Appointment Blogs | Compliance Week – Page 245
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SEC Action Suggests Focus on Valuations, Experts Say
A new study from valuation firm NERA Consulting suggests that the SEC is renewing its interest in pursuing valuation-related accounting issues. The findings are based on an enforcement action against Miller Energy Resources and certain officers for inflating oil property values. “Reporting entities are well advised to make full disclosures ...
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Leucadia National Appoints Controller and Chief Accounting Officer
Leucadia National, a diversified holding company, has appointed John Dalton as controller and chief accounting officer, effective Sept. 15. He succeeds Barbara Lowenthal.
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Few OECD Member Countries Make Good on Anti-Bribery Pledge
Many of the member countries to the OECD’s Anti-Bribery Convention are not doing enough to prevent bribery and corruption, according to a new report from Transparency International. Twenty-two of the 41 signatory countries have “failed to investigate or prosecute any foreign bribery case during the last four years,” TI said. ...
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PCAOB to Air Corporate Angst Over Internal Control Audits
Image: The PCAOB will convene its Investor Advisory Group in September to explore criticisms that the regulatory approach around internal controls is out of step with risk. Specifically, the group will address a recent letter from Tom Quaadman, vice president of the Center for Capital Markets Competitiveness at the Chamber ...
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Citigroup to Pay $15M for Compliance Failures
Citigroup Global Markets today reached a $15 million settlement with the Securities and Exchange Commission to settle charges that it failed to enforce policies and procedures to prevent and detect securities transactions that could involve the misuse of material, nonpublic information. The SEC also said the firm failed to adopt ...
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Walmart FCPA Costs Reach $675 Million
Walmart disclosed in an earnings call that its costs for potential violations of the Foreign Corrupt Practices Act have well surpassed the half-billion dollar mark, reaching a whopping $675 million. To date, the retail giant has spent $63 million in total FCPA-related expenses in fiscal year 2016. Details inside.
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U.K. Banks on the Lookout for Civil Claims in Forex Scandal
The foreign markets manipulation debacle may drag on, with no end in sight. In the wake of a recent landmark legal settlement where top banks, including the Royal Bank of Scotland, UBS, and Barclays, agreed to a £1.28 billion settlement in the rate-rigging scandal, lawyers and analysts are warning it’s ...
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ECB Delays Review of Banks’ Risk Models
The European Central Bank has extended its review of banks’ internal risk models up to four years. The banking supervisor plans on conducting a thorough examination on how some of the Eurozone’s biggest banks are calculating its capital. Deutsche Bank, Santander, and Société Générale are some of the financial institutions ...
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IIA Reports Calls Internal Auditors to Better Leverage Technology
Image: A recent report from the Institute of Internal Auditors found that nearly 40 percent of audit departments worldwide are getting their arms around technology at what they consider to be appropriate levels. However, the study also found only one in 10 internal auditors entering the profession has education in ...
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BNY Mellon Settles FCPA Charges for $14.8 Million
The Bank of New York Mellon has agreed to pay $14.8 million to the SEC to settle charges that the bank awarded plum internships to the relatives of Mideast government officials in exchange for business managing those countries’ sovereign wealth funds. “These officials sought, and BNY Mellon agreed to provide, ...
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Lumber Liquidators Names Chief Compliance Officer
Lumber Liquidators has named Jill Witter as chief compliance and legal officer. Her appointment comes at a time when the embattled hardwood flooring company faces allegations that it sold Chinese-manufactured laminated wood products containing high levels of formaldehyde, posing serious health risks. More inside.
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FIFA Takes Steps Toward Transparency
Image: FIFA, the governing body for professional soccer that is mired in controversy and allegations of corruption, may be taking the first steps to transparency and better performance: The group has hired an outside law firm to conduct an exhaustive look at its business practices and to review possible corrupt ...
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Appellate Court Dings Conflict Minerals Rule Again
Image: The U.S. Court of Appeals for the District of Columbia has upheld an earlier ruling that prohibited the SEC from requiring companies to report publicly whether certain minerals used in their products are conflict free or could support militias in the Democratic Republic of the Congo. Citing free speech ...
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Shamoil Shipchandler Named Regional Director of SEC's Fort Worth Office
Shamoil T. Shipchandler has been named Regional Director of the SEC's Fort Worth Regional Office, filling the vacancy created when former Regional Director David Woodcock left the agency in June 2015 to join law firm Jones Day.
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Compliance Line of Sight: Evaluating Your Program’s Structure and Oversight
The chief compliance officer does not need to manage every compliance risk your company has—but he or she does need to know how every compliance risk is managed. This week, columnist Jose Tabuena explores how “line of sight” should work in a compliance program, and how internal audit can help ...
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ACC Launches Information Governance Committee
The Association of Corporate Counsel (ACC), a global legal association representing 40,000 in-house counsel in 90 countries, last week announced the launch of a new practice area committee. The ACC Information Governance Committee will foster engagement and collaboration on corporate legal departments’ role in data protection and collection, discovery procedures ...
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DocMagic Names Chief Compliance Officer
DocMagic, a provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions, has named Gavin Ales as chief compliance officer. Ales has hands-on involvement in the development, implementation, and maintenance of DocMagic's compliance products and services. More inside.
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Frank's International Appoints General Counsel, Secretary
Frank's International, a global oil services company, has appointed Alex Cestero as general counsel and secretary. He will report directly to President and Chief Executive Officer Gary Luquette. More inside.
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More ‘C’mon, Man’ Moments
It’s that time again: time for another roundup of flawed characters, flawed controls, and poor outcomes. Columnist Rick Steinberg offers his latest look at sloppy thinking and risk management that led to some truly dumb ideas, from allowing guns on airplanes to losing your career over a skipped subway fare ...
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The Man From U.N.C.L.E. and Modern FCPA Enforcement
I recently saw the movie The Man From U.N.C.L.E. It was a rollicking good movie, stylish, set in great locations, with a fabulous score and all the Guy Ritchie touches you would expect. The action all took place in Europe and the locals and governmental cooperation among the U.S., U.K. ...