All Compliance Week articles in Web Issue – Page 627
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Blog
Companies Lag in Assessing New Revenue Rules, Survey Shows
Image: A recent survey of 335 finance executives by PwC and Financial Executives Research Foundation found that 27 percent of executives said their companies had not yet started an initial impact assessment of the new revenue standard as of summer 2015, and 48 percent had started but not completed it ...
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Blog
SEC Offers Proxy 'Unbundling' Guidance for M&A Deals
The Security and Exchange Commission’s Division of Corporation Finance has released new guidance, in the form of two Compliance and Disclosure Interpretations, concerning proxy bundling in the context of mergers and acquisitions. The Exchange Act requires proxies to clearly and impartially identify each “separate matter” to be acted upon, ...
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Article
When a Board Member Goes Bad
Image: Investigations into rumors of misconduct are part of a compliance officer’s job. Seldom, however, is the task as delicate as when investigating a board member. “You need to think about making decisions knowing that the facts may end up completely different, once it is all done,” Adam Frankel, general ...
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Article
Enforcement Action May Be Omen of SEC’s Cyber-Security Plans
An investment adviser firm in St. Louis has become the (painful) test subject for the SEC’s attitude on cyber-security matters. The case, observers say, is a warning that the agency is moving away from guidance and toward enforcement. So what will the SEC consider to be “reasonable” security efforts? Will ...
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Article
Distilling Compliance Lessons of U.S. Sanctions Laws
Crédit Agricole, fined nearly $790 million last week for violations of U.S. sanctions law, is the latest cautionary tale on this particularly nettlesome patch of corporate compliance. Penalties for sanctions lapses are surging, and the regulations themselves are growing exponentially more complicated. Sanctions compliance was a prime topic at one ...
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Article
Mending the Data Privacy Gaps of the EU Safe Harbor Ruling
Image: Three weeks after Europe’s top court demolished the 15-year-old Safe Harbor Program to transfer personal data from Europe to the United States, thousands of U.S. companies that used the program are still scrambling to fill data privacy gaps. “To lean back and see how things play out is not ...
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Article
How to Worry About M&A Accounting in This Year’s Audit
Image: Merger activity is booming this year. That means plenty of scrutiny from audit firms in the coming year-end audit, since the firms themselves are under PCAOB pressure to be more skeptical of fair value, provisional figures in financial statements, and the like—all crucial to accounting for M&A deals. “Audit ...
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Blog
Compliance and the Zeitgeist in Germany
I have always been fascinated with the zeitgeist. In the world of anti-bribery and anti-corruption compliance, one rarely has the chance to observe the zeitgeist in action. However I think we are now seeing it play out in Germany in a public way. It all involves the Made in Germany ...
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Article
Let’s Change the Way We Talk About Controls
This month’s edition of the GRC Illustrated Series from Compliance Week and OCEG discusses how to address threats to the company while recognizing opportunities. Inside, learn about the integrated approach to an internal control environment that uses proactive, detective, and responsive management actions and controls to achieve principled performance.
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Blog
New Database Tracks SEC Enforcement Actions Against Public Cos.
A new, publicly-available database known as "SEED" tracks SEC enforcement actions against public companies. The database, from NYU and Cornerstone Research, will also provide the basis for ongoing academic analysis of trends in SEC enforcement.
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Blog
The U.S. Financial Reporting System, Circa 2015: Are We OK?
Not long ago a foreign student in financial reporting put a question to columnist Robert Herz: Why is the United States falling behind in financial reporting? The questioner cited three points—accounting standards, expanded audit reports, and sustainability reporting—as reason for his position. This week, Herz re-examines U.S. performance on those ...
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Blog
SEC Readies Crowdfunding Rule for Friday Vote
The wait is over. On Oct. 30, the Securities and Exchange Commission will vote on long-delayed rulemaking, mandated by the JOBS Act,that will allow for the offer and sale of securities. A proposed rule, dating back to October 2013, established guidelines for investors and rules for issuers that want ...
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Blog
Northern Powers Systems General Counsel to Resign
Northern Power Systems, a next generation renewable energy technology provider, announced that Elliot Mark, vice president, general counsel, and corporate secretary, has provided written notice of his intent to resign his positions, effective Nov. 13.
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Blog
Datamyne Acquires Zepol
Datamyne a global business intelligence based on multinational trade data, announced that it has completed the acquisition of Zepol, a Minneapolis-based provider of online trade data tools. More inside.
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Blog
Voya Financial Names New Chief Accounting Officer and Controller
Voya Financial has appointed C. Landon Cobb as chief accounting officer and controller, effective Nov. 1, 2015. Cobb, who has more than 20 years of accounting experience in the insurance and financial services industries, will report to Chief Financial Officer Ewout Steenbergen. More inside.
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Blog
The Schrems Decision and Compliance
Image: While the recent Schrems decision has seen a signifcant focus on the lack of U.S. data privacy protection from government or company intrusion, CW’s FCPA blogger Tom Fox says the decision also raises issues with hotlines and internal investigations. With these two key components of any best practices ...
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Resource
Challenged by the OFAC 50% Rule?
Is your organization depending on self-reported data to onboard, monitor, and assess risk? Updated Office of Foreign Assets Control (OFAC) guidance from the Department of Treasury has pushed businesses to have rigorous due diligence measures in place to understand the corporate ownership structure of their partners, third parties, customers, and ...