Appointment Blogs | Compliance Week – Page 298
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Podcast: Getting a Grip on Legal Entity Compliance
Not only is identifying every party to a financial transaction complex, regulators are paying closer attention to the topic, known as legal entity management. In this week’s podcast, we talk to Ron Jordan, chief data officer for the Depository Trust and Clearing Corp., a post-trade financial services company, about improving ...
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'FIN4' Hackers Target Over 100 Companies Seeking Market-Moving Information
Cyber-security firm FireEye released a report this week on a group of hackers that has targeted e-mail accounts of individuals with access to confidential information at more than 100 companies. The hackers are looking for non-public information about merger and acquisition deals and other major market-moving revelations, particularly in the ...
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U.K. Enacts Disclosure Demands on Oil, Gas Companies
The United Kingdom has agreed to new disclosure requirements for companies that pay governments for extraction rights and access to natural resources. It is the first country to pass legislation enacting European Union directives that require member states to impose new requirements on oil, gas, mining, and lumber companies. A ...
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2015 SEC Trial Scorecard Update: Agency is Undefeated After Two Trials
Last year's SEC Trial Scorecard for FY 2014 is in the books, so it is time to get started on our FY 2015 SEC Trial Scorecard. The SEC Trial Scorecard tracks the SEC's trials in federal court, along with the outcome. To date in FY 2014 (which began on ...
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Two Harbors Investment Appoints Chief Risk Officer
Two Harbors Investment, a real estate investment trust, has appointed Robert Rush as chief risk officer, effective Jan. 1, 2015. He assumes the role from Paul Richardson, who will remain in his role as partner and chief risk officer for Pine River Capital Management, the parent of the company’s external ...
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Actiance Enhances Voice Recording Features for Microsoft Lync 2013
Actiance, a provider of compliance, security, archiving and e-Discovery for all critical business communications, launched newly-released Vantage for Lync features to help enterprises efficiently manage governance challenges for Lync 2013 and previous versions of Lync (Lync will be renamed as Skype for Business in the first half of 2015). Details ...
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StarCompliance Selects Carpathia for Enhanced Compliance Audit Capabilities
StarCompliance, a provider of employee conflicts-of-interest compliance solutions for financial services firms, has selected Carpathia, a cloud services and managed-hosting provider, to help enhance its security and compliance audit capabilities. Details inside.
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Total to Face New Corruption Charges in France
One year after paying more than $398 million to U.S. prosecutors for violations of the Foreign Corrupt Practices Act, Total S.A. is expected to face new corruption charges, this time in France. In announcing the settlement last year, Acting Assistant Attorney General for the Justice Department’s Criminal Division Mythili Raman ...
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Final SEC Trial Scorecard for FY 2014: SEC Posts 5-7-5 Record in 17 Trials
In March 2014, I began tracking the SEC's federal court trials in FY 2014 (which began on October 1, 2013), and the results in each case. The SEC's final trial scorecard in FY 2014 included a total of 17 trials. Of those 17 trials, SEC had five outright victories in ...
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Ideas for Guidance on Auditing Estimates Draw Mixed Reviews
The Public Company Accounting Oversight Board is getting mixed feedback on its initial ideas for revising guidance on auditing fair-value measurements and accounting estimates. The PCAOB has received nearly 40 letters on the staff's consultation paper on the topic, some suggesting a revision of existing rules, while others suggest a ...
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U.K. Regulators Fine RBS, Two Others £56M for IT Lapses
Image: Title: McDermottNov. 25—Financial regulators in Britain fined Royal Bank of Scotland, National Westminster Bank, and Ulster Bank a combined £56 million last week for IT failings in the summer of 2012 that left customers without full access to ATMs, online payments, and other banking services. The joint enforcement action ...
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Business Lobby Targeting Proposed EU Gender Quotas for Boards
Image: Title: SégolNov. 25—A proposed directive to implement EU-wide quotas for women on boards is one of a handful of pending measures the newly installed European Commission should shelve, says BusinessEurope. The lobbying group argued in a notice to the Commission that was leaked to media outlet EurActiv that the ...
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HSBC Private Bank Pays $12.5 Million for Providing Unregistered Services to U.S. Clients
HSBC’s Swiss-based private banking arm agreed today to pay $12.5 million to Securities and Exchange Commission for violating federal securities laws by failing to register with the SEC before providing cross-border brokerage and investment advisory services to U.S. clients. “HSBC Private Bank’s efforts to prevent registration violations ultimately failed, because ...
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Caldwell: Advances in Global Anti-Corruption Efforts
Image: Title: CaldwellU.S. regulators increasingly are collaborating with foreign governments to fight bribery and corruption on a global scale, advancing the Justice Department’s efforts to uncover and prosecute violations of the Foreign Corrupt Practices Act. “Every day, more countries join in the battle against transnational bribery,” said Leslie Caldwell, assistant ...
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FINRA Fines Citigroup $15 Million for Supervisory Failures
The Financial Industry Regulatory Authority fined Citigroup Global Markets $15 million last week for failing to adequately supervise communications between its equity research analysts and its clients and Citigroup sales and trading staff. In settling this matter, Citigroup neither admitted nor denied the charges, but consented to the entry of ...
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Your 10-K Is Too Long; Here’s How to Shorten It
Chances are your annual and quarterly financial reports are too long, and it’s not just that regulators and rulemakers require too much information. Lots of words in your filings are neither useful nor required. Since they aren’t important or necessary, take them out. Inside, columnist Scott Taub makes some suggestions ...
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Golden Answers Early Political Pressure on Revenue Recognition
To answer early political pressure over the new accounting standard on revenue recognition, the Financial Accounting Standards Board is pledging its readiness to work through implementation issues as they are identified and brought to the board for action.
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Former American Airlines CEO Joins Walmart Board
Walmart has appointed Tom Horton, former chairman and CEO of American Airlines, to its board of directors, effective as of Nov. 21. Horton became the sixteenth member of the board and will also serve as a member of the audit committee. Details inside.
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Rising Tides Around IT Audit
Image: At long last, IT audit is finding its place in the sun—so says the latest IT Audit Benchmarking Study, published last week by ISACA. By almost any measure, IT audit is getting a higher profile at large organizations. What does that mean for compliance officers, and how can they ...
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The SEC's Role in the War of 1812
Today on TheRacetotheBottom blog, Prof. J. Robert Brown Jr. of the University of Denver Law School took a playful poke at the Association of American Law Schools for its recent announcement (still on its website here) that SEC Chair Mary Jo White will be the inaugural speaker for its Showcase ...