Articles | Compliance Week – Page 186
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Facebook’s Zuckerberg schmoozes with Trump, lawmakers
Facebook CEO Mark Zuckerberg met with about a half dozen senators at a dinner this week before visiting the White House to meet with President Trump. The key focus of the visit: discussing the future of internet regulation.
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ArticleSEC explores possible new rules on auditor independence
SEC Chairman Jay Clayton has instructed staff to follow up on concerns raised in public comments with respect to auditor independence requirements.
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FDIC paves way for rollback of initial swap margin requirements
The move to ditch the requirement that insured depository institutions collect initial margin from affiliates is being praised by regulators for bringing the U.S. into alignment with other countries and freeing up $39.4 billion in collateral.
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ArticleBanks finalize CECL prep, but others have work to do
Big banks are making progress in preparing for CECL, but non-bank operating companies are likely to face a heavier lift as they approach the fourth quarter.
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Lloyd’s of London appoints chief risk officer
Lloyd’s of London, the specialist insurance and reinsurance marketplace, announced the appointment of David Sansom as its permanent chief risk officer.
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Handelsbanken appoints chief compliance officer
Handelsbanken, a Swedish consumer banking company, has announced the appointment of Martin Noréus as chief compliance officer.
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ArticleSEC charges ICOBox for unregistered offering, broker activity
The SEC has filed a lawsuit against cryptocurrency startup ICOBox, a California company in the business of facilitating other companies’ ICOs, and its founder for conducting an illegal securities offering of its digital tokens and for acting as unregistered brokers for other digital asset offerings.
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ArticleCompliance failures lead to $15M penalty for Raymond James
A series of compliance failures have resulted in three Raymond James entities being fined $15 million by the SEC over improper charges of advisory fees and excess commissions.
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Embattled Swedbank names permanent CCO
Faced with numerous AML investigations, Swedbank made several significant moves this week, including naming a permanent CCO and agreeing to waive attorney-client privilege by handing over an internal report to local prosecutors.
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ArticleSEC revisiting decades-old bank disclosure guide
The SEC is seeking public comment on proposed updates to statistical disclosures for bank and savings and loan registrants.
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ArticleEcuador to expedite privacy law following massive breach
The Ecuadorian government has given itself 72 hours to finish drafting a national privacy law following a massive data breach that put the personal information of perhaps its entire population at risk.
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ArticleTwo broker-dealers to pay $4.65M for providing deficient ‘blue sheet data’
Two broker-dealers must pay a combined $4.65 million in penalties for providing incomplete and inaccurate securities trading information to the SEC. Prudent compliance officers might want to take a page from their remedial efforts.
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ArticleLast-minute CCPA changes strike business-friendly tone
Recently approved tweaks to California’s upcoming privacy law don’t change the fact compliance prep should already be well underway, experts say.
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ArticleCII urges companies to commit to long-term executive pay
The Council of Institutional Investors overhauled its policy on executive compensation, urging public companies to dial back the complexity of their plans and set longer periods for measuring performance for incentive pay.
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Nets, KPMG partner on fraud solution
Nets, a Europe-based payment service provider, has collaborated with KPMG to develop Nets Fraud Ensemble, a fraud monitoring and prevention solution.
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ArticleLIBOR report suggests steep uphill climb still ahead
Despite warnings to prepare, financial institutions still face a lot of work and uncertainty around the demise of LIBOR, a new assessment suggests.
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Zimmer Biomet appoints chief accounting officer
Zimmer Biomet Holdings disclosed in a securities filing it has appointed Carrie Nichol as controller and chief accounting officer, effective Oct. 1. In this position, Nichol will serve as the company’s principal accounting officer.
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ArticleWe’ll miss you, Joe …
Compliance Week mourns our friend and colleague, Joe Mont, who passed away Tuesday after a lengthy illness. One of the most authentic people in the business, Joe was a gifted writer, a dogged reporter, and a tireless worker.
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ProcessUnity expands vendor risk management platform
ProcessUnity introduced an expansion to the contract management capabilities within its vendor risk management software.
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ArticleThird Cognizant executive settles FCPA charges
A third former executive at Cognizant has settled charges with the SEC for violating the FCPA by participating in a scheme to bribe an Indian government official.