Appointment Blogs | Compliance Week – Page 70
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SEC’s Jackson urges a review of stock buyback rules
SEC Commissioner Robert Jackson is voicing his concerns about corporate stock buybacks and says research produced by his staff “raises significant new questions about this activity.” He wants the Commission to reconsider existing rules.
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Merrill Lynch to pay $15M for failure to supervise RMBS traders
The SEC announced on June 12 that Merrill Lynch will pay more than $15 million to settle charges that its employees misled customers into overpaying for Residential Mortgage Backed Securities.
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The ZTE Department of Commerce Monitor: uncharted waters
As part of the resolution to free itself from a U.S. sanction, ZTE has agreed to the unique position of having a court-appointed monitor and one from the Department of Commerce, leading to concerns of a clash of ideas and authority.
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Business justification for the use of third parties
Why is business justification for third parties so important? With the Department of Justice, Securities and Exchange Commission, and Internal Revenue Service all seeking such justification, companies should definitely make it part of the compliance process.
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Best practices: Hiring a business sponsor for third-party relationships
A significant piece of the compliance regime is overseeing third-party business relationships, and the best way to keep them on track is to employ the business sponsor.
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Executives behaving badly—at what cost?
FCPA violations from SocGen and Legg Mason may point to a new trend of holding the C-Suite accountable, but will voluntary resignations be seen as enough of a penalty?
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What changed? FRC brings action in Autonomy scandal
The Financial Reporting Council has brought long-awaited charges against Autonomy executives for their role in the massive accounting fraud uncovered when Hewlett-Packard attempted to purchase the software firm in 2011.
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CNA appoints chief compliance officer
Commercial insurer CNA has appointed Garrett Williams as senior vice president and chief compliance officer.
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Credit Suisse to pay $47M in FCPA fines over hiring practices
Credit Suisse has become the latest financial institution to pay a penalty—to the tune of $47 million—and enter a non-prosecution agreement with the Department of Justice concerning questionable hiring practices in the Asia Pacific region.
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Companies reflect pain points over accounting change
Virtually all public companies are feeling some pain over accounting change occurring in their organizations the past few years, according to a recent poll.
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Legg Mason to pay $64.2M in FCPA case
Investment management firm Legg Mason entered a non-prosecution agreement and agreed to pay $64.2 million to resolve an investigation into violations of the Foreign Corrupt Practices Act concerning Legg Mason’s participation in a Libyan bribery scheme, the Department of Justice announced.
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FASB staff plan to suggest CECL edits to answer questions
FASB staff plan to suggest narrow changes to the new standard on credit losses to answer implementation questions on classification changes, interest, and more.
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BlogCFPB’s Mulvaney disbands Consumer Advisory Board
Mick Mulvaney, acting director of the CFPB, has disbanded his agency’s Consumer Advisory Board, dismissing 25 outside experts who were intended to help shape agency policy. It is the latest in a series of moves to reshape the Bureau into Mulvaney’s more business-friendly vision.
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ZTE agrees to $1.4B settlement with ‘stringent compliance measures’
Chinese telecom giant ZTE Corp. has agreed to “severe additional penalties and compliance measures” to replace a U.S. Commerce Department’s denial order.
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SEC, CFTC make their case for more funding, boosting cyber-security
Requesting increased funding for Fiscal Year 2019 before a Senate committee, the heads of the SEC and CFTC touted the need to ramp up their internal cyber-security efforts and external supervision and enforcement of breaches.
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Mexico announces retaliatory tariffs targeting U.S.
Mexico has announced trade retaliation efforts against the United States, a response to recent steel and aluminum tariffs put in place by the Trump administration.
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FDIC greets new chairman
Jelena McWilliams was sworn in this week as the new chairman of the Federal Deposit Insurance Corporation. She succeeds Martin Gruenberg.
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SEC allows shift from paper fund reports
The SEC voted unanimously Tuesday on initiatives to improve the experience of those who invest in mutual funds, ETFs and other investment funds.
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Big 4 firms audit fewer companies, analysis shows
Big 4 firms are performing fewer public company audits as the number of public companies continues to decline, according to Audit Analytics.
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SocGen to pay $860M in FCPA and LIBOR case
French banking group Société Générale and its wholly owned subsidiary, SGA Société Générale Acceptance, will pay a combined total penalty of more than $860 million to resolve charges with criminal authorities in the United States and France, the Department of Justice announced June 4.