MCC Interactive - Digging Deeper With Westlaw

Friday, June 1, 2007 - 00:00

At a time when the United States appears to be losing ground in the financial services industry, three reports offer suggestions on how to improve the competitiveness of U.S. capital markets. Last month, The Metropolitan Corporate Counsel examined the recommendations made through interviews with legal professionals who were involved in the creation of those reports. The June issue continues coverage of the recommendations made in these reports with a special section entitled "Global Competitiveness." In addition, this month features articles on compliance, risk management and insurance along with a special section on the Midwest.

Craig Miller, vice president and general manager, Corporate Sales and Account Management, Thomson West, invites Westlaw subscribers to dig deeper into these reports and their complex issues. The version of this article on The Metropolitan Corporate Counsel's Web site,, has direct links to the pages noted in blue below.

This month's cover story (page 1) is an interview with Robert R. Glauber, a member of the Committee on Capital Markets Regulation, "Paulson Committee," that was charged with preparing a report on the global challenges faced by U.S. capital markets and U.S. financial institutions. This report, along with the others, discusses concerns corporations have with the regulatory and litigation environment in the U.S., such as the SEC's regulatory regime. Several Westlaw databases are devoted to this topic. West Group Securities Law Series Online (SECSERIES) contains more than 50 treatises on securities law. BNA Securities Regulation & Law Report (BNA-SRLR) covers legislative, judicial, administrative and business activities that affect the regulation of securities and commodities at the federal and state levels.

The Special Section on Global Competitiveness (cover page 11) begins with a discussion with Greg Wilson, a former partner in McKinsey & Company's Washington DC office, who was a member of the McKinsey team that worked with New York City Mayor Michael Bloomberg and U.S. Senator Charles Schumer to prepare a report focusing more specifically on the global challenges faced by New York City as a financial center. The report emphasizes, among other reforms, the need to ensure U.S. companies, including those in the financial sector, have access to talent by implementing immigration reforms and creating financial education centers. Corporate Counsel's Guide to Business-Related Visas (CCGBVISA) on Westlaw helps answer questions regarding visas that may be required for employees of foreign subsidiaries who are not U.S. citizens. Business Immigration Law: Strategies for Employing Foreign Nationals (BIMLSEFN) is another fully searchable database on Westlaw.

The discussion of immigration reform continues in articles located on pages 17 and 18. Federal Immigration - Cases (FIM-CS) is just one Westlaw resource related to the subject. It includes cases from the U.S. Supreme Court, courts of appeals, district courts, bankruptcy courts, Court of Federal Claims, Tax Court, military courts and federal and territorial courts that relate to the rights and disabilities of foreign persons in the United States.

Compliance and risk management are important aspects of ensuring the competitiveness of the U.S. system. As companies continue to implement compliance programs, some of the best practices they develop are being adopted by the nonprofit sector. An article on page 8 specifically deals with the reach of Sarbanes-Oxley to non-profit companies. WG&L Nonprofit Report (WGL-NPREP) provides text from a monthly newsletter which covers tax, reporting and financial management issues for nonprofit organizations. Representing Nonprofit Organizations (IRS-REPNPO) examines the nonprofit organization versus the profit form of organization. Sarbanes-Oxley Act in Perspective (SEC-SOAP) offers a comprehensive analysis of the Sarbanes-Oxley Act written by Harold S. Bloomenthal, a preeminent securities law author.

Finally, the June issue includes a special section focused on the Midwest. The cover interview (Page 57) with the Hon. James B. Zagel, District Judge, United States District Court for the District of Northern Illinois and Peggy Zagel, National Managing Principal Risk, Regulatory and Legal Affairs, General Counsel, Grant Thornton, offers an interesting dialogue between a member of the judiciary and an in-house practitioner on the state of the courts and legal profession. In addition, the article located on page 59 discusses the issues surrounding the increase in class action suits being filed in Illinois under the Fair Credit Reporting Act while the interview on page 58 talks about the benefits of establishing a business in the Midwest.

For information on becoming a Westlaw subscriber, please visit or call Jocelyn Tollin at (212) 548-7438. Visit to access the live links in this article and more.