Corporate internal investigations : an international guide

Table of Cases . . xv
Table of Legislation . . xxiii
List of Contributors . . xli
Introduction . . 1

1. Investigations with an International Dimension . . 7
A. Introduction . . 1.01
B. Organization of an International Investigation . . 1.09
C. Self-reporting Issues . . 1.19
D. Regulatory Coordination . . 1.27
E. Capital Market Issues . . 1.38
F. Data Protection Issues . . 1.45
G. Employee Issues . . 1.58
H. Privilege Issues . . 1.73

2. Data Protection under European Community Law . . 29
Overview . . 2.01
A. Data Protection Directive . . 2.03
B. Initial Collection . . 2.17
C. Intra-group Sharing . . 2.30
D. External Advisers . . 2.43
E. Regulators . . 2.50

3. Investigations in the United States . . 47
A. Introduction . . 3.01
B. US Regulatory Scheme . . 3.03
C. The Current Regulatory Environment . . 3.27
D. US Regulatory Investigations . . 3.32
E. Compulsory Process: Subpoenas . . 3.59
F. Alternative to Subpoenas: International Agreements and Diplomacy . . 3.83
G. Conducting Internal Investigations in the United States— Background and Recent Trends . . 3.94
H. Potential Waiver of Privilege and Exposure to Civil Liability . . 3.129
I. Independence . . 3.137
J. How to Conduct an Internal Investigation . . 3.148

4. Investigations in the United Kingdom . . 109
A. Introduction . . 4.01
B. Regulators . . 4.05
C. Powers of Regulators . . 4.23
D. Voluntary Investigations . . 4.51
E. Self-reporting . . 4.111
F. Announcements and Public Relations Strategies . . 4.118
G. Best Practices in Document Gathering and Preservation . . 4.136
H. Data Protection . . 4.150
I. Dealing with Privileged Documents . . 4.188
J. Managing Regulators . . 4.214
K. Managing Employees During Investigations . . 4.235
L. Concluding an Investigation . . 4.281
M. Litigation Risks . . 4.292
N. Settlement with Regulators . . 4.325
O. Conclusion . . 4.338

5. Investigations in the Netherlands . . 183
A. Introduction . . 5.01
B. Regulators . . 5.08
C. Powers of Regulators . . 5.37
D. Voluntary Investigations . . 5.53
E. Self-reporting . . 5.74
F. Announcements and Public Relations Strategies . . 5.78
G. Best Practices in Document Gathering and Preservation . . 5.99
H. Dealing with Privileged Documents . . 5.127
I. Managing Regulators . . 5.139
J. Managing Employees During Investigations . . 5.143
K. Concluding an Investigation . . 5.168
L. Litigation Risks . . 5.174
M. Settlement with Regulators . . 5.190
N. Conclusion . . 5.198

6. Investigations in Germany . . 225
A. Introduction . . 6.01
B. Regulators . . 6.08
C. Powers of Regulators . . 6.35
D. Voluntary Investigations . . 6.52
E. Self-reporting Obligations . . 6.76
F. Announcements and Public Relations Strategies . . 6.79
G. Key Points for Public Relations Strategies . . 6.95
H. Best Practices in Document Gathering and Preservation . . 6.100
I. Data Protection . . 6.115
J. Dealing with Privileged Documents . . 6.134
K. Managing Regulators . . 6.158
L. Managing Employees During Investigations . . 6.162
M. Winding up an Internal Investigation . . 6.191
N. Reporting Obligations . . 6.198
O. Litigation Risks . . 6.199
P. Settlement with Regulators . . 6.213
Q. Conclusion . . 6.219

7. Investigations in France . . 277
A. Introduction . . 7.01
B. Regulators . . 7.05
C. Powers of Regulators . . 7.49
D. Voluntary Investigations . . 7.79
E. Self-reporting . . 7.103
F. Announcements and Public Relations Strategies . . 7.109
G. Best Practices in Document Gathering and Preservation . . 7.124
H. Dealing with Privileged Documents . . 7.155
I. Managing Regulators . . 7.165
J. Managing Employees During Investigations . . 7.175
K. Winding up an Investigation . . 7.217
L. Litigation Risks . . 7.223
M. Settlement with Regulators . . 7.237
N. Conclusion . . 7.248

8. Investigations in Spain . . 323
A. Introduction . . 8.01
B. Regulators . . 8.14
C. Powers of Regulators . . 8.61
D. Voluntary Investigations . . 8.91
E. Self-reporting . . 8.111
F. Announcements and Public Relations Strategies . . 8.121
G. Best Practices in Document Gathering and Preservation . . 8.134
H. Dealing with Privileged Documents . . 8.159
I. Managing Regulators . . 8.180
J. Managing Employees During Investigations . . 8.190
K. Winding up an Investigation . . 8.223
L. Reporting Obligations . . 8.230
M. Litigation Risks . . 8.236
N. Settlement with Regulators . . 8.246
O. Conclusion . . 8.265
Annex 8.1 . . 369

