Appointment Blogs | Compliance Week – Page 238
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French Data Regulator Rejects Google’s ‘Right To Be Forgotten’ Appeal
Big news this week from France as the Commission Nationale de I’Informatique et des Libertes (CNIL) rejected Google’s appeal against the enforcement of “right to be forgotten.” If Google fails to comply with CNIL’s order, the company may be hit with sanctions, including a €300,000 fine, which could increase to ...
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Coming Soon: 'The Big Short' Movie to be Released Dec. 2015
'The Big Short,' a film based on the best-selling book by Michael Lewis about traders who foresaw and profited massively on the collapse of the housing and subprime credit market in 2007-08, will open nationwide on December 23. Check out the trailer and details about the film's star-studded cast here.
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SEC Proposes New Rules for Mutual Funds, ETFs
The SEC has proposed a slate of rules intended to enhance effective liquidity risk management by mutual and exchange-traded funds. Among the requirements is a requirement for a board-approved liquidity risk management program. The Commission would also allow “swing pricing,” reflecting costs associated with shareholders’ trading activity in a fund’s ...
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Compliance and Ethics Sputters at Volkswagen
Image: This week, anti-corruption blogger Tom Fox takes a closer look at the scandal involving Volkswagen and its diesel engine cars, intentionally designed to cheat emission standard testing through software nicknamed “defeat devices.” The world’s biggest carmaker admitted to U.S. watchdogs that it deliberately rigged computers in its cars ...
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NexBank Appoints General Counsel
NexBank Capital, a fully-integrated financial services company, has appointed Dierk Hohman as general counsel of NexBank Capital, Inc. and NexBank SSB. Hohman brings 15 years of experience in law and finance and will oversee all legal, regulatory and compliance matters for the company. Details inside.
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Adventist Health to Pay $115 Million for False Claims Act Violations
Adventist Health System, a non-profit healthcare organization that operates hospitals and other health care facilities in 10 states, this week agreed to pay $115 million to the government to resolve allegations that it violated the False Claims Act by maintaining improper compensation arrangements with referring physicians and by miscoding claims. ...
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A Focus on Transparency—of Auditing
Expect lots of talk about transparency into auditing this fall. The SEC and PCAOB both have proposals to expand the disclosure to investors of how audits work, and what roles audit firms and audit committees play. Substantive changes are almost certainly coming, columnist Scott Taub says, so it’s time to ...
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Managing Outside Counsel: How Internal Audit Can Assist
Litigation and compliance risk brings something else beyond headaches: legal fees. The internal audit team can help there, even with tricky tasks such as monitoring the performance of outside counsel while they conduct an investigation. Inside, columnist Jose Tabuena offers recommendations on benchmarking what internal audit can do, analytics to ...
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SEC Frets Over Split in Revenue Recognition Adoption Efforts
Image: Looking for consistency in application of the new revenue recognition standard, SEC Deputy Chief Accountant Wesley Bricker said companies need to do their homework and apply appropriate professional judgment. Bricker called on companies to move forward with implementation efforts “without delay” by understanding the key principles of the new ...
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SEC Details Focus Areas for Next Cyber-Security Exams
The SEC will broaden its focus on cyber-security concerns during forthcoming examinations of registered broker-dealers and investment advisers by its Office of Compliance Inspections and Examinations. Among the areas primed for greater scrutiny: governance and risk assessment; access rights and controls; data loss prevention; vendor management; employee training; and incident ...
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Thoughts on Bridging the Gap From Compliance to ERM
Image: Compliance Week held its latest executive roundtable in Florida last week, to talk about moving from compliance programs to broader enterprise risk management. Inside, editor Matt Kelly has a first recap of what was discussed: how much ERM companies already do, how you can overcome some (not all) of ...
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New Chief Compliance Officer Joins itBit
Digital currency exchange itBit has apppointed Daniel Alter as the company’s new general counsel and chief compliance officer. Alter joins itBit after stepping down in February from his most recent post as general counsel of the New York State Department of Financial Services. Details inside.
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Report Highlights Cybersecurity Risks to Accountants
A lot has been written here and elsewhere about the cybersecurity risks to law firms, but a recent report by ACCA USA highlights another, similarly situated profession that has not received as much attention: accountants.
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Cooper Standard Appoints VP of Internal Audit and Compliance
Cooper-Standard Holdings, the parent company of Cooper-Standard Automotive, announced this month that it has appointed Peter Brusate to vice president of internal audit and compliance, effective Oct. 12. In this position, Brusate will oversee Cooper Standard's global internal audit and compliance activities. Details inside.
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Mindtree Partners With MetricStream to Simplify Regulatory Compliance for Financial Firms
Mindtree, a digital transformation and technology services company, announced this month that it has partnered with GRC provider MetricStream to help simplify regulatory compliance for financial firms. Mindtree will leverage MetricStream's Zaplet, a cloud-based open platform to build, deploy, and manage a variety of GRC applications for financial firms globally. ...
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Supreme Court Asked to Consider No-Action Letters
As if the process for excluding shareholder proposals wasn’t confusing enough, now the Supreme Court could weigh in. Trinity Wall Street has petitioned it to review a 2014 appellate court ruling, which found that a proposal requiring that Walmart’s board review the retailer’s policy on gun sales encroached upon “ordinary ...
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FASB Appoints New Members to Emerging Issues Task Force
Paul Beswick, a partner with Ernst & Young and former chief accountant for the Securities and Exchange Commission, and Robert Malhotra, partner at KPMG, have been named to the Emerging Issues Task Force (EITF) of the Financial Accounting Standards Board (FASB). Details inside.
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CFTC Makes it Official: Bitcoin is a Commodity
Bitcoin, the controversial virtual currency vexing financial regulators, is now officially a commodity—at least in the eyes of the Commodity Futures Trading Commission. On Thursday, with the CFTC’s first ever enforcement action against an unregistered Bitcoin options trading platform, the agency designated the virtual currency, and potentially others like it, ...
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Socialware Unveils Social Access Control Solution
Socialware, a provider of social media risk management solutions for the enterprise, has announced the availability of its Social Access Control solution. Complementing Socialware’s existing solutions for regulated users in financial services, Social Access Control gives firms in any industry the ability to place controls around which social network features ...
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New Tipalti W-8 Solution Fully Integrates With Global Payments
Tipalti, a global payments management platform provider, has fully integrated the first-ever intelligent Form W-8 collection solution into its platform. The solution helps U.S. companies automate the accounts payable process by both paying suppliers who are nonresidents, foreign alien or entities while ensuring W-8 tax form compliance. Details inside.