All articles by Aaron Nicodemus – Page 35
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Senators waiving white flag on privacy law with request to FTC?
The request by a group of prominent Democratic senators that the Federal Trade Commission launch rulemaking on data privacy signals Congress is not close to passing a federal law anytime soon, experts say.
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Senate confirms U.S. attorneys to lead SDNY, EDNY
The Senate confirmed Damian Williams and Breon Peace to lead U.S. attorney’s offices in Manhattan and Brooklyn, respectively. Williams becomes the first Black prosecutor to ever lead the SDNY.
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Lessons learned from actions of Facebook whistleblower Frances Haugen
Many whistleblowers are forced to take their complaints outside the company because their attempts to address the problems internally are rebuffed or ignored. Facebook is paying the price for that inaction.
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Neiman Marcus data breach exposes personal info of 4.6M customers
Luxury retailer Neiman Marcus discovered last month a May 2020 data breach that exposed personal and financial information contained in the online accounts of approximately 4.6 million customers.
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LPL Financial to pay $4.8M to settle claims of poor KYC procedures
The nation’s presumed top independent broker-dealer will pay more than $4.8 million to settle AML charges stemming from its alleged failure to reconcile inconsistencies of a new customer who would scam a Puerto Rican city out of millions of dollars.
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Rohit Chopra confirmed as CFPB director; more dominoes to follow?
The Senate confirmed Rohit Chopra to be the next director of the Consumer Financial Protection Bureau with a party-line vote. Lawmakers will soon shift their attention to his replacement at the Federal Trade Commission.
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SEC seeks to implement Dodd-Frank provision on executive compensation votes
The SEC has proposed rulemaking that would enact a provision of the Dodd-Frank Act requiring mutual fund managers to disclose how they voted on proxy proposals, including on compensation agreements with company executives.
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Schlumberger subsidiary to pay $1.4M for Russian sanctions violations
A Houston-based subsidiary of oilfield services company Schlumberger has been fined approximately $1.4 million by the Office of Foreign Assets Control for selling goods to a Russian-based energy firm that was under U.S. sanctions.
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New SEC marketing rule offers opportunities, compliance challenges
The SEC’s new marketing rule allows certain types of advertising, endorsements, and testimonials that were previously prohibited. Investment advisers are “excited” about the new possibilities—but compliance officers must warn them of the risks.
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CFTC fines Citi $1M for swap data reporting failures
Citibank will pay a $1 million penalty to resolve allegations of not properly reporting swap data to the Commodity Futures Trading Commission and for violating the provisions of a 2017 order regarding those practices.
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Petrofac readies bribery guilty plea, touts compliance enhancements
Petrofac will plead guilty to seven counts of failing to prevent bribery, the potential endpoint in a long-running investigation into allegations company executives paid to win lucrative contracts in Iraq, Saudi Arabia, and the UAE.
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SEC offers guidance on climate change disclosure shortcomings
A sample letter released by the Securities and Exchange Commission this week lays out common mistakes firms make with their climate change disclosures.
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Biden’s pick to head OCC favors tighter regulation of FinTech
President Joe Biden’s nominee for Comptroller of the Currency, Cornell law professor Saule Omarova, continues a Democratic pattern of choosing potential regulators who believe in stricter control of the markets.
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ESG survey: Measure, monitor, and enhance your strategy
A Compliance Week and Fulcrum survey of more than 200 compliance, audit, legal, and finance executives worldwide revealed support for ESG initiatives, but uncertainty about how to monitor progress and measure results.
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Treasury sanctions virtual currency exchange as part of ransomware response
The U.S. Department of the Treasury announced “robust actions” to counter ransomware, including blocking the assets of a Russian virtual currency exchange that has facilitated payments for at least eight ransomware variants.
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Swedbank CCO lauded for role in AML rebound to retire
Ingrid Harbo, Swedbank’s chief compliance officer during its ongoing recovery from a massive AML scandal, announced she will retire in March 2022.
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With approach to Coinbase, SEC shows its hand on cryptocurrency
By reacting to Coinbase’s now-scrapped Lend program proposal with a Wells Notice, the SEC sent a message that cryptocurrency companies should not expect the agency to bend to their will.
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GameStop CECO named interim general counsel
Mark Robinson, GameStop’s chief ethics and compliance officer, has been promoted to serve as the company’s interim general counsel.
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MassMutual $4M fine a lesson in trader conduct oversight
A subsidiary of Massachusetts Mutual Life Insurance agreed to pay $4 million after apparently missing nearly two years’ worth of red flags by one of its broker-dealers that turned out to be a driving force behind the GameStop stock trading craze.
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FTC withdraws 2020 vertical merger guidelines. Will DOJ follow suit?
The Federal Trade Commission voted to withdraw 2020 guidelines for vertical mergers for including what three Democratic commissioners described as “unsound economic theories that are unsupported by the law or market realities.”