All Rules & Proposals articles – Page 54

  • Blog

    Investor Advocates Want SEC to Create National Broker Database

    2015-07-14T16:00:00Z

    A coalition of investor advocacy groups, including Public Citizen, the Public Investors Arbitration Bar Association, and the PIABA Foundation, is calling upon the SEC to supplement the Financial Industry Regulatory Authority’s BrokerCheck system for vetting financial professionals with a national disciplinary database and to make improvements to the existing ...

  • Article

    CFPB’s ‘UDAAP’ Approach Is an Ambiguous Compliance Concern

    2015-07-14T12:30:00Z

    Image: “Unfair and deceptive practices” have long been an enforcement area for consumer protection. Now the Consumer Financial Protection Bureau is adding an A for “abusive”—and taking away clarity for financial firms about what its UDAAP standard exactly means. “There is no list of clear black-and-white rules, and that’s what ...

  • Article

    How to Simplify Cyber-Security Controls Amid Abundant Laws

    2015-07-14T11:30:00Z

    By now every compliance officer has already heard the warning that it’s a matter of when you suffer a cyber-security breach, not if. Then comes compliance with breach disclosure rules—and those demands are becoming as perplexing as the cyber-threat itself. Overwhelmed, compliance officers are seeking ways to navigate these demands ...

  • Blog

    Appeals Court Opinion Sheds Light on Excluding Proxy Proposals

    2015-07-13T14:45:00Z

    A newly released opinion from a federal appeals court sheds light on why Walmart was allowed to reject a shareholder proposal calling for a board review of its policies regarding the sale of high-capacity firearms. The opinion could provide a blueprint for future courts weighing in on the SEC’s traditional ...

  • Blog

    Another Push Afoot to Resurrect Glass-Steagall Act,

    2015-07-08T09:45:00Z

    Image: Sen. Elizabeth Warren (D-Mass.) has once again teamed up with Sen. John McCain (R-Ariz.) and Angus King (I-Maine) to file legislation to restore and modernize the Glass-Steagall Act, separating traditional banks that hold federally insured savings accounts from financial institutions that offer higher-risk services. Details inside.

  • Blog

    IMF: U.S. Must Tackle Shell Companies, Beneficial Ownership

    2015-07-07T17:15:00Z

    A new report from the IMF faults the United States for turning a blind eye to shell companies and unclear beneficial ownership—that is, the parties that really control a company or its related bank accounts, even if they do so behind the scenes. That loose approach, the report says, “creates ...

  • Article

    U.S. Failures to Track Beneficial Owners Create AML Headaches Internationally

    2015-07-07T14:45:00Z

    Image: Despite the forward march in Europe and elsewhere to fight money laundering, a problem remains: Here at the largest economy in the world, state incorporation laws in the United States create a massive loophole that bad actors can exploit. “It’s a huge problem not just for the United States ...

  • Blog

    IMF: Regulators Must Focus on Mutual Funds, Insurance Companies

    2015-07-07T13:45:00Z

    The thesis of a new report from the International Monetary Fund is hardly shocking. Despite progress, the U.S. must finish the work begun on financial reforms, it concludes. More telling is an assessment of what new areas systemic risk has bubbled into and how regulators should respond. Greater attention ...

  • Article

    Rule Change to Ease Export Controls in the Cloud

    2015-07-07T13:45:00Z

    Image: Good news: U.S. export control regulations may finally be catching up to modern cloud computing technology, with new rules to focus on keeping sensitive data secure rather than on where the data is stored. Defense and tech companies are likely to be beneficiaries, as they could now use cloud ...

  • Article

    EU AML Directive Fires Starting Pistol on Beneficial Owners Reform

    2015-07-07T13:45:00Z

    European financial firms are preparing to implement new anti-money laundering rules that will require reporting about the real owners of the businesses they work with. The rules, intended to help EU governments pursue tax crimes and terrorist financing, “will increase the level of transparency across all transactions,” says Ambrose Loughlin ...

