Articles | Compliance Week – Page 137
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Article
FASB ASU simplifies liabilities, equities guidance
The Financial Accounting Standards Board finalized changes to accounting standards meant to simplify complexities surrounding liabilities and equities.
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ArticleWorld Acceptance Corp. to pay $21.7M to resolve SEC FCPA case
World Acceptance Corp., a small-loan consumer finance company, has agreed to pay $21.7 million to resolve Securities and Exchange Commission charges for violations of the Foreign Corrupt Practices Act.
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ArticleEight years later, Zimmer Biomet FCPA case ends
Zimmer Biomet Holdings disclosed in a regulatory filing it has reached the end of its monitorship, eight years after resolving parallel settlements with the DOJ and SEC for violations of the Foreign Corrupt Practices Act.
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ArticleSEC Enforcement Co-Director Steven Peikin to step down
The co-director of the Securities and Exchange Commission’s Division of Enforcement will step down from his post next week, after three years on the job.
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ArticleSFO confiscates $7M from ex-Afren execs in fraud case
The U.K. Serious Fraud Office announced it has secured orders confiscating £5.45 million (U.S. $7 million) from two former executives of oil and gas exploration company Afren.
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ArticleCanadian market regulator floats flexible firm CCO models
The Canadian Securities Administrators has published guidance that effectively gives registered firms in Canada more flexibility in satisfying chief compliance officer staffing requirements through three optional models.
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ArticleDon’t wait for Congress to save your firm from coronavirus liability
If you are an employer hoping Congress will pass a “coronavirus liability shield” bill to help your company deflect COVID-19 lawsuits, consider this: No such “shield” will do much good unless you’ve already taken action to create a safe workplace.
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ArticleU.K. issues maritime guidance for reducing sanctions risk
The United Kingdom has become just the second country to issue guidance for companies in the maritime shipping industry alerting them about common illicit and suspicious practices used to evade sanctions.
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ArticleTwitter could face up to $250M FTC fine for misuse of data
Twitter disclosed in a regulatory filing that it could face fines of up to $250 million by the Federal Trade Commission for misusing people’s personal information for advertising purposes.
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ArticleFirms must apply contact tracing rules to bank relationships
In order to prevent debacles like the one Deutsche Bank is embroiled in, there is a need to combine the processes of “know your employee” and “know your customer,” writes Martin Woods.
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ArticleFive tips for EU-U.S. data transfers post-Privacy Shield
As the fallout from the demise of the Privacy Shield continues to play out, here are a handful of steps companies can take to protect themselves from potential GDPR violations when transferring data between the European Union and the United States.
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ArticleBritish Airways banking on drastic reduction of record GDPR fine
British Airways has hinted that it will qualify for a nearly 90 percent reduction of its original GDPR fine (U.S. $230 million) and end up paying just $26 million.
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ArticlePCAOB: Increased audit communication a silver lining of pandemic
The PCAOB’s latest “Conversations with Audit Committee Chairs” update highlights the benefits committee chairs say they have gleaned from increased communications with auditors during the coronavirus pandemic.
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Article
ICA, Mongolian Compliance Association launch bespoke qualification
The International Compliance Association announced a partnership with the Mongolia Compliance Association to offer a bespoke e-learning program to 12 professional associations and their 10,000-plus members in compliance-related roles.
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ArticleConn. investment firm fined $100K for trading, compliance failures
A small Connecticut investment firm has agreed to pay a $100,000 fine to settle charges levied by the Securities and Exchange Commission regarding unfair trade allocation and accompanying compliance failures.
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ArticleSen. Grassley to propose whistleblower-friendly FCA amendments
Sen. Chuck Grassley (R-Iowa) is working on legislation that would amend the False Claims Act in a way he says would strengthen the law’s core purpose of helping whistleblowers shine the light on wrongdoing and fraud.
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ArticleBausch Health to pay $45M for misleading disclosures
The Securities and Exchange Commission charged Bausch Health (formerly Valeant Pharmaceuticals) and three former executives for improper revenue recognition and misleading disclosures in SEC filings and earnings presentations.
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ArticleAdvice for compliance from new DOJ Criminal Division head
Acting Justice Department Criminal Division head Brian Rabbitt shares his perspective on recent updates to the Evaluation of Corporate Compliance Programs guidance, the FCPA Resource Guide, and more.
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ArticlePG&E names new CECO amid leadership shuffle
PG&E Corp. is shaking up its management team, including the impending appointment of John Simon as executive vice president, general counsel and chief ethics & compliance officer.
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Article
Prudential general counsel to retire
Prudential Financial announced Tim Harris, executive vice president and general counsel, has decided to retire. Ann Kappler, senior vice president, deputy general counsel and head of external affairs, will assume the vacant role.