All Compliance Week articles in Web Issue – Page 626
-
Blog
457 Hospitals to Pay $250M in False Claims Act Case
The Department of Justice today reached 70 settlements totaling more than $250 million involving 457 hospitals in 43 states to resolve allegations that these hospitals implanted cardiac devices in Medicare patients in violation of Medicare coverage requirements. “In terms of the number of defendants, this is one of the largest ...
-
Blog
SEC Approves Crowdfunding, Plots Changes to Reg D Offerings
Nearly four years in the making, the SEC has approved Regulation Crowdfunding, permitting startups and small businesses to raise capital by offering and selling securities through crowdfunding. The Commission also advanced proposals that, if approved at a later date, will amend rules pertaining to capital formation through the Regulation D ...
-
Blog
The UN, Corruption, and Internal Investigations
Image: Another corrupt scandal hit the United Nations recently. The claim was made that a former General Assembly president had engaged in receiving bribes and other corruption from a Chinese businessman (and perhaps others). Other than yet another embarrassment for the United Nations, the allegations are nothing unusual so far. ...
-
Blog
Justice Department Ends Bristol-Myers Squibb FCPA Probe
The Department of Justice has ended its investigation into allegations that pharmaceutical giant Bristol-Myers Squibb violated the Foreign Corrupt Practices Act. Earlier this month the company reached a $14 million settlement with the SEC for FCPA violations relating to certain sales and marketing practices in China. More inside.
-
Blog
FASB Plans to Drop Step 2 of Goodwill Impairment Test
Image: FASB plans to drop the second step in the current two-part test to determine goodwill impairment, a nod to public companies eager for a simpler approach to deciding writedowns. Greg Franceschi, managing director at valuation firm Duff & Phelps, says, “By removing the second step of the test when ...
-
Blog
Where Valeant, and Corporate America, Went Wrong
Image: The big political story this week was the Republican presidential debate, and candidates’ usual complaints that too many Americans are falling behind economically. The big corporate governance story, meanwhile, has been the unraveling of Valeant Pharmaceuticals. The two are tied, Compliance Week editor Matt Kelly writes—since Valeant’s misplaced corporate ...
-
Blog
Justice Department Names GM Monitor
The Department of Justice announced this week that it has approved the appointment of Bart Schwartz to serve as the monitor for General Motors. The monitor appointment is part of a deferred prosecution agreement GM reached with the Justice Department last month to resolve criminal charges for wire fraud and ...
-
Blog
BrandProtect Unveils threatSMART Cyber-Security Solution
BrandProtect, a provider of cyber-threat detection and risk mitigation solutions, this week unveiled threatSMART, the latest generation of its comprehensive suite of enterprise cyber-security services. threatSMART combines comprehensive, automated external cyber-threat monitoring, advanced analysis by the BrandProtect team of military-grade threat analysts, powerful new reporting, and numerous other usability and ...
-
Blog
Exiger Adds Two New Anti-Corruption Experts
Exiger, a global regulatory and financial crime, risk and compliance firm this week announced the appointments of two new associate managing directors, Eunice Lee and Anna Friedberg, to be based in the firm's New York office. Both women bring extensive anti-corruption expertise to the firm. More inside.
-
Blog
Warner Chilcott to Pay $125 Million in False Claims Act Case
Warner Chilcott U.S. Sales, a subsidiary of pharmaceutical maker Warner Chilcott, today reached a $125 million settlement with the Department of Justice to resolve charges of healthcare fraud. The company pleaded guilty to criminal charges that the company paid kickbacks to physicians throughout the United States to induce them to ...
-
Blog
CST Hires Chief Compliance Officer
Canada-based CST Trust Company announced that Mark Mulima has joined the company as senior Canadian counsel, chief compliance officer, and corporate secretary. As chief compliance officer, Mulima will be responsible for ensuring that all areas of the company meet compliance responsibilities and applicable laws and regulations. More inside.
-
Resource
Managing the Insider Threat with Active Directory Security
Active directory is a prime target for attackers due to its importance in authentication and authorization for all users. Unfortunately, these breaches don’t always originate from the outside. Read this white paper to explore how a typical insider threat unfolds, and how to use best security practices to defend your ...
-
Blog
SEC Expects Year-End Disclosures on Revenue Rule Plans
Image: SEC Chief Accountant Jim Schnurr has advised audit committees to get involved in overseeing implementation of the new revenue standard, which takes effect in 2018. Schnurr said that should include disclosures about how the standard will affect financial statements. “We expect the level of these disclosures to increase and ...
-
Blog
SEC Expects Year-End Disclosures on Revenue Rule Plans
Image: SEC Chief Accountant Jim Schnurr has advised audit committees to get involved in overseeing implementation of the new revenue standard, which takes effect in 2018. Schnurr said that should include disclosures about how the standard will affect financial statements. “We expect the level of these disclosures to increase and ...
-
Blog
White: As Securities Offerings Change, SEC Adapts
Recent years have seen significant changes in terms of how securities offerings are conducted, with many of the recent regulatory reforms for public offerings the result of the JOBS ACT. At a conference in New York City on Wednesday, Securities and Exchange Commission Chairman Mary Jo White spoke about ...
-
Blog
ISS Details Proposed Policy Changes, Seeks Feedback
Institutional Shareholder Services has launched its 2016 benchmark voting policy consultation period. Policy topics for the U.S. market include unilateral amendments made by boards to company charters and bylaws without shareholder approval, director overboarding, and compensation at externally managed issuers. More inside.
-
Blog
SEC’s Financial Reporting Cases, Overall Activity Surge in FY 2015
SEC Fiscal Year 2015 enforcement results revealed that for the year ended Sept. 30, 2015, the Commission filed a record-high 807 enforcement actions and obtained orders totaling approximately $4.2 billion in disgorgement and penalties. Of these 807 enforcement actions, 507 were “independent actions,” with the other 300 actions being either ...
-
Blog
CW Europe: A View From the U.K. Serious Fraud Office
Image: The general counsel of Britain’s Serious Fraud Office, speaking at the Compliance Week Europe conference in Brussels this week, said the SFO hopes to have several deferred-prosecution agreements in place by the end of this year for companies the agency has been investigating for misconduct. Alun Milford provided no ...