Articles | Compliance Week – Page 197
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What we can learn from the biggest GDPR fines so far
Recent record-breaking fines for GDPR violations levied on British Airways and Marriott by the U.K. Information Commissioner’s Office offer a glimpse into what GDPR enforcement might look like going forward and serve up a warning to companies that data privacy protocols must be foolproof.
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All eyes on how Ireland will handle Big Tech and GDPR
Ireland—home EU regulator to Big Tech firms including Google, Twitter, and Facebook—is the key country not to have issued a GDPR-related fine yet, though the regulator has said it has started at least 19 inquiries into the sector.
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National Vision names chief accounting officer
National Vision Holdings, an optical retailer, has appointed Melissa Rasmussen as chief accounting officer, effective July 29.
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New EC president willing to extend Brexit third time
New European Commission President Ursula von der Leyen has said she is willing to extend the Brexit deadline for a third time “should more time be required for a good reason.”
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Warren’s next battleground: private equity firms
Under newly filed legislation, The Stop Wall Street Looting Act, firms would share responsibility for the liabilities of companies under their control, including debt, legal judgments, and pension obligations.
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Novartis sets aside $700M in kickback case
Swiss pharmaceutical drug maker Novartis announced it has set aside $700 million for a potential settlement in a long-running lawsuit over allegations that the company paid hundreds of millions of dollars in kickbacks to doctors to induce them into prescribing drugs to patients to boost their sales.
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Honeywell discloses Petrobras-related FCPA probe
Honeywell International announced in a regulatory filing that it is being investigated by U.S. and Brazilian authorities as to whether the company’s use of third parties in Brazil violated the Foreign Corrupt Practices Act.
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Bricker returns to PwC; Teotia named permanent chief
Wes Bricker, former SEC chief accountant, has rejoined PwC as vice chair and assurance leader for the United States and Mexico.
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Estimation vs. precision: tension in accounting grows
It’s more than big change prompting major deferrals for pending accounting rules. It’s also about the growing tension between estimation and precision.
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Aon names general counsel
Aon, a global professional services firm, has appointed Darren Zeidel as executive vice president, general counsel and secretary.
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Qualcomm fined $271M for predatory pricing
The European Commission has fined Qualcomm 242 million Euros (U.S. $271 million) for anti-competitive behavior in violation of EU antitrust rules. Qualcomm says it has done nothing wrong and will appeal the finding.
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Congress debates: Are tech giants bullies or saviors?
Amazon, Google, Facebook, and Apple were called before Congress this week to debate what critics perceive as the anti-competitive, entrepreneur-chilling effects they trigger with their size and scope.
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Google, Amazon fire back: Rising tide lifts all boats
A common refrain—and effective defense—from tech companies at the House Judiciary hearing this week was that rather than stifling competition, their size and scope is responsible for a tide that raises all boats in their wake.
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FASB to push CECL to 2023 for small public companies
FASB has signaled it plans to extend CECL for smaller public companies to 2023, along with delaying a number of other effective dates.
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FINRA issues clarifying guidance on ‘extraordinary cooperation’ credit
The Financial Industry Regulatory Authority has issued supplemental guidance clarifying how companies and individuals that demonstrate “extraordinary cooperation” in investigations can receive enforcement credit.
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EU investigating Amazon over antitrust concerns
The European Commission is investigating Amazon over concerns that the company’s use of data gathered from independent retailers that sell on its marketplace breaches EU competition rules.
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BroadRiver appoints general counsel and chief compliance officer
BroadRiver Asset Management, with assets under management of $1.4 billion, has appointed Emma Dickson as general counsel and chief compliance officer.
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Congress, Treasury take swings at Facebook’s Libra plan
A plan by Facebook to enter the world of virtual currency is attracting predictable skepticism in Washington. It could also expedite the slow emergence of national data protection laws.
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CCO salary benchmark reports
A newly released benchmark report from BarkerGilmore shows compliance annual salary trends by industry, education, and more.
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New CyberGRX feature addresses TPRM
CyberGRX, a third-party cyber-risk management platform provider, announced the release of a new feature that provides users with immediate visibility into potential threats in their ecosystem.