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Larry

United States: Organizations Should Continue to Upgrade Their Compliance
Programs
 From Foley & Lardner
http://www.mondaq.com/article_preview.asp?a=30215&e=on



In this post-Enron environment, the concept that business organizations
must have formal procedures and standards in order to reasonably ensure
compliance with the law is here to stay. Failing to make sure that a
compliance program meets the enhanced standard prescribed by the November 1
amendment invites any number of parties - whether the Department of
Justice, a shareholder in a derivative suit, or the Securities and Exchange
Commission - to find that a corporation 's compliance program no longer
satisfies best practices.

If the formal governing standard for an effective compliance program
temporarily disappears because of the cases mentioned above, the concept
will quickly reappear either in revised sentencing guidelines, or in
another federal statutory or regulatory scheme. Because the standard
defined in the November 1 amendment embodies "best practices" in corporate
compliance theory, the formal "reappearance" of the standard is sure to
look remarkably like the one prescribed in the November 1 amendment.

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