All Compliance Week articles in Web Issue – Page 202
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CJEU ruling opens Facebook, others to greater GDPR liability
The EU’s top court ruled any of the bloc’s national data protection authorities can pursue a privacy complaint against Facebook or any other Big Tech firm and not just the supervisory authority where the company has its European headquarters.
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Lina Khan’s rise to FTC chair suggests aggressive antitrust enforcement
Lina Khan’s elevation to chair of the FTC on the same day her nomination was confirmed by the Senate signals the Biden administration’s intention to aggressively address antitrust issues.
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Credit Suisse hires Goldman Sachs veteran as U.K. CCO
Credit Suisse has hired Nita Patel as its new chief compliance officer for the U.K. and EMEA regions. Of note, the bank was exposed to losses during the collapse of U.K. firm Greensill Capital.
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First American Financial settles SEC charges for cyber-security failures
First American Financial Corp. reached a $487,616 settlement with the SEC for failing to maintain cyber-security disclosure controls and procedures that exposed more than 800 million title insurance records containing sensitive customer information.
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Reported Amazon fine ($425M) ‘biggest test’ of GDPR enforcement yet
Amazon reportedly faces a fine of more than $425 million under the GDPR that would show EU regulators firmly have Big Tech companies—and their practices—in their crosshairs.
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SEC adds Renee Jones as Corporation Finance head; John Coates to be GC
The Securities and Exchange Commission has tapped Renee Jones to be director for the Division of Corporation Finance, while the division’s acting director, John Coates, is set to take over as the agency’s general counsel.
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Activist investor win at ExxonMobil should be wake-up call for companies
The growing scope and influence surrounding environmental activist campaigns promises to spill well beyond 2021. Recent developments should inspire boards to reassess how their company’s environmental initiatives align with long-term shareholder value.
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SEC rulemaking list 2021: ESG, cyber-risk governance among highlights
The SEC’s spring 2021 rulemaking list is brimming with proposed regulations that would enhance ESG-related disclosures for public companies in areas like climate change, board diversity, human capital management, and cyber-security risk governance.
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SEC’s Gary Gensler stumps for SOFR, shares concerns with Bloomberg rate
SEC Chair Gary Gensler expressed his support for the Fed-backed Secured Overnight Financing Rate over the Bloomberg Short-Term Bank Yield Index, which he believes has similarities to LIBOR that could be manipulated.
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How global compliance works at the local level
For compliance officers working for global companies, it is important to understand the way different regions view compliance and how it may differ from your home country’s views.
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JBS USA confirms $11M ransom payment to hackers
Meatpacker JBS USA announced it paid the equivalent of $11 million in ransom in response to a May cyber-attack that impacted its operations in North America and Australia.
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SEC probing GameStop, others over ‘meme stocks’ craze
Video game retailer GameStop, whose market volatility earlier this year led the so-called “meme stocks” craze, disclosed it is cooperating with an investigation launched by the Securities and Exchange Commission.
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Guardian Life names chief ethics and compliance officer
The Guardian Life Insurance Company of America® announced Phil Pescatore will be its new chief ethics and compliance officer.
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Bitstamp appoints U.S. chief compliance officer
Cryptocurrency exchange company Bitstamp announced the appointment of Thomas Hook as its U.S. chief compliance officer.
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A decade later, Dodd-Frank remains unfinished. Will Gary Gensler’s SEC close it out?
When the Dodd-Frank Act passed in 2010, an urgency existed to enact its many provisions. A decade later, 11 of its rules remain unfinished. Will a change in leadership at the SEC get the law across the finish line?
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Study: Financial crime compliance costs climb 18 percent in 2020
Projected costs for financial crime compliance among financial services companies worldwide reached nearly $214 billion last year, according to the latest survey from LexisNexis Risk Solutions.
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Joe Murphy: Reflections of a compliance and ethics pioneer
Shortlisted for CW’s 2021 Lifetime Achievement award, Joe Murphy discusses blazing the trail in compliance and ethics, why incentives matter, and the single-most important skill of a compliance practitioner.
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Hardball politics at play in leadership changes at PCAOB, CFPB
No federal agency is truly immune from politics—even the ones that are supposed to be independent. That is what’s playing out at the PCAOB and CFPB as Democrats utilize similar tactics coined by their Republican counterparts.
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Tech giants support G7 global minimum corporate tax agreement
Finance ministers from the G7 reached an historic international tax agreement that will impose a new global minimum corporate tax. Among those expected to be most affected are technology giants, but they say they support the move.
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Activision Blizzard recruits chief legal officer from Boeing
Video gaming company Activision Blizzard announced the appointment of Boeing’s Grant Dixton as its new chief legal officer.