  • Article

    All the Questions Confronting Clawback Policy

    2015-07-07T09:15:00Z

    The SEC has proposed a new rule that publicly traded companies adopt a clawback policy to recoup incentive-based compensation from executives that later turns out to be based on faulty financial statements. How hard can that be? Well, pretty hard, many compensation experts say. Inside, we have the run-down on ...

  • Blog

    SEC Goes Beyond SOX with Clawback Proposal

    2015-07-01T12:30:00Z

    The SEC has proposed another controversial executive compensation rule per the Dodd-Frank Act: a clawback requirement for erroneously awarded compensation, that applies to the CEO, CFO, and numerous other corporate executive officers. If adopted as proposed, the rule will go well beyond previous clawback requirements under Sarbanes-Oxley. More inside.

  • Blog

    Cyber-Security, AML Deficiencies Flagged in OCC Risk Review

    2015-06-30T14:15:00Z

    As banks try to close the profitability gap created by a lingering low-interest rate environment and offer new services to customers, they face escalating compliance risks. Cyber-security and anti-money laundering controls are among the concerns flagged by the Office of the Comptroller of the Currency in its “Semiannual Risk Perspective.” ...

  • Blog

    MetLife Challenges FSOC Secrecy with Document Demand

    2015-06-30T12:30:00Z

    As it sues the Financial Stability Oversight Council in federal court over its designation as a Systemically Important Financial Institution, MetLife is demanding that its lawyers have access to nearly 500 pages of redacted and unreleased agency documents, many of them otherwise shielded because of references to other companies. More ...

  • Article

    Drug, Device Companies Face New FDA Electronic Submissions

    2015-06-30T09:45:00Z

    The Food and Drug Administration is overhauling how it accepts submissions for a host of filing requirements imposed on drug and medical device makers. For many, this will be the first time the submissions have ever been filed electronically. While the move away from paper documents may ultimately be advantageous ...

  • Blog

    CFPB Makes Narratives in Complaint Database Public

    2015-06-26T10:30:00Z

    The Consumer Financial Protection Bureau has made the consumer narratives collected by its controversial complaint database publicly available. In March, the CFPB formalized its policy for accepting and disclosing the complaint narratives. Last week, more than 7,700 of those complaints—lodged against banks, credit card companies, and other consumer-dealing financial ...

  • Blog

    New CD&Is Address Expansion of Regulation A

    2015-06-24T13:45:00Z

    The Securities and Exchange Commission’s Division of Corporation Finance has issued 11 new Compliance and Disclosure Interpretations to offer guidance on Regulation A changes that went into effect on June 19. They address such matters as the use of social media for “testing the waters” communications, what a “principal place ...

  • Blog

    Poll Portends Big Changes in Executive Pay Disclosure

    2015-06-19T09:45:00Z

    A recent poll by Towers Watson hints at big changes to come in disclosure of executive compensation, in the wake of the SEC’s proposed pay-for-performance rules. One-third of poll respondents said they expect to change their compensation disclosure significantly; 55 percent said they expect to provide additional information and analysis ...

  • Article

    SEC Rule on Pay-for-Performance Triggers Criticism on TSR Metric

    2015-06-16T12:30:00Z

    Image: The SEC’s proposed pay-for-performance rule would require companies to disclose the relationship between executive compensation and Total Shareholder Return. A simple and effective metric? Not everyone thinks so. “At first blush it’s intuitive: executives should win as shareholders win,” says Barry Sullivan of compensation consulting firm Semler Brossy. The ...

  • Blog

    SEC Commissioners Want New Rules for Transfer Agents

    2015-06-12T12:15:00Z

    In an increasingly rare display of unity among members of the Securities and Exchange Commission, they say that the Commission needs to dust off decades-old rules for transfer agents. New requirements could include requiring agents to be appropriately insured, properly disclosing conflicts of interest; and being subjected to more robust ...