Appointment Blogs | Compliance Week – Page 228
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Yates Memo, D&O Coverage, and the Coverage Gap
One consequence of the Yates Memo that has not received as much attention is whether current directors-and-officers liability insurance provides appropriate insurance coverage for the legal expenses incurred by executives who might go through an internal investigation. The answer may well be no; Tom Fox has more inside.
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Finjan Appoints New Board Member
Finjan Holdings, a cyber-security company, has appointed Gary Moore to its board of directors. Moore served most recently as president and chief operating officer of Cisco Systems, a position he held since 2012. Details inside.
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SEC Sounds Warning Over Use of Outsourced CCOs
The SEC is urging investment advisers and funds that outsource their compliance function to consultants or law firms to review the effectiveness of that practice. An exam risk alert issued by the Office of Compliance Inspections and Examinations warns of “significant compliance-related issues” at firms using an outsourced CCO. More ...
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Toshiba Suing Ex-CFOs Over Accounting Scandal
Toshiba is suing five former executives for negligence over false accounting practices that led to inflated profits by more than 170 billion yen ($1.2 billion). The Tokyo-based company is suing two former chief financial officers and three former presidents based on findings from an independent probe launched in September to ...
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FSB: Banks Must Devote Billions More to Capital Cushions
The world’s largest banks would need to collectively add as much as $1.2 trillion to existing capital buffers due to a new rule issued on Monday by the Financial Stability Board. Its final Total Loss-Absorbing Capacity (TLAC) standard, applicable to designated global systemically important banks, is intended to assure that ...
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SEC, DOJ Pursue Scottish Trader for 'False Tweets'
Market manipulation is nothing new, of course, but both the SEC and DOJ pursued a social media-age method of illegally moving the market last week when they brought securities fraud charges against a Scottish trader whose allegedly used "false tweets" to caused the stock prices of two companies to plunge.
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Alexion Pharmaceuticals Discloses FCPA Probe
Alexion Pharmaceuticals said this week in a securities filing that it is being investigated by the Department of Justice concerning potential violations of the Foreign Corrupt Practices Act. As previously disclosed, Alexion received a subpoena in May in connection with an investigation by the SEC’s Enforcement Division “requesting information related ...
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Comcast Names General Counsel
Comcast, a global media and technology company, has promoted Lynn Charytan to executive vice president and general counsel of Comcast Cable. Prior to this promotion, Charytan served as senior vice president of legal regulatory affairs and senior deputy general counsel. More inside.
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House Republicans Target FSOC With Legislative Agenda
The House Financial Services Committee has approved a slate of bills at one of its favorite bureaucratic targets, the Financial Stability Oversight Council. The FSOC Improvement Act, if adopted, would allow financial firms to eliminate risk through changes to their business model before being designated as Systemically Important Financial Institutions. ...
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Hearsay Messages Gives Visibility and Control to Compliance Teams
Hearsay Social, provider of the Predictive Omnichannel Suite for advisors, recently unveiled Hearsay Messages, the first text messaging solution for advisors to compliantly exchange texts with clients and prospects using their current mobile device. Details inside.
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PCAOB Admonishes BDO USA for Quality Control Lapses
The PCAOB has republished BDO USA’s 2011 and 2012 inspection reports to criticize the firm’s inadequate response to inspection findings in those years around audit quality control problems. The inspectors found too many cases where auditors accepted management representations without appropriately considering contradictory evidence, contributing to many of the audit ...
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PwC Names New Process Assurance Leader for Risk Assurance
Julianne Inozemcev has been appointed as process assurance leader for risk assurance at PwC US. More inside.
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Ceresney: SEC Takes ‘Careful, Measured Approach’ to CCO Liability
Image: Many compliance officers are on edge these days amid regulatory actions that underscore their risk of personal liability. Once again, Andrew Ceresney, director of the SEC’s Division of Enforcement, is trying to soothe some of that angst. He recently told an audience of CCOs, “There has been no change ...
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SAS Launches New Stress-Testing; Cyber-Security Solutions
At its business leaders conference last month, SAS announced the launch of two new products: SAS Stress Testing solution suite and SAS CyberSecurity. Details inside.
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Cordium Launches Electronic Communications Review Service
Cordium, a global provider of compliance consulting and software solutions to the financial services industry, has launched a new electronic communications review service, offering a streamlined solution for investment firms. More inside.
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ChannelAdvisor Names New Chief Accounting Officer
ChannelAdvisor, a provider of cloud-based e-commerce solutions, has promoted Richard Cornetta to vice president of finance and chief accounting officer. Cornetta will report to Chief Financial Officer Mark Cook. Details inside.
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Seven SEC Enforcement Directors Convene For Historic Panel
At yesterday's Securities Enforcement Forum 2015, a Directors Panel was held that included seven current or former SEC Directors of Enforcement--including Hon. Irving Pollack, the very first Enforcement Director, and Andrew Ceresney, the current Director.
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SEC Mulls Audit Committee Mandates as Voluntary Disclosures Grow
As the SEC considers the potential for new disclosure requirements for audit committees, audit committees themselves are volunteering more, according to recent analysis by the Center for Audit Quality and Audit Analytics. The analysis revealed one-fourth of companies in the S&P 500 enhanced their discussion around the audit committee’s appointment ...
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Commerzbank Chooses New Chief Risk Officer
Commerzbank has promoted Marcus Chromik to become its new chief risk officer, effective Jan. 1, 2016. He succeeds Stefan Schmittmann, who informed the company in September of his intent to leave the bank at the end of this year. More inside.
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Deutsche Bank to Pay $258 Million for Sanctions Violations
Deutsche Bank today reached a $258 million settlement with the New York State Department of Financial Services and the Federal Reserve regarding transactions with countries and entities subject to U.S. sanctions, including Iran, Libya, Syria, Burma, and Sudan. As part of the settlement, the bank also has agreed to install ...