All Regulatory Enforcement articles – Page 89
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ArticleFRC to investigate Deloitte over Lookers’ audits
The U.K. Financial Reporting Council has commenced an investigation into Deloitte over its audit work of car dealership chain Lookers.
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ArticleSEC’s Crenshaw throws down gauntlet: Large fines are good fines
The tide has officially turned, corporate America. The SEC is returning to a previous position of measuring the agency’s success by the size and number of the fines it levies. Time to get your houses in order.
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ArticleTRACE: U.S. bribery enforcement declined in 2020
Despite a banner year for resolutions under the Foreign Corrupt Practices Act in 2020, U.S. enforcement of the anti-bribery law dropped 29 percent when compared to 2019, according to the latest Global Enforcement Report by TRACE International.
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ArticleGDPR fines by industry: Telecoms far outpace Big Tech
Since the GDPR came into force in 2018, Big Tech firms have not been on the receiving end of fines as frequently as expected. Meanwhile, other industries have shown to be more prone to data privacy violations, namely telecommunications.
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ArticleGary Gensler (SEC), Rohit Chopra (CFPB) nominations forwarded to Senate
A Senate committee Wednesday voted in favor of President Joe Biden’s nomination of Gary Gensler to lead the SEC but deadlocked on his choice of Rohit Chopra (pictured) to helm the CFPB.
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ArticleSenate confirms Merrick Garland as Attorney General
President Joe Biden’s nomination of Merrick Garland to be the Attorney General of the United States was confirmed by a 70-30 Senate vote Wednesday.
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ArticleGDPR dealt blow as German court drops $17.2M Deutsche Wohnen fine
A €14.5 million (U.S. $17.2 million) fine against Deutsche Wohnen has been dropped after a German court found under German law the company could not be held responsible for violating the GDPR unless blame could be attached to a specific individual or executive.
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ArticleSEC charges AT&T, three execs with disclosure violations
The Securities and Exchange Commission has accused AT&T of selectively disclosing material nonpublic information regarding poor smartphone sales to research analysts, in violation of the regulation that requires such information to be made public.
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SEC task force will scrutinize climate and ESG disclosures
OK, OK, Securities and Exchange Commission. We get the message. Climate and ESG-related disclosures will be under increased scrutiny in 2021.
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ArticleOFAC crypto crackdown: Coinbase disclosures under review
Coinbase disclosed certain of its transactions are “under review” by the Office of Foreign Assets Control for potential violations of U.S. sanctions laws. Fellow cryptocurrency platforms BitGo and BitPay have each been fined by the regulator in the last three months.
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ArticleNYDFS fines mortgage banker $1.5M for cyber-security violations
The New York State Department of Financial Services fined Residential Mortgage Services $1.5 million for violating New York’s cyber-security regulation.
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ArticleBiden influence apparent in SEC 2021 examination priorities
The long-awaited 2021 examination priorities of the Securities and Exchange Commission were released Wednesday, with climate- and ESG-related risks unsurprisingly among areas that will receive enhanced focus.
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ArticleGary Gensler (SEC), Rohit Chopra (CFPB) play it safe at confirmation hearing
There were few surprises Tuesday during the Senate confirmation hearing for President Joe Biden’s nominations to lead the SEC (Gary Gensler, pictured) and CFPB (Rohit Chopra).
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ArticleSEC halt on ‘meme stocks’ just the beginning of GameStop fallout?
The SEC over the last month has suspended trading on securities offered by 21 companies in reaction to market volatility caused by “apparent social media attempts to artificially inflate their stock price.” Could the trend lead to further regulation?
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ArticlePilgrim’s Pride pays $108M in price-fixing scandal
Pilgrim’s Pride has become the first company to plead guilty for its role in a conspiracy to fix prices and rig bids in the broiler chicken industry and will pay a $108 million criminal fine.
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ArticleRobinhood, FINRA discussing settlement over 2020 outages
Online stock-trading platform Robinhood said it may face at least $26.6 million in costs related to resolving investigations by FINRA concerning its options-trading practices and outages its platform suffered last year.
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ArticleSEC charges Gulfport, former CEO with failing to disclose executive perks
The SEC settled charges against gas exploration and production company Gulfport Energy and its former CEO Michael Moore for failing to properly disclose as compensation certain perks provided to Moore and related personal expenses.
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ArticleSamsung Heavy Industries settles Brazil bribery probe for $150M
Samsung Heavy Industries will pay 812 million reais (U.S. $149.9 million) in a leniency deal with Brazilian enforcement authorities for acts of corruption and money laundering related to “Operation Car Wash.”
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ArticleFormer KPMG auditors suspended for improper conduct during college audit
Former KPMG Partner Christopher Stanley and Senior Manager Jennifer Stewart were suspended by the SEC for improper professional conduct during an audit of the now-defunct College of New Rochelle.
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ArticleGary Gensler (SEC), Rohit Chopra (CFPB) set for confirmation hearings March 2
President Joe Biden’s nominees to lead two key regulators—Gary Gensler at the SEC and Rohit Chopra (pictured) at the CFPB—will face Senate confirmation hearings early next month.