All articles by Aaron Nicodemus – Page 41
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ArticleSEC rulemaking frenzy: New proposals for security-based swaps, mutual funds, share buybacks
The SEC and its Democratic majority ushered in a slew of rulemaking proposals Wednesday that include new disclosure requirements for the security-based swaps market, mutual funds, and share buyback arrangements.
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ArticleTCFD recommendations more than building block for SEC climate disclosure rules?
SEC Chair Gary Gensler has hinted the agency’s highly anticipated climate-related disclosure rules will likely be pegged to an international framework, specifically mentioning the Task Force on Climate-Related Financial Disclosures. How can the TCFD help companies prepare for what’s ahead?
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SEC fall rulemaking list draws Republican commissioner criticism over priorities
The SEC’s updated fall rulemaking list suggests the agency will push forward with an aggressive agenda in 2022 that will include mandated ESG disclosures and further attempts to walk back rule changes implemented under Republican control.
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ArticleNatWest fined $350M for AML failures in landmark case
National Westminster Bank was fined £264.8 million (U.S. $350 million) for three offenses of failing to comply with the United Kingdom’s anti-money laundering laws.
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ArticleSEC charges 3 EY employees with auditor independence violations
The Securities and Exchange Commission charged three Ernst & Young employees for violations of the agency’s auditor independence rules regarding services carried out at Cintas Corp. A former accountant at Cintas was also charged.
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ArticleCredit Suisse sets executive board roles in line with new risk strategy
Credit Suisse reemphasized its corporate restructuring plan in the wake of this year’s Archegos and Greensill Capital meltdowns as part of a series of executive board appointments, including the return of Francesco De Ferrari to lead Wealth Management.
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ArticleFed reminds large banks of investment risks in Archegos postmortem
The Federal Reserve reminded large banks of its expectations regarding risk management practices in investment banking after the collapse of Archegos Capital Management earlier this year led to more than $10 billion in losses.
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ArticleCFTC’s Dawn DeBerry Stump to not seek second term
Dawn DeBerry Stump, one of only two active commissioners at the Commodity Futures Trading Commission, announced she will not seek another five-year appointment when her current term ends in April 2022.
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ArticleVolkswagen integrity head Hiltrud Werner to depart in board reshuffle
Hiltrud Werner, board member responsible for integrity and legal affairs at Volkswagen and a key figure in the Dieselgate monitorship, will leave the German automaker on Feb. 1, 2022, as part of a series of managerial changes.
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ArticleFINRA fines Wells Fargo subsidiaries $2.25M for recordkeeping violations
Two Wells Fargo broker-dealers agreed to jointly pay a $2.25 million fine to settle charges levied by FINRA regarding a failure to store approximately 13 million customer records in the proper format over a 17-year span.
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ArticleSEC 2022 rulemaking preview: Clarity to come on ESG, crypto?
In his first year leading the Securities and Exchange Commission, Gary Gensler has tipped his hand regarding stricter oversight of companies’ environmental disclosures and the cryptocurrency industry. Year 2 will likely see words turn to actions.
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ArticleOCC report: Cyberattacks, pandemic among top bank risk areas in 2021
Banks and financial institutions regulated by the OCC faced elevated risks in 2021 from cyberattacks launched on them and their third parties, as well as compliance risks related to the pandemic, according to the agency’s latest report.
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ArticleSaule Omarova, Biden’s nominee to lead OCC, withdraws
Saule Omarova withdrew her candidacy for Comptroller of the Currency after facing fierce Republican opposition—and skepticism from some key Democrats—during her nomination hearing.
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ArticleFinCEN beneficial ownership registry takes shape in proposed rule
FinCEN’s proposed rule for a new beneficial ownership registry was released as part of the U.S. government’s efforts to pull back the veil on anonymous shell companies used to launder illicit profits from corruption, money laundering, and other financial crime activities.
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ArticleUBS Switzerland CCO nominated to become board chairman
Markus Ronner, the group chief compliance and governance officer for UBS Switzerland AG, will be nominated to become chairman of the board at the bank’s annual meeting in April 2022.
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ArticleCompliance takeaways from Biden strategy on countering corruption
President Joe Biden’s sweeping anti-corruption initiative includes developments in two key areas of interest for the compliance profession: the U.S. beneficial ownership registry and a new proposal to expand reporting requirements on cash real estate transactions.
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ArticleHSBC, Credit Suisse, Barclays, NatWest fined $389M total for currency cartel scheme
The European Commission fined HSBC, Credit Suisse, Barclays, and NatWest a total of €344 million (U.S. $389 million) for their participation in a trader-driven scheme to manipulate the foreign exchange spot market. UBS was not fined after first reporting the scheme.
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ArticleSequential Brands avoids fine in SEC goodwill impairment case
Sequential Brands won’t be fined as part of a settlement with the SEC over charges it violated accounting principles in securities law when it did not acknowledge goodwill impairment that eventually landed on its balance sheet as a $304 million write-down.
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ArticleCommerce Department to examine privacy concerns of disadvantaged communities
The Biden administration, through the Commerce Department’s National Telecommunications and Information Administration, intends to broaden the way it addresses privacy concerns for marginalized and disadvantaged communities.
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ArticleDanske Bank appoints CCO Philippe Vollot as chief administrative officer
Danske Bank has appointed Philippe Vollot, its chief compliance officer, to be its group chief administrative officer in charge of the bank’s compliance, financial crime prevention, and financial crime risk divisions.