Articles | Compliance Week – Page 232
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Facebook facing probes in Ireland
Facebook is the subject of 10 investigations by Ireland’s privacy regulator into whether the company and its subsidiaries have violated European Union privacy law—part of 15 probes the regulator has opened up against major tech firms headquartered in the country.
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ArticleCompanies face first reporting under new hedge rules
Hedge accounting rules, now taking effect, may have fallen under the radar as companies wrestled bigger changes to revenue recognition, leasing, and credit losses.
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ArticleTop exchanges sue SEC over transaction fee plan
An initiative to determine whether longstanding stock exchange practices create conflicts of interest has those trading venues fighting against what they view as arbitrary pricing controls that could have negative effects on liquidity and competition.
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The reputation-shredding scourge of human trafficking
Recent headlines, sparked by a billionaire’s alleged bad choices, should serve as a reminder of the brand damage companies could face from their involvement in human trafficking and the use, intentional or otherwise, of slave and child labor.
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Waters urges CFPB employees to be whistleblowers
Rep. Maxine Waters, chair of the House Financial Services Committee, has written an open letter to CFPB employees urging them to be proud of their work and use a whistleblower hotline to report anything undermining those efforts.
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1MDB scandal could result in pay cut for Goldman Sachs’ executives
Goldman Sachs disclosed in a recent quarterly filing that 2018 equity-based pay awards could be subject to clawbacks depending on the results of governmental and regulatory investigations relating to 1MDB.
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ArticleCongress debates easing risk burden for banks as pot businesses grow
Momentum has been on the side of marijuana legalization. Now, there may be progress in allowing banks to legally take part in that expanding retail revolution.
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Danske Bank under investigation in France over money-laundering saga
For a second time, Danske Bank is under investigation in France for suspected money-laundering transactions worth €21.6 million (U.S. $24.4 million) committed between 2007 and 2014.
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ArticlePrison time for U.K. bosses who botch pension scheme management
The U.K. government says those executives who mismanage company pension schemes could face a jail sentence of up to seven years.
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ArticleCFPB moves forward with ‘disclosure sandbox’ for companies
With a comment period now wrapped up, the CFPB plans to move forward with a proposal to offer firms innovative “trial disclosure programs.”
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ArticleSEC once again dragged into fight over mandatory arbitration
The SEC was spared setting mandatory arbitration policy when New Jersey’s attorney general argued a shareholder initiative proposed for Johnson & Johnson would be illegal.
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ArticleEU expands controversial AML country blacklist
The European Commission adopted its proposed new blacklist of countries that it has identified as having significant deficiencies in their anti-money laundering and counter-terrorist financing regimes.
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ArticleGerman competition authorities take Facebook to task
Germany’s competition regulator has cited Facebook for forcing consumers to give blanket approval to the social media giant’s terms and conditions without being privy to how and how often their data is actually being shared.
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ArticleUnderstanding NIST’s new Risk Management Framework
NIST’s new Risk Management Framework—used with the agency’s Cybersecurity Framework—offers companies direction in integrating cyber-security, privacy, and supply-chain risk management.
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ArticleNYDFS: Implementation deadline for cyber-security regulation approaching
The final implementation period for the New York Department of Financial Services’ landmark cyber-security regulation ends March 1, meaning that DFS-regulated entities and licensed persons covered by the regulation must be in full compliance by that time.
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Earliest revenue restatements fix adoption problems
While most public companies have yet to complete a full year of reporting under new revenue recognition rules, some are already finding reasons to restate.
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CFPB retreats from payday lending rule
The CFPB this week both cracked down on a law-breaking payday lender and announced an effort to weaken 2017 rules meant to hold small-dollar lenders to greater oversight and scrutiny.
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NLRB turns back time on test used to determine employee status
A recent ruling by the National Labor Relations Board restores a traditional test for classifying workers as either employees or independent contractors.
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New system opens up EU business trade with Iran
The United Kingdom, Germany, and France have created a new payments system to allow European businesses to trade with Iran without falling foul of U.S. sanctions.
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ArticleBuilding a better board and the benefit of director self-assessments
Technological disruption, the dark side of corporate culture, and evolving expectations from diverse stakeholders are all making the job of director more challenging, says a report by EY’s Center for Board Matters.