois Energy Conservation Code (Illinois Energy Code) was implemented with the belief that buildings built in compliance with these energy performance standards would see annual energy costs reduced by approximately thirty percent.

clean energyenforcementEnergy ComplianceEnergybuilding codeinspection

Should The US Implement More Federal Data Privacy Laws

September 29, 2021Uncategorized

While the United States does have some federal data privacy regulations in place, the most comprehensive regulations exist at the state level with a degree of variation of protection from state to state. Recently, more conversations are being had about whether the United States should implement more federal data privacy laws. Proponents say they would likely use something equivalent to the European Union’s General Data Protection Regulation (GDPR), which focuses on regulating consumer data privacy and protecting consumers from data breaches. This is especially significant because states are taking matters into their own hands by passing state data privacy regulations that all vary slightly, which could become confusing for companies trying to be compliant with more than one.

data privacycompliancedata privacy lawsdata securityJournal of Regulatory ComplianceGDPRfederal data privacy laws

Data Brokers: How Much is Your Fourth Amendment Right Worth?

September 28, 2021Uncategorized

The ability to purchase private data through commercial data brokers has become increasingly easy. Data brokers originally gained popularity as a way to assist marketing and advertisements, allowing companies to better communicate with their consumers. Lawmakers worry data brokers’ products have begun to cater towards law-enforcement, causing constitutional concerns.

Journal of Regulatory CompliancePrivacy & Security

Landmark Settlement for a Privacy Violation Brings Big-Tech to its Knees

September 27, 2021Uncategorized

On Friday, February 26, 2021, U.S. District Court Judge James Donato approved a 650 million-dollar settlement against tech giant Facebook for violating the Illinois Biometric Information Privacy Act. Chicago attorney Jay Edelson filed the class action lawsuit in 2015, alleging that Facebook had failed to obtain consent from users before using facial recognition technology to scan and digitally store uploaded photos.

data collectionBiometricsBIPAFacebookPrivacy & Securityprivacy

Nevada Limited English Proficiency Consumer Law Taking Effect October 1, 2021

September 24, 2021Finance & Banking

A new Nevada law will take effect October 1, 2021 aimed at ensuring that all consumers are protected from unfair and deceptive business acts and practices, regardless of their proficiency with the English language.

consumer protectionLimited English ProficiencyLEPNV LEP LawNevadaRegulation

New Body-Worn Camera Requirements in Effect for New Jersey Police

September 24, 2021Uncategorized

On June 1, 2021, a new policy went into effect in New Jersey, requiring police officers to wear body cameras. In November 2020, Governor Phil Murphy signed legislation mandating and regulating law enforcement officers’ use of body-worn cameras during encounters with the public. Specifically, the governor signed two bills: S1163 and A4312. The former establishes the requirement for officers to wear body-cameras, while the latter regulates their use. These bills have received support from both law enforcement officials and civilians.

Regulation

Professional Sports Leagues and Vaccine Mandates

September 23, 2021Athletic Regulation

Following President Biden’s announcement mandating vaccinations for companies with over one hundred employees, major professional sports leagues may be required to ensure compliance with the mandate. This mandate has the potential to have sweeping implications throughout professional sports, from the athletes, to staff and even spectators. The NFL, NBA, and MLB all have high vaccination rates among their players and the staff that works closely with them, since many teams have already mandated that players and those working in “close proximity” to them be vaccinated. However, their back-office staff are less protected, as those employees have yet to be subjected to strict protocols of the rest of the leagues. Despite these high vaccination rates among athletes and certain staff members, the leagues have been reluctant to institute absolute mandates. But that doesn’t mean that athletes don’t still have a responsibility not only to get vaccinated but also encourage others to do so as well.

COVID-19complianceenforcementJournal of Regulatory ComplianceRegulationrulemaking

The Bulls vs. The Bears: The Legality of Short Selling “Stonks”

September 22, 2021Finance & Banking

The Bears of Wall Street have always used their paws to swipe down on financially weak companies by further driving down their stock price. However, the Bulls, recently led by retail investors and Wall Street Bet users, have begun thrusting their horns up into the air to lead an attack on bearish institutions by forcing them to buy back the “Stonks” that they shorted. This stock trading phenomenon, backed with the subjective ethical obligation to protect the little guy on Wall Street, is called the “The Short Squeeze.” While the Bears’ strategy of short selling stocks in the financial market faces public criticism, it is entirely legal. Therefore, financial regulators should encourage these millennial Bulls to take precautions in understanding the legality of trading strategies in the free market.

ethics and compliancestocksstock marketwall streetsecurities regulationsecurities exchange actRegulation