All Rules & Proposals articles – Page 60
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Blog
OFAC Introduces New Sanctions List Format
As part of an effort to better assist screening programs and create a global sanctions list, the Treasury Department has announced a new format for its Specially Designated Nationals and Blocked Persons List. The new format was developed with the United Nations and the Wolfsberg Group of International Banks and ...
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Blog
New Sanctions Imposed on North Korea
President Obama has signed an executive order imposing new sanctions on North Korea in response to the cyber-attack on Sony Pictures Entertainment. Specifically, the sanctions target agencies and officials associated with the North Korean government and Workers’ Party of Korea. They will be denied access to the U.S. financial system ...
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Blog
SEC Will Convert XBRL Filings Into New Public Databases
The SEC has announced the launch of a pilot program that will consolidate financial statements submitted by public companies using XBRL into databases that can be readily accessed by the public. The data sets, including financial statement data from XBRL filings, will be expanded in 2015 to include data in ...
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Article
Maturing Conflict Minerals Programs in Year 2
Image: Now that everyone has closed their Excel files on the first year of conflict minerals compliance, companies are pushing toward greater automation in Year 2. Reducing lines of data about smelters in your supply chain is one step, improving data integrity another. “Technology can help you understand the supply ...
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Blog
SEC's EDGAR Filings Go on Christmas Hiatus
The day after Christmas has been declared a non-working day for the federal government and the SEC’s electronic filing system, EDGAR, will not be operational on that day. The system resumes operations on Monday, Dec. 29 and filings due oth the 26th can be delayed until that time.
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Blog
NLRB Issues Labor Violation Complaints Against McDonald's
The National Labor Relations Board Office last week issued 13 complaints involving 78 charges against fast-food giant McDonald’s USA and McDonald’s franchisees, as joint employers. The complaints could have far-reaching effects for McDonald’s, and others that rely on a franchise model, in that it opens the door to unionization and ...
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Blog
Podcast: Navigating the Pitfalls of Geolocation Data
Uber, Snapchat, and Golden Technologies are the latest companies to come under fire for how they use the geolocation data they collect from their customers. In this week’s podcast, we talk to Fernando Bohorquez, a partner at the law firm BakerHostetler who specializes in privacy and data security issues, about ...
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Blog
Fed Extends Deadlines for Volcker Rule Compliance
The Federal Reserve Board is giving financial insitutions more time to comply with the Volcker rule’s demand that they extricate themselves from investments in hedge funds and private equity funds and wind down speculative positions held on their own behalf, rather than for clients. Banks will until 2017 to unwind ...
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Blog
Desite Protestations, MetLife Deemed Systemically Important
To the surprise of no one, including the company itself, the Financial Stability Oversight Council has designated Metlife, the nation’s largest insurance company, as a Systemically Important Financial Institution, subjecting it to new regulatory, disclosure, and capital demands. MetLife has 30 days to decide whether to ask a federal judge ...
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Blog
FDIC Posts New Requirements for Bank Resolution Plans
The Federal Deposit Insurance Corporation has issued new guidance and requirements for the resolution plans federally insured banks with more than $50 billion in assets must submit. The guidance, which applies to 2015 submissions, provides direction regarding what must be discussed in a fully developed resolution strategy and an accompanying ...
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Blog
Senators Demand SEC Action on Pay-Ratio Rule
A coalition of senators, among them Elizabeth Warren (D-Mass.) and Robert Menendez (D-N.J.), penned a letter to Securities and Exchange Commission Chair Mary Jo White demanding that the SEC finalize its long-lingering pay-ratio rule. The rule, requiring public companies to disclose a ratio of CEO pay to that of their ...
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Blog
Budget Bill Targets Dodd-Frank’s Derivatives Restrictions
Dec. 10—Seeking to avoid another government shutdown, the House has approved the fiscal year 2015 Omnibus Appropriations bill, legislation that will provide discretionary funding for the vast majority of the federal government for the remainder of the current fiscal year. Notable inclusions in the bill—now before the Senate—are a $150 ...
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Blog
Fed Seeks New Capital Requirements for Biggest Banks
Image: Dec. 9—The Federal Reserve is proposing a new risk-based capital surcharge for the most systemically important firms. The proposed rule would implement a new methodology for determining “global systemically important” banks and increase mandated capital conservation buffers by as much as 4 percent. The proposal establishes five broad categories ...
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Article
In 2015, ACA Compliance Will Be an Even Greater Challenge
Image: The Affordable Care Act may be a familiar headache for corporate compliance officers, but even the best-prepared companies can expect fresh pain in 2015. “There are going to be many that find themselves in at least technical non-compliance,” says John Haslinger of ADP. “They thought they understood it, but ...
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Article
Seasonal Employees Can Bring Not-So-Merry Risks
Image: For any company that depends on seasonal workers, don’t overlook the need to give that group compliance training. Even temporary workers need to review the Code of Conduct and have access to the reporting hotline. “There are no exemptions in what constitutes an effective compliance program ... for short-term ...
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Blog
SEC Disclosure Simplification Bill Approved in House
Image: A bill intended to help public companies streamline their disclosures has been unanimously approved by the House of Representatives. The Disclosure Modernization and Simplification Act, sponsored by Rep. Scott Garrett (R-N.J.), allows issuers to submit a summary page on annual Form 10-K filings. It also gives the SEC a ...
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Blog
OCC’s Curry Details Regulatory Relief for Small Banks
Image: In a recent speech, Comptroller of the Currency Thomas Curry floated some regulatory reforms that could make compliance easier for small- and medium-sized banks, including a new examination cycle for healthy banks. “It’s important that they, like other businesses, have the flexibility to adapt to changing economic and ...
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Blog
CFTC Dives Back into Position Limits, Reopens Comment Period
Image: Dec. 2—The Commodity Futures Trading Commission is once again girding for battle over a controversial plan to impose position limits on futures contracts. On Dec. 3, notice was published in the Federal Register to announce the reopening of a public comment period on rulemaking that was put on hold ...
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Blog
Podcast: Getting a Grip on Legal Entity Compliance
Not only is identifying every party to a financial transaction complex, regulators are paying closer attention to the topic, known as legal entity management. In this week’s podcast, we talk to Ron Jordan, chief data officer for the Depository Trust and Clearing Corp., a post-trade financial services company, about improving ...
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Podcast
Podcast: Getting a Grip on Legal Entity Compliance
Legal entity management, identifying every party to a financial transaction, is far easier said than done for financial institutions. Complex or not, regulators are paying attention and will continue to increase their scrutiny. In this week’s podcast, we talk to Ron Jordan, chief data officer for the Depository Trust and ...