All articles by Joe Mont – Page 53
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ArticleFouad Khalifeh: The risk manager
Fouad Khalifeh, the group chief compliance officer for Fransabank, has utilized his expertise in risk management to allow his bank to thrive, despite the many geopolitical risk challenges that surround him.
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ArticleAdvice for U.S. companies, post-Brexit: Keep calm and carry on
We may be months away from clarity on what the United Kingdom’s vote to leave the EU means for U.S. companies with a multinational presence. Certain compliance challenges are inevitable in light of changing data privacy demands, labor concerns, trade and tax issues, and the prospect of starting from scratch ...
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Article
SEC is back with another extractive payments rule
In 2012 the SEC issued a rule requiring oil, gas, and mining companies to report the payments made to governments for extraction rights. It was promptly sent back to the drawing board after a successful legal challenge. Now, the Commission is back with a revised rule. Joe Mont looks at ...
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BlogFed releases report card on capital plans of big banks
The Federal Reserve has released the results of its annual Comprehensive Capital Analysis and Review, an assessment of whether bank holding companies with $50 billion or more in total consolidated assets have effective capital planning processes and adequate assets on-hand to absorb losses during stressful conditions. While many plans passed ...
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Blog
GE Capital breaks free of its SIFI designation
GE Capital Global Holdings is no longer a threat to financial stability,says the Financial Stability Oversight Council. While MetLife prevailed in a lawsuit to shed its designation as a non-bank systemically important financial institution, GE Capital did so by working within the agencies appeals framework. Joe Mont reports.
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Blog
Rule would require investment advisers to adopt continuity plans
Registered investment advisers would be required to implement written business continuity and transition plans under a newly proposed rule from the Securities and Exchange Commission. It would require plans to include policies and procedures addressing data protection, pre-arranged alternative physical locations, communication plans, and reviews of third-party service providers.
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Blog
SEC will revisit board diversity disclosures
In the coming weeks, the Securities and Exchange Commission will revisit its existing requirement to disclose board-level diversity, Chairman Mary Jo White said this week during a speech in San Francisco. The goal is to improve reporting requirements that have proven to be ineffective, she says.
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Blog
SEC proposes changes for smaller reporting companies
The Securities and Exchange Commission has proposed increasing the financial thresholds that define “smaller reporting companies," a move that would expand the number of companies that qualify for the scaled disclosures provided in Regulation S-K and Regulation S-X.
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Blog
After lengthy legal setback, SEC adopts extractive payments rule
With initial rulemaking on the matter sent back for a rewrite after a successful lawsuit by industry groups, the Securities and Exchange Commission this week finalized a rule that requires companies to disclose payments made to governments for the commercial extraction and development of oil, natural gas, or minerals. Joe ...
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Article
Overtime pay could unite CCOs with HR, empower attack on regulatory discretion
New rules issued by the Department of Labor that double the threshold for overtime pay present new corporate dilemmas that may lead CCOs into the domain of Human Resources to defend against lawsuits and reputation risk. Joe Mont explores.
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ArticleMore regulatory questions than answers following Brexit vote
CW reporter Joe Mont explores the aftermath of the Brexit vote (the United Kingdom’s recent decision to depart from the European Union): what do U.S. companies need to know; what questions require a strategic response; and where do we all go from here?
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BlogMore regulatory questions than answers following Brexit vote
Expect more questions than immediate answers following the “Brexit” vote, a decision that sees the United Kingdom leaving the European Union. While the country has its own regulatory regimes, it was also a party to many EU-wide regulations that may either stay in effect, be revised, or cast aside in ...
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Blog
Federal Reserve releases bank stress test results
Some good news from the Federal Reserve this week: U.S. banks seem to have enough cash on hand to weather a variety of unexpected economic calamities and downturns. “The nation's largest bank holding companies continue to build their capital levels and improve their credit quality, strengthening their ability to lend ...
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Blog
FSOC releases sixth annual report, risk assessment
The Financial Stability Oversight Council has approved and released its 2016 annual report. Delivered each year to Congress, it addresses a range of issues, including financial market and regulatory developments and potential emerging threats to financial stability. Joe Mont explores.
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Blog
FAA releases final drone rules
The Department of Transportation has finalized the first operational rules for commercial use of small (less than 55 pounds), unmanned aircraft systems, more commonly known as drones. Rules take effect in August and offer safety regulations for unmanned aircraft that conduct non-hobbyist operations. Joe Mont reports.
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ArticleSEC faces a bipartisan beat-down in Congress
Yes, there is one thing that still inspires bipartisanship in Congress: attacking the Securities and Exchange Commission. That was revealed in recent days, says CW’s Joe Mont, with proposed legislative constraints on its rulemaking powers and a table-pounding attack on its disclosure effectiveness initiative from Massachusetts Senator Elizabeth Warren (above ...
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Article
Latest conflict minerals filings show improved due diligence
Regardless of legal disputes and other challenges, companies still had a deadline last month for filing conflict minerals disclosures with the SEC. This year Joe Mont says, many companies appeared to be taking their reporting much more seriously with some already getting a jumpstart on 2017.
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Blog
Podcast: How the CCO role is transforming in financial services
In the latest edition of the Compliance Week podcast we talk to Cynthia Dow, who leads the legal officers practice at Russell Reynolds Associates, an executive search consultancy. She was the author of a recent report, “How the Chief Compliance Officer role is Transforming Across Financial Services,” examining the changing ...
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Podcast
Podcast: How the CCO role is transforming in financial services
In the latest edition of the Compliance Week podcast we talk to Cynthia Dow, who leads the legal officers practice at Russell Reynolds Associates, an executive search consultancy. She was the author of a recent report, “How the Chief Compliance Officer role is Transforming Across Financial Services,” examining the changing ...
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Blog
SEC proposes modernizing mining company disclosures
The latest step toward disclosure effectiveness: The SEC has proposed rules to modernize disclosure requirements for mining registrants and align them with global standards. The rules would rescind Industry Guide 7 and include the updated mining property disclosure requirements in a new subpart of Regulation S-K. More from Joe Mont.