Articles | Compliance Week – Page 49
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SEC proposes enhanced disclosures for private equity and hedge funds
The Securities and Exchange Commission voted to propose a rule that would require hedge funds and private equity funds to provide detailed information on fees, expenses, and performance on a quarterly basis.
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BlackRock names new chief risk officer
Asset management firm BlackRock announced Ed Fishwick will succeed co-founder Ben Golub as chief risk officer at the end of the month.
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Banks, small firms wary of compliance costs of FinCEN beneficial ownership rule
Comment letters submitted to the Financial Crimes Enforcement Network regarding its proposed beneficial ownership registry rule express concerns related to compliance costs, implementation timelines, and more.
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Justly Markets appoints chief compliance officer
Justly Markets, a broker-dealer focused on granting access to ESG-based investments, appointed Donna Bartlett as chief compliance officer.
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DOJ arrests in Bitfinex case highlight inner workings of crypto laundering scheme
The Department of Justice arrested two individuals over an alleged conspiracy to launder approximately $4.5 billion worth of cryptocurrency stolen in the 2016 hack of digital asset trading platform Bitfinex.
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How Accor manages global data privacy compliance
Marie-Christine Vittet, vice president of compliance at hospitality chain Accor, shares with Compliance Week the company’s journey toward a global data privacy compliance program.
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Indictment: China-based Hytera stole trade secrets from Motorola
Hytera Communications allegedly conducted a scheme to systematically steal trade secrets from Motorola Solutions by hiring away Motorola employees who had developed its “walkie-talkie” product line, according to a federal indictment.
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Tesla discloses new SEC subpoena over Elon Musk settlement
Electric car maker Tesla disclosed in a regulatory filing it received a subpoena from the SEC regarding its settlement with the regulator designed to rein in CEO Elon Musk’s Twitter posts.
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Cosmote, parent company OTE fined $10.6M under GDPR
The Hellenic Data Protection Authority fined mobile phone operator Cosmote and its parent company OTE a total of €9.25 million (U.S. $10.6 million) for a data breach caused by a September 2020 cyberattack and for illegally processing customer data.
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Microsoft, Activision Blizzard, and importance of cultural due diligence in M&A
Rarely do cultural considerations play a role in M&A transactions, though they are often critical to the ultimate success of a deal. Microsoft’s planned acquisition of embattled video game developer Activision Blizzard offers a timely case study.
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Meta threatens to pull Facebook, Instagram in Europe over GDPR data transfer dispute
Meta Platforms is threatening to pull down Facebook and Instagram in the European Union over concerns it cannot meet data-sharing rules set in the region’s General Data Protection Regulation.
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IAB Europe fined $286K under GDPR for data processing violations
The European arm of the Interactive Advertising Bureau was fined €250,000 (U.S. $286,000) by the Belgian Data Protection Authority for data privacy violations regarding its Transparency and Consent Framework.
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Hiltrud Werner leaves legacy of integrity at Volkswagen
Hiltrud Werner, Volkswagen’s board member and head of integrity and legal affairs who steered the company through its U.S. compliance monitorship post-Dieselgate, discusses her indelible mark on the auto giant and her future aspirations.
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Mixed results for Marcum, RSM in 2020 PCAOB inspections
The Public Company Accounting Oversight Board published 2020 inspection reports for a handful of large U.S. audit firms outside the Big Four. Marcum and RSM had the most audit deficiencies identified of the group.
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KPMG facing $1.8B lawsuit over Carillion audits
KPMG is facing a £1.3 billion (U.S. $1.8 billion) lawsuit for missing “red flags” during its audits at failed construction company Carillion, which creditors say was insolvent more than two years before it collapsed.
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Nike promotes CECO to general counsel
Athletic apparel company Nike announced the appointment of Ann Miller as executive vice president and general counsel. Miller has served as Nike’s vice president, corporate secretary and chief ethics and compliance officer for the past six years.
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TikTok adds head of legal compliance from Panasonic Avionics
Social media platform TikTok has hired former Panasonic Avionics Chief Ethics and Compliance Officer Catherine Razzano to serve as its head of legal compliance.
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General Mills general counsel to retire
Food company General Mills announced the retirement of Richard Allendorf, senior vice president, general counsel and secretary, effective August 2022.
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Stellar Health tabs chief compliance officer
Healthcare technology company Stellar Health has named Samantha Kelen chief compliance officer.
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International General Insurance appoints chief risk officer
International General Insurance Holdings has appointed Stav Tsielepis chief risk officer of the IGI group.