Appointment Blogs | Compliance Week – Page 64
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Senators fret FINRA interpretation of SEC’s ‘Best Interest’ proposal
Democratic senators want FINRA to detail its interpretation of the SEC's proposed standards of conduct rule. FINRA will play a large role in implementing and enforcing the forthcoming rule package.
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Kristin Snyder named deputy director of OCIE
The Securities and Exchange Commission on July 25 announced that Kristin Snyder has been named deputy director of the agency’s Office of Compliance Inspections and Examinations.
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Corporate activism from the CECO perspective
CEOs and boards of directors have been hailed for their responsiveness to a spate of recent scandals, but one prominent compliance executive argues there’s another critical voice behind these decisions: the chief ethics and compliance officer.
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Bank of England probe latest blow to KPMG’s reputation
Accounting firm KPMG has taken some serious reputational hits over the past several months ... and they just keep on coming.
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What is a business relationship?
The Man From FCPA ponders the FCPA considerations of electric-car company Tesla putting the squeeze on its suppliers by asking them to refund monies Tesla had paid to them, as far back as 2016.
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A fine mess in Brazil (and Houston)
A legal battle between Vantage Drilling and Petrobras, Brazil’s state-owned oil company, has put a new twist on contract challenges and FCPA violations
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The importance of auditing third parties
Auditing third parties is critical to any compliance program and an important tool in operationalizing your compliance program.
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CAQ: Control deficiencies not CAMs, but could be tied to one
A significant deficiency in internal control over financial reporting will not automatically constitute a critical audit matter that auditors will have to disclose under a new auditing standard, but it could suggest auditors will disclose a CAM related to the underlying accounting, said the Center for Audit Quality.
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SEC charges Fyre Festival founder with investor fraud
The Securities and Exchange Commission announced on Tuesday that New York entrepreneur William McFarland, creator of 2017's disastrous Fyre Festival, has agreed to settle charges arising out of a multi-year offering fraud that raised at least $27.4 million from more than 100 investors.
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Assurant appoints chief compliance officer
Assurant, a global provider of risk management solutions, has appointed John Pawloski as chief compliance officer. He succeeds Doris Vigo, who will remain with Assurant until her retirement at the end of 201
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SEC data analysis tool uncovers insider trading by executive
A senior executive at Alliance Fiber Optic Products agreed to settle charges that he made nearly $200,000 in illicit profits by trading on inside information in advance of three disappointing earnings announcements by the company, the Securities and Exchange Commission announced on July 24.
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CFTC proposes rule update for U.S. markets in security futures products
The Commodity Futures Trading Commission unanimously approved a proposal to update a rule impacting exchanges that list security futures products. The proposal has the potential to provide greater liquidity in SFP trading, which would facilitate risk management for companies using SFPs, and is the first update to the CFTC SFP ...
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European Commission fines four consumer electronics makers for fixing online resale prices
The European Commission on July 24 fined four consumer electronics makers for imposing fixed or minimum resale prices on their online retailers in breach of EU competition rules. The more than €111 million in fines were in all four cases significantly reduced due to the companies' cooperation with the Commission.
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Julie Lutz to leave SEC
The Securities and Exchange Commission on July 23 announced that Julie Lutz, the Regional Director of the SEC’s Denver Regional Office, will leave the agency at the end of this month after more than 40 years of service.
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SEC: Deutsche Bank to pay $75M for improper handling of ADRs
The Securities and Exchange Commission on July 20 announced that two U.S.-based subsidiaries of Deutsche Bank AG will pay nearly $75 million to settle charges of improper handling of “pre-released” American Depositary Receipts.
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Danske Bank appoints chief compliance officer
Danske Bank announced the appointment of Philippe Vollot as chief compliance officer and as a new member of the executive board. Vollot takes up his position no later than Dec. 1, 2018.
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CECL readiness spans the full spectrum, new poll shows
Banks appear all over the spectrum in terms of their readiness for CECL, with equal numbers implementing the new model or still in the early stages, a new poll says.
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MiMedx makes leadership changes amid accounting probe
MiMedx Group, a developer and marketer of regenerative and therapeutic biologics, has appointed Mark Graves as chief compliance officer. The company also is conducting a formal search to fill the newly established positions of chief accounting officer and internal auditor, amid an ongoing investigation into accounting violations.
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SEC adopts rules to enhance oversight of Alternative Trading Systems
With the intent of significantly enhancing operational transparency and regulatory oversight, the Securities and Exchange Commission on July 18 voted to adopt amendments to the regulatory requirements governing alternative trading systems, commonly known as “dark pools.”
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Evaluation of third parties
Compliance practitioners at GE Oil & Gas discuss the process by which GE reviews the risks around each of its third parties.