9. Investigations in Italy . . 371
A. Introduction . . 9.01
B. Regulators . . 9.07
C. Powers of Regulators . . 9.45
D. Voluntary Investigations . . 9.65
E. Self-reporting . . 9.82
F. Announcements and Public Relations . . 9.89
G. Best Practices in Document Gathering and Preservation . . 9.102
H. Dealing with Privileged Documents . . 9.129
I. Managing Regulators . . 9.143
J. Managing Employees During Investigations . . 9.153
K. Winding up an Internal Investigation . . 9.177
L. Reporting Obligations . . 9.179
M. Litigation Risks . . 9.183
N. Settlement with Regulators . . 9.190
O. Conclusion . . 9.197

10. Investigations in Hong Kong . . 419
A. Introduction . . 10.01
B. Regulators . . 10.02
C. Powers of Regulators . . 10.31
D. Voluntary Investigations . . 10.43
E. Self-reporting . . 10.53
F. Announcements and Stock Exchange Obligations . . 10.57
G. Public Relations Considerations and Strategies . . 10.62
H. Best Practices in Document Gathering and Preservation . . 10.67
I. Dealing with Privileged Documents . . 10.79
J. Managing Regulators . . 10.92
K. Managing Employees During Investigations . . 10.98
L. Winding up an Investigation . . 10.121
M. Reporting Obligations . . 10.126
N. Litigation Risks . . 10.128
O. Settlement with Regulators . . 10.143
P. Conclusion . . 10.155

11. Investigations in Japan . . 449
A. Introduction . . 11.01
B. Regulators . . 11.06
C. Powers of Regulators . . 11.27
D. Voluntary Investigations . . 11.53
E. Self-reporting . . 11.68
F. Announcements and Public Relations Strategies . . 11.70
G. Dealing with Privileged Documents . . 11.81
H. Managing Regulators . . 11.95
I. Best Practices in Document Gathering and Preservation . . 11.104
J. Managing Employees During Investigations . . 11.119
K. Winding up an Investigation . . 11.138
L. Reporting Obligations . . 11.141
M. Litigation Risks . . 11.149
N. Settlement with Regulators . . 11.160
O. Conclusion . . 11.162

12. Investigations in China . . 483
A. Introduction . . 12.01
B. Regulators . . 12.04
C. Powers of Regulators . . 12.37
D. Voluntary Investigations . . 12.62
E. Self-reporting . . 12.74
F. Stock Exchange Announcements and Public Relations Strategies . . 12.79
G. Best Practices in Document Gathering and Preservation . . 12.91
H. Dealing with Privileged Documents . . 12.105
I. Managing Regulators . . 12.07
J. Managing Employees During Investigations . . 12.111
K. Winding up an Investigation . . 12.125
L. Litigadon Risks . . 12.131
M. Settlement with Regulators . . 12.139
N. Conclusion . . 12.145

13. Investigations in India . . 507
A. Introduction . . 13.01
B. Regulators . . 13.02
C. Powers of Regulators . . 13.30
D. Dealing with Regulators/Investigating Officers . . 13.58
E. Practical Issues Relating to Evidence . . 13.69
F. Issues Relating to Employers . . 13.78
G. Public Issues . . 13.88
H. Concluding an Investigation . . 13.94
I. Settlement with Regulators . . 13.100
J. Litigation Risks . . 13.109
K. Conclusion . . 13.115

14. Investigations in Russia . . 535
A. Introduction . . 14.01
B. Regulators . . 14.04
C. Powers of Regulators . . 14.18
D. Voluntary Investigations . . 14.38
E. Self-reporting . . 14.62
F. Announcements and Public Relations Strategies . . 14.72
G. Best Practices in Document Gathering and Preservation . . 14.76
H. Data Protection . . 14.81
I. Dealing with Privileged Documents . . 14.92
J. Managing Regulators . . 14.98
K. Managing Employees During Investigations . . 14.107
L. Concluding an Internal Investigation . . 14.114
M. Litigation Risks . . 14.117
N. Settlement with Regulators . . 14.130
O. Conclusion . . 14.133

15. Investigations in Brazil . . 561
A. Introduction . . 15.01
B. Regulators . . 15.07
C. Powers of Regulators . . 15.29
D. Voluntary Investigations . . 15.46
E. Self-reporting . . 15.58
F. External and Internal Communications . . 15.65
G. Best Practices in Document Gathering and Preservation . . 15.70
H. Data Protection . . 15.72
I. Dealing with Privileged Documents . . 15.82
J. Managing Regulators . . 15.94
K. Managing Employees During Investigations . . 15.102
L. Concluding an Investigation . . 15.107
M. Litigation Risks . . 15.109
N. Settlement with Regulators . . 15.118
O. Conclusion . . 15.125

Introduction to Annexes . . 583
Annex 1: Crisis Management . . 584
Annex 2: Disclosures . . 587
Annex 3: Document Management and Privilege . . 589
Annex 4: Employee Issues . . 591
Annex 5: Public Relations Issues . . 593

Index . . 597