Appointment Blogs | Compliance Week – Page 229
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Europe and Petrobras—What Has a Car Wash Wrought?
Image: The scope of the Petrobras corruption scandal is literally worldwide. Now, reports the Financial Times, Rolls Royce has become embroiled in the Brazilian national energy company’s “Operation Car Wash” snafu (dubbed so because the investigation literally started with a car wash), and is currently under investigation by the ...
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U.K. Serious Fraud Office: ‘Why Engage At All?’
At a recent anti-bribery forum in London, Ben Morgan, joint head of bribery and corruption for the Serious Fraud Office, spoke about companies that have been prosecuted and investigated for bribery and corruption. Morgan pointed out that while no legislation is on the horizon to reward whistleblowers financially, ...
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AICPA Begins Floating Revenue Recognition Drafts
Image: The American Institute of Certified Public Accountants has assembled 16 industry task forces to examine industry-specific implementation questions that are emerging as companies prepare to adopt the new principles-based revenue recognition standard. The working drafts provide insight and examples around nine specific questions, says Kim Kushmerick, senior technical ...
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Vimplecom Braces for Massive Bribery Settlement
Amsterdam-based Vimplecom, a global telecommunication services provider, announced today that it has set aside USD$900 million in connection with an ongoing bribery investigation. The Securities and Exchange Commission, the Department of Justice, and the Dutch Public Prosecution Service are conducting investigations relating primarily to VimpelCom’s business in Uzbekistan and prior ...
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Caldwell Explains New Compliance Officer Counsel
Image: During remarks at a recent conference in New York, Assistant Attorney General Leslie Caldwell offered some insight about the Justice Department’s newly established compliance counsel position and how this individual will help the Criminal Division assess compliance programs. “Unfortunately, a surprising number of companies still lack rigorous compliance programs,” ...
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SEC Files Crowdfunding Fraud Complaint
In the same month that the Securities and Exchange Commission approved Regulation Crowdfunding, permitting startups and small businesses to raise capital by offering and selling securities through crowdfunding, the agency also filed its first complaint for crowdfunding fraud. The case highlights the emerging risk posed by online fundraising for the ...
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Preparing for a Busy, and Political, Proxy Season
The 2015 annual meeting season was a whirlwind, driven by surprise voting outcomes and regulatory flip-flops on proxy access. The coming year could be even tougher, because presidential politics promises to turbocharge the corporate governance debate. This week, columnists Stephen Davis and Jon Lukomnik examine some of the likely issues ...
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Bristol-Myers Squibb Dodges Criminal FCPA Enforcement
Image: Last week Bristol-Myers Squibb announced that the Justice Department has decided to prosecute the company for a criminal Foreign Corrupt Practices Act. When you look at the facts of the misconduct, a declination seems a bit far-fetched, but our Man From FCPA, Tom Fox, takes a closer look at ...
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Millennium Health Appoints New Chief Compliance Officer
Millennium Health, a health solutions company, has appointed Darrell Contreras as its new chief compliance officer. The announcement of Contreras' appointment comes just weeks after Millenium Health reached a $256 million settlement with the government to resolve allegations that it billed for Medicare, Medicaid, and other federal health care programs ...
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Volkswagen Disputes New EPA Allegations
The Environmental Protection Agency today issued a second “notice of violation” of the Clean Air Act, alleging that Volkswagen developed and installed a defeat device in certain VW, Audi, and Porsche light-duty diesel vehicles equipped with 3.0 liter engines for model years 2014 through 2016. These alleged violations are in ...
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Porsche Suspected of ‘Defeat Devices’ in Diesel Models
The Environmental Protection Agency has slapped additional charges against Volkswagen after the agency found that its subsidiary, Porsche, has been equipped with “defeat devices” to evade emissions tests. A notice of violation on the EPA’s website confirms that the regulator found 2014 to 2016 VW, Audi, and Porsche models ...
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Customers Expected to Stay With Big U.K. Banks Despite the CMA’s Move to Improve Competition
A report by research firm Pinset Masons and YouGov, reveals that 16 percent of customers would likely switch to a “challenger bank” like Metro or TSD within the next two years. These findings come after the British Competition Authority’s recommended the country’s biggest lenders to provide more information around ...
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Banks Could Face Long-Term Debt Requirements
Unveiling yet another rulemaking effort to end taxpayer bailouts when large banks fail, the Board of Governors of the Federal Reserve has proposed an increase in the loss absorbing capacity of systemically important U.S. bank holding companies and the domestic operations of smilarly designated foreign banks. Covered institutions would be ...
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The Big Lesson From Compliance Week Europe
Image: The Compliance Week Europe conference last week was a smashing success—a large turnout, of compliance professionals from across Europe (and beyond), who had vigorous discussions on all manner of topics, capped with great Belgian beer. Still, Compliance Week editor Matt Kelly writes, the most important lesson from our Europe ...
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FINRA Chairman to Retire in 2016
The Financial Industry Regulatory Authority (FINRA), the largest independent regulator for all securities firms doing business in the United States, recently announced that Chairman and CEO Richard Ketchum has announced his plan to retire in the second half of 2016. The Board of Governors will conduct a search for his ...
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Fitch Ratings Appoints Chief Compliance Officer
Fitch Ratings has appointed Jeff Horvath as chief compliance officer, effective Nov. 2. He will be responsible for developing global compliance strategy and directing and monitoring Fitch's overall compliance program and will report to John Olert, chief risk officer of the Fitch Group. More inside.
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McGladrey Changes Name to RSM
RSM U.S. (formerly McGladrey), a provider of audit, tax and consulting services, has launched its new brand, which unites fellow firms from more than 110 countries in the RSM International network under a common brand, by issuing the first global edition of The Real Economy. The unified brand is part ...
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457 Hospitals to Pay $250M in False Claims Act Case
The Department of Justice today reached 70 settlements totaling more than $250 million involving 457 hospitals in 43 states to resolve allegations that these hospitals implanted cardiac devices in Medicare patients in violation of Medicare coverage requirements. “In terms of the number of defendants, this is one of the largest ...
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SEC Approves Crowdfunding, Plots Changes to Reg D Offerings
Nearly four years in the making, the SEC has approved Regulation Crowdfunding, permitting startups and small businesses to raise capital by offering and selling securities through crowdfunding. The Commission also advanced proposals that, if approved at a later date, will amend rules pertaining to capital formation through the Regulation D ...
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The UN, Corruption, and Internal Investigations
Image: Another corrupt scandal hit the United Nations recently. The claim was made that a former General Assembly president had engaged in receiving bribes and other corruption from a Chinese businessman (and perhaps others). Other than yet another embarrassment for the United Nations, the allegations are nothing unusual so far. ...