Articles | Compliance Week – Page 195
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ArticleSEC Cyber Unit chief steps down
Robert Cohen, the SEC’s first Cyber Unit chief, has stepped down after 15 years of service. Get a glimpse of several groundbreaking investigations headed up by Cohen.
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New legislation would criminalize extortion by foreign officials
The Justice Department might get some new powers under legislation proposed by the U.S. House of Representatives that criminalizes extortion by foreign officials.
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ArticleHouse considers creating PCAOB whistleblower program
The House is considering a bill that would give the PCAOB a whistleblower system under Sarbanes-Oxley like the one operated by the SEC.
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Chief compliance officer liability and the opioid epidemic
In a period of three months, two chief compliance officers have been charged for their individual roles in the opioid epidemic—a clear indication the Department of Justice continues to expand the scope of prosecutions to those who fail in their compliance responsibilities.
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ArticleCisco’s $8.6M settlement for security flaws has broader ramifications
Cisco has reached an $8.6 million settlement for knowingly selling video surveillance software with critical security vulnerabilities. It’s believed to be the first cyber-security whistleblower case of its kind successfully litigated under the False Claims Act.
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Applied Materials appoints new board member
Applied Materials has appointed Yvonne McGill, currently chief financial officer and senior vice president of the Infrastructure Solutions Group at Dell Technologies, to serve on its board of directors.
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Visa appoints chief risk officer
Visa has appointed Paul Fabara as chief risk officer. Fabara takes over from Ellen Richey, who recently retired after more than 11 years with the company.
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ArticleFASB allows optionality in certain lease receivables
FASB has issued new lease accounting guidance allowing options for how to reflect uncertain operating lease receivables, which is sure to produce reporting differences.
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Steele acquires Osprey Compliance Software
Steele, a provider of integrated risk management solutions, announced the acquisition of Osprey Compliance Software.
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ArticleFASB seeks change to liabilities, equities guidance
FASB has issued a proposal on the distinction between liabilities and equity meant to cut through complexity known to compromise reporting quality.
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ArticleFacebook concedes Libra currency might never launch
Facebook recently acknowledged in a filing with the SEC that there can be no assurance its planned Libra offering “will be made available in a timely manner, or at all.”
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FDIC details credit and market risks
The Federal Deposit Insurance Corporation this week published its 2019 Risk Review, an annual publication highlighting emerging risks and exposures that could affect the banking system in the months ahead.
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Mylan nears $30M settlement with SEC in EpiPen investigation
Mylan disclosed in a regulatory filing that it has reached a $30 million agreement-in-principle to resolve the SEC’s investigation alleging securities violations for disclosures surrounding EpiPens.
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ArticleFASB proposes fix to rules on financial instruments
FASB is proposing amendments to GAAP to clarify interactions among different rules on measuring investments and securities.
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ArticlePetrobras receives $112.3M from leniency agreements, other deals
Petrobras said it has received 425 million reais (U.S. $112.3 million) from leniency agreements and repatriations carried out by Brazil’s Federal Prosecutor’s Office.
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Article3M discloses FCPA probe
3M said it is conducting an internal investigation into potential violations of the Foreign Corrupt Practices Act concerning suspicious travel activities and related recordkeeping issues with regard to marketing efforts in China.
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Capital One announces massive data breach
Capital One Financial announced a hacker obtained the personal information of approximately 100 million individuals in the United States and approximately six million individuals in Canada.
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CFPB pitches mortgage rule change
The Consumer Financial Protection Bureau has issued a notice seeking information on the expiration of temporary qualified mortgage provisions.
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ArticleBlockchain: The new frontier for supply chain risk management
A new pilot project currently being explored by the U.S. Food and Drug Administration has enlisted IBM, KPMG, Merck, and Walmart to help determine how to incorporate blockchain into pharmaceutical supply chains.
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ArticleSEC comments drove changes in revenue reporting, analysis says
SEC comments on early reports under the new revenue recognition standard tended to sway companies to revise their reporting, analysis shows.