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Legal compliance is the process or procedure to ensure that an organization follows relevant laws, regulations and business rules. [5] The definition of legal compliance, especially in the context of corporate legal departments, has recently been expanded to include understanding and adhering to ethical codes within entire professions, as well.
Corporations are invariably classified as "legal persons" by all modern systems of law [citation needed], meaning that like natural persons, they may acquire rights and duties. A corporation may be chartered in any of the 50 states (or the District of Columbia) and may become authorized to do business in each jurisdiction it does business ...
In The Bahamas, under the Legal Profession Act, it is unlawful for a person to hold himself or herself out as a Legal Executive if their name does not appear on the Register of Legal Executives. Any person who is found to be guilty of pretending to be a Legal Executive can be liable upon conviction to a fine of B$5,000.00, or imprisonment for a ...
In the two-tiered board, the executive board, made up of company executives, generally runs day-to-day operations while the supervisory board, made up entirely of non-executive directors who represent shareholders and employees, hires and fires the members of the executive board, determines their compensation, and reviews major business decisions.
The creation of the Institute of Legal Executives meant that solicitors' clerks became qualified "legal executives" (holding a practising certificate and having a similar role to solicitors in practicing law). Legal Executive Lawyers gained rights that allow them to become partners in law firms, advocates with rights of audience in Court and ...
Accounting standards are currently set by the Financial Accounting Standards Board and were historically set by the American Institute of Certified Public Accountants (AICPA) subject to U.S. Securities and Exchange Commission (SEC) regulations. [7] Auditors took the leading role in developing GAAP for business enterprises. [8]
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Financial law is the law and regulation of the commercial banking, capital markets, insurance, derivatives and investment management sectors. [1] Understanding financial law is crucial to appreciating the creation and formation of banking and financial regulation, as well as the legal framework for finance generally.