All Compliance Week articles in Web Issue – Page 518
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Blog
Bank regulators back scaling of CECL model for smaller banks
Bank regulators issued a year-end Q&A on new credit loss rules to assure examiners and institutions understand that scaled modeling of loan loss allowances is permitted. Tammy Whitehouse explores.
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Blog
How General Cable’s FCPA mess looks to the past and the future
General Cable’s sprawling FCPA enforcement action seemed to go everywhere at once. Tom Fox explains.
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Article
Muddled Brexit thinking or ‘she’s kidding herself’ thinking?
Facing an exodus of diplomatic talent, the United Kingdom simply won’t have the brainpower and expertise to navigate its numerous post-Brexit challenges, Paul Hodgson writes.
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Blog
Deutsche Bank, Credit Suisse reach combined $12.5B settlements
Deutsche Bank and Credit Suisse last month agreed to pay a combined $12.5 billion in penalties related to the packaging, securitization, marketing, sale, and issuance of residential mortgage-backed securities, whereas Barclays and several of its U.S. affiliates are battling a civil complaint over similar claims. Jaclyn Jaeger reports.
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McKesson to pay $150M in prescription drug probe
Drug distributor McKesson will pay a record $150 million civil penalty for alleged violations of the Controlled Substances Act, the Justice Department announced today. The settlement also imposes new and enhanced compliance obligations, as well as an independent monitor—the first independent monitor of its kind in a CSA civil penalty ...
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Article
Inditex €585m (U.S.$626M) tax sidestep could have big ripple effects
A massive tax avoidance scheme by a global clothing retailer could promote much tighter corporate tax rules across Europe. Neil Hodge reports.
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Article
Does tax reform mean tax risk for companies with deferred positions?
In the face of tax reform, companies with deferred tax assets on balance sheets could be looking at hits to earnings. But, asks Tammy Whitehouse, is that a risk to disclose to investors?
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Article
Congressional blitzkrieg seeks to downsize regulatory regime
Even before Inauguration Day, the House of Representatives was fast-tracking legislation intended to scale back regulatory rulemaking. Joe Mont reports.
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Blog
Companies get proactive to control audit costs, report says
Companies are mitigating increases in audit fees, and in some cases are even reducing audit costs, using some key tactics outlined in a new report. More from Tammy Whitehouse.
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Article
As SEC broadens international enforcement focus, compliance efforts must adapt
Under Mary Jo White, the SEC greatly expanded its focus on cross-border enforcement, adding risk and compliance challenges for companies wherever they are based. Joe Mont reports.
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Blog
Rolls-Royce responds to $800M global resolution in FCPA case
British engineering company Rolls-Royce has agreed to pay the United States nearly $170 million as part of an $800 million global resolution with U.S., U.K., and Brazilian authorities into a long-running bribery scheme. Jaclyn Jaeger reports.
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Article
SEC oversight in the Digital Age
Big Data is the compliance buzzword of the day, but at the SEC, high technology is both a challenge and an opportunity. Jaclyn Jaeger has more.
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Article
Debating ‘anything of value’ under the FCPA
Are U.S. enforcement agencies interpreting the term “anything of value” under the FCPA too broadly? Jaclyn Jaeger explores both sides of the debate.
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Blog
In final speech, Chair White reflects on an SEC under attack
In what may be her final public remarks as SEC chairman, Mary Jo White said that political gamesmanship and current legislative climate could erode the agency’s independence and “cripple” enforcement efforts. Joe Mont has more.
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OSHA unveils whistleblower anti-retaliation framework
OSHA has released its long-awaited guidance on best practices for whistleblower anti-retaliation programs. The recommended framework can be used to create and implement a new program or to enhance an existing program, writes Joe Mont.
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Labor Department offers FAQ on fiduciary rule
The Department of Labor has released a second series of “frequently asked questions” on its controversial “fiduciary duty” rule for advisers who are paid to make recommendations about retirement accounts. Joe Mont has more.
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Blog
Wither the attorney-client privilege?
Attorney-client privilege is once again under siege, writes Tom Fox—this time in a lawsuit being brought by the former general counsel of Bio-Rad, Sanford Wadler, who is suing his former employer for wrongful termination.
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Blog
Moody’s to pay $864M arising from conduct leading up to financial crisis
Moody’s Investors Service, Moody’s Analytics, and their parent, Moody’s, have reached a nearly $864 million settlement agreement with the Department of Justice, 21 states, and the District of Columbia to resolve allegations arising from Moody’s role in providing credit ratings for residential mortgage-backed securities and collateralized debt obligations. Jaclyn Jaeger ...
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Blog
Disparaging a speak-up culture
Tom Fox explores the recent case of JPMorgan Chase when an employee’s former manager added material to a terminated employee’s file post termination to beef up the excuses for the termination. Not a good sign, says Fox, and possibly a sign of an ineffective compliance program.
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Blog
Next in line for regulatory troubles, Fiat?
Fiat, which was recently flagged by the EPA for pollution violations, could be a reminder to companies to scour the news for details on any regulatory investigations of their peers and perhaps to begin scrutinizing their own books and records, says The Man From FCPA Tom Fox.