All Regulatory Enforcement articles – Page 155
-
Blog
U.S. Announces New Intelligence Division to Battle Cyber Threats
The U.S. is establishing a new division called the Cyber-Threat Intelligence Integration Center that will produce coordinated cyber-threat assessments, share that information with existing cyber-centers, and support policy makers with timely intelligence about the latest cyber-threats. More inside.
-
Blog
Qualcomm to Pay $975 Million in China Antitrust Case
Chipmaker giant Qualcomm has agreed to pay a record $975 million fine to Chinese regulators and to make certain modifications to its business practices to resolve an antitrust investigation that began more than a year ago. “Although Qualcomm is disappointed with the results of the investigation, it is pleased that ...
-
Blog
Slippery Slope of FCPA Enforcement Against Individuals
The compliance community has long hectored the Justice Department to prosecute more individuals, rather than corporations. Now we’re starting to see that happen, and a thicket of legal questions are arising. Inside, Compliance Week columnist Tom Fox gives a tour of the current landscape. What’s on the horizon is not ...
-
Blog
Qualcomm May Face $1 Billion Fine in China Antitrust Probe
Chinese regulators said this week that they’re in settlement talks with chipmaker giant Qualcomm, likely to face a fine of more than $1 billion to resolve an antitrust investigation that began more than a year ago. Xu Kunlin, head of China’s anti-monopoly regulator, said Qualcomm will be fined several times ...
-
Blog
Broadwind Energy to Pay $1 Million for Accounting Violations
Broadwind Energy, an alternative energy company, has agreed to pay a $1 million penalty to the SEC for accounting and disclosure violations. According to the SEC, Broadwind Energy prevented investors from knowing that reduced business from two significant customers caused substantial declines in the company’s financial prospects.
-
Blog
UBS Faces Probe Over Tax Evasion Scheme
Federal regulators this week launched an investigation into whether Swiss bank UBS assisted U.S. clients in evading taxes or engaged in securities fraud. Prosecutors also are looking into whether any of the bank’s executives took part in any criminal activity to cover up the alleged conduct. Details inside.
-
Blog
'Extraordinary' Cooperation Allows SAC Capital Defendant to Avoid Prison
Yesterday, U.S. District Judge Jed Rakoff sentenced admitted insider trader Noah Freeman to no time in prison due to his "extraordinary" cooperation with prosecutors. Freeman pleaded guilty to conspiracy and securities fraud charges related to an insider trading ring in 2011. Judge Rakoff further ordered Freeman to forfeit $181,000.Freeman, a ...
-
Blog
European Commission Probing Belgian Tax Scheme for Unlawful State Aid
Image: Title: VestagerThe European Commission is investigating whether Belgium’s “excess profit” rule, which allows certain companies to get deep deductions on taxable profits by claiming economies of scale stemming from being part of a multinational group, is breaking EU competition laws. “If our concerns are confirmed, this generalized scheme would ...
-
Blog
OCIE Provides Key Observations from 2014 Cybersecurity Examination Initiative
On April 15, 2014, the SEC's Office of Compliance Inspections and Examinations announced that it would be conducting examinations of more than 50 registered broker-dealers and registered investment advisers focused on cybersecurity governance and risk. Until yesterday, there has been little or no information from the SEC concerning the results ...
-
Article
SEC, FINRA Dropping Hints on Risk
Compliance officers looking to read some tea leaves about what worries the Securities and Exchange Commission these days might want to skim the 2015 exam priorities that the SEC and FINRA have posted. That guidance applies foremost to financial firms, but “it’s only a matter of time before they require ...
-
Article
CW 2015 Preview: Assessing Antitrust Risks
Image: Enforcement of antitrust law is rising around the world, particularly in some of the most desirable markets for overseas expansion, including China, India, Brazil, and Mexico. Inside, we have an overview of how to assess your antitrust risks—which can be quite different from one country (or one product line) ...
-
Blog
S&P to Pay $1.375 Billion for Ratings Misconduct
Image: Standard & Poor’s Financial Services and its parent company McGraw Hill Financial reached a $1.375 billion settlement with the Department of Justice for engaging in a scheme to defraud investors in structured financial products. “As part of the resolution, S&P admitted facts demonstrating that it misrepresented itself to investors ...
-
Article
Planning Ahead to Manage M&A Due Diligence
Image: Lots of mergers look great on paper. In the real world, however, integrating corporate IT systems can not only be a headache for the IT department; core business functions can be compromised—including financial reporting or other tasks crucial to effective corporate compliance. “Smart companies are ready to start integrating ...
-
Blog
Consequences of Insider-Trading Decision Continue
The appellate court decision in U.S. v. Newman has turned Trent Martin from an extradited, admitted insider trader awaiting a sentence of up to several years in prison into a free man. He may not be the last.
-
Blog
SEC's Erin Schneider Named Associate Regional Director in San Francisco
The SEC has named Erin E. Schneider as the new Associate Regional Director for enforcement in its San Francisco office. As Associate Regional Director, Schneider will lead the team of attorneys, accountants and other professionals who investigate and litigate the San Francisco office’s enforcement efforts for Northern California and the ...
-
Blog
U.K. Financial Watchdog Will Keep Sharp Eye on Compliance Lapses
News coming from the United Kingdom’s Financial Conduct Authority indicates the three-year-old regulator is going to enhance its vigilance of bribery and other financial crimes while keeping close tabs on companies’ controls and processes, according to articles in the Financial Times and FCPA Blog. The FCPA Blog noted that the ...
-
Blog
Japanese Firm Fined $3.2M on Price-Fixing Charges
Japan-based auto parts maker Sanden has agreed to pay a $3.2 million criminal fine to the Department of Justice for its role in a conspiracy to suppress competition for the purchase of compressors sold to Nissan North America. “The Division continues to vigorously prosecute companies and individuals that seek to ...
-
Article
Cracking Open the Cuba Market
Image: U.S. companies eager to do business in Cuba face a long road in front of them, including a bewildering maze of compliance reviews and certifications before they can transact one dollar of trade. Revival of banking processes alone will be subject to a “blindingly deep amount of regulation and ...
-
Blog
Feds Seek Rehearing on Insider-Trading Setback
The Justice Department has asked for a new hearing in the case of U.S. vs. Newman, where an appellate decision had previously reversed insider-trading convictions of two men. Prosecutors say the Newman decision has caused difficulties in other recent insider-trading cases, as the definition of the “personal benefit” requirement conflicts ...
-
Blog
Oppenheimer Dinged $20 Mill for Penny Stock Violations
The Financial Crimes Enforcement Network and the SEC today slapped securities broker Oppenheimer with a $20 million penalty for not adhering to rules on the sale of penny stocks. Of that amount, $10 million will go to the SEC to resolve related securities and Bank Secrecy Act violations. Details inside.