BAC105 REPORTING CHAP2 _20240917_001441_0000.pdf

NATIONAL DIFFERENCES IN POLITICAL, ECONOMIC, AND LEGAL SYSTEMS (CONTINUATION) Presentation by GROUP 6 PROPERTY RIGHTS AND CORRUPTION Property, in legal sense, refers to a resource which an individual or business holds a legal title, a resource that it owns. These resources includ...

NATIONAL DIFFERENCES IN POLITICAL, ECONOMIC, AND LEGAL SYSTEMS (CONTINUATION) Presentation by GROUP 6 PROPERTY RIGHTS AND CORRUPTION Property, in legal sense, refers to a resource which an individual or business holds a legal title, a resource that it owns. These resources include both tangible and intangible property. Property rights refer to the legal right over the use of a resource and any income derived from the use of that resource. Property rights can be violated in two ways: private and public action.  PRIVATE & PUBLIC ACTION Private action refers to a legal proceeding Public Action to violate property rights initiated by an individual or entity to enforce or occurs when the public officials such as protect their rights , seeks redress for a wrong politicians and governments, bureaucrats, or punish a public offense. It can be a civil or extort income, resources, or the property criminal judicial proceeding , and if conducted itself or property holders. to determination , will result in a judgement or decree. Corruption is a form of dishonesty or a criminal offense which is undertaken by a person or an organization which is entrusted in a position of authority, in order to acquire illicit benefits or abuse power for one's personal gain. FOREIGN CORRUPT PRACTICES ACT (FCPA) The Anti-Bribery Provisions of the FCPA make it unlawful for a U.S. person, and certain foreign issuers of securities, to make The Foreign Corrupt Practices Act a corrupt payment to a foreign official for (FCPA) is a U.S. law enacted in 1977 the purpose of obtaining or retaining aimed at preventing corruption in business for or with, or directing business international business practices. It has to, any person. two primary components: The FCPA Accounting Provisions require such publicly listed companies to make and keep accurate books and records and to 1. Anti-Bribery Provisions devise and maintain an adequate system of 2. Accounting Provisions internal accounting controls. REFERENCES https://tinyurl.com/7ue6y7xy https://tinyurl.com/bdh32v9b  IMPLICATIONS ENFORCEMENT: The FCPA is enforced by the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC). The DOJ handles criminal cases, while the SEC deals with civil enforcement and regulatory issues. INVESTIGATION: Violations of the FCPA can lead to investigations by these agencies. Penalties for non- compliance can be severe, including significant fines and imprisonment for individuals involved. CORPORATE COMPLIANCE: Companies are encouraged to implement strong compliance programs to avoid violations. This typically includes employee training, regular audits, and procedures for reporting any suspicious activities. THE PROTECTION OF INTELLECTUAL PROPERTY Intellectual property refers to intangible properties owned and legally protected by a company. Protection of intellectual property (IP) refers to the legal measures and rights that safeguard creations of the mind, such as inventions, literary and artistic works, designs, symbols, names, and images used in commerce.  EXAMPLES OF INTELLECTUAL PROPERTY Patents - These protect inventions or Trademarks - These protect symbols, technological innovations names, logos, and slogans used to identify and distinguish goods or services. Copyrights - These protect original works Trade Secrets - These protect confidential of authorship, such as books, music, films, business information that provides a and software. competitive edge, such as manufacturing processes or recipes.  PRODUCT SAFETY & PRODUCT LIABILITY Product safety laws set certain safety Product liability involves holding a firm standards to which a product must adhere. and its officers responsible when a product causes injury, death, or damage. Civil liability involves compensation for damages (e.g., monetary payments), while criminal liability can involve fines or imprisonment for violations. HOW DOES IT WORK? Legal Framework Global Impact THANK YOU GROUP 6 Group Leader: GUIRITAN, Maxine Loize Group Asst. Leader: GULTIANO, Allysa Group Secretary: DAGUPAN, Jessica Group Members: ANORA, Jade Lester BANGHAL, Ma. Elina BRUNIDOR, Micee Kaye ESTO, Ciara Mae GARCIA, Quenon