Appointment Blogs | Compliance Week – Page 183
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FINRA fines Deutsche Bank $6 million for submitting inaccurate trade data
The Financial Industry Regulatory Authority fined Deutsche Bank Securities $6 million for failing to provide complete, accurate trade data in an automated format in a timely manner when requested by FINRA and the U.S. Securities and Exchange Commission. Jaclyn Jaeger reports.
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Former SEC Commissioner and Enf. Dir. Irving Pollack Passes Away at Age 98
Irving M. Pollack, a former SEC Commissioner who also served as the agency's first director of the Enforcement Division, passed away on July 1, 2016 at the age of 98. Pollack served at the SEC for 34 years.
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Seclore enhances Enterprise Digital Rights Management solution
Seclore, an Enterprise Digital Rights Management provider, announced the release of its new Seclore EDRM solution, adding further advancements in persistent, data-centric security.
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Nike appoints Apple CEO Tim Cook as lead indepenent director
Nike announced that chairman Phil Knight has retired from the board of directors. The company also announced that Apple CEO Tim Cook has been appointed lead independent director of the board, effective immediately.
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American Water appoints controller
American Water Works, a publicly traded U.S. water and wastewater utility company, has named Melissa Wikle as controller, effective July 19. She will lead American Water’s corporate accounting, external financial reporting, SEC compliance, tax, payroll and accounts payable functions.
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2016 SEC trial scorecard update: New Mexico verdict hands agency first loss
On Wednesday, the SEC suffered its first setback in its FY 2016 federal court trials following a trial in the U.S. District Court for the District of New Mexico.
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False Claims Act penalties to double
Federal contractors, beware: False Claims Act penalties will nearly double, effective Aug. 1. The increase in penalties is especially relevant to healthcare providers, government contractors and others that conduct business with the government. Jaclyn Jaeger has more.
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BlogFed releases report card on capital plans of big banks
The Federal Reserve has released the results of its annual Comprehensive Capital Analysis and Review, an assessment of whether bank holding companies with $50 billion or more in total consolidated assets have effective capital planning processes and adequate assets on-hand to absorb losses during stressful conditions. While many plans passed ...
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Treasury finalizes new country-by-country reporting rules
The U.S. Treasury has issued final regulations requiring multinational companies to provide country-by-country reporting that will enable tax authorities around the world to compare notes on corporate taxpayers.
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SEC's Dabney O'Riordan Named Co-Chief of Asset Mgmt Unit
Yesterday, C. Dabney O’Riordan of the SEC’s Los Angeles Regional Office was named co-chief of the Division of Enforcement’s Asset Management Unit. She fills the co-chief role left vacant when Marshall Sprung left the agency in April 2016 to join Blackstone Group LP as a managing director and the firm's ...
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GE Capital breaks free of its SIFI designation
GE Capital Global Holdings is no longer a threat to financial stability,says the Financial Stability Oversight Council. While MetLife prevailed in a lawsuit to shed its designation as a non-bank systemically important financial institution, GE Capital did so by working within the agencies appeals framework. Joe Mont reports.
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Volkswagen could spend $14.7 billion for cheating emissions tests
In two related settlements—one with the United States and the State of California, and one with the Federal Trade Commission—German automaker Volkswagen and related entities have agreed to spend up to $14.7 billion to settle allegations of cheating emissions tests and deceiving customers, the Department of Justice said. Jaclyn Jaeger ...
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A second corruption scandal arises in Brazil
Most of Brazil’s corruption focus over the past couple of years has been around Petrobras and the fallout from Operation Car Wash, but a second corruption scandal (dubbed Operation Zelotes) has arisen in Brazil that could be equally massive—this one relating to tax evasion by not only Brazilian companies, but ...
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PCAOB opens portal on identifying key audit participants
There’s not much to see just yet, but audit regulators have launched a web page that will be the new means for anyone in the capital markets to throw open the curtain and see who’s pulling the levers on individual audit engagements. Tammy Whitehouse reports.
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Rule would require investment advisers to adopt continuity plans
Registered investment advisers would be required to implement written business continuity and transition plans under a newly proposed rule from the Securities and Exchange Commission. It would require plans to include policies and procedures addressing data protection, pre-arranged alternative physical locations, communication plans, and reviews of third-party service providers.
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SEC will revisit board diversity disclosures
In the coming weeks, the Securities and Exchange Commission will revisit its existing requirement to disclose board-level diversity, Chairman Mary Jo White said this week during a speech in San Francisco. The goal is to improve reporting requirements that have proven to be ineffective, she says.
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Volume rises on call for disclosures regarding accounting changes
With the second quarter rapidly coming to a close for calendar-year public companies, now might be a good time to take a fresh look at how much the company is saying about its plans to adopt new accounting standards. The call for incrementally more information is getting louder. Tammy Whitehouse ...
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SEC proposes changes for smaller reporting companies
The Securities and Exchange Commission has proposed increasing the financial thresholds that define “smaller reporting companies," a move that would expand the number of companies that qualify for the scaled disclosures provided in Regulation S-K and Regulation S-X.
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After lengthy legal setback, SEC adopts extractive payments rule
With initial rulemaking on the matter sent back for a rewrite after a successful lawsuit by industry groups, the Securities and Exchange Commission this week finalized a rule that requires companies to disclose payments made to governments for the commercial extraction and development of oil, natural gas, or minerals. Joe ...
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Hostilities resume between the SEC and institutional investors
It was all going so well. Institutional investors had made numerous efforts to comply with new SEC rules monitoring proxy advisers, but fresh legislation—HR 5311—might drive a permanent wedge between corporate boards and proxy advisers. More from columnists Stephen Davis and Jon Lukomnik.