Perry Featured in Corporate Secretary Article on the Walmart Ruling and Board Governance

Braden Perry was recently interviewed by Corporate Secretary regarding the Walmart v. Indiana Electrical Workers Pension Trust Fund IBEW ruling, imputing knowledge on Board of Directors.  The ruling, which many believe will expand director accountability for knowledge of documents never received and cloud the attorney-client privilege, allowed institutional investors to inspect corporate documents related to Walmart’s internal investigation of suspected bribes at its Mexican operations.  According to Perry, “companies should have clear policies that outline documents subject to books and records requests. There should also be clear reporting and communication lines to ensure board members have knowledge of facts for which they may be held accountable.”

A Big Week for Bitcoin

pressLast week, FinCEN issued two administrative rulings clarifying that certain Bitcoin participants do not constitute money service businesses (MSBs) under the BSA.  The rulings furthered the guidance issued by FinCEN last March, which excluded from the definition of MSB users that obtain convertible virtual currency and use such convertible virtual currency to purchase real or virtual goods or services. In the Guidance, FinCEN established Users are not MSBs because they are not engaged in money transmission services.