All Compliance Week articles in Web Issue – Page 643
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Blog
Reserve Bank of New Zealand Contracts With Wynyard
Software provider Wynyard Group announced today that it has won a new contract with The Reserve Bank of New Zealand (RBNZ) to provide Wynyard risk management software. RBNZ is New Zealand's central bank, responsible for operating monetary policy to maintain stable prices and assisting the functioning of the country's financial ...
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Condor Hospitality Trust Names New Chief Accounting Officer
Condor Hospitality Trust (formerly Supertel Hospitality), a hotel-focused real estate investment trust, has appointed Arinn Cavey as chief accounting officer. Details inside.
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Blog
Transocean General Counsel Departs
Transocean, an international provider of offshore contract drilling services for oil and gas wells, this week announced that Lars Sjöbring, senior vice president and general counsel, has informed Transocean that he will be leaving the company. More inside.
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Blog
FASB Plans Disclosure Changes for Uncertain Tax Positions
FASB has tentatively decided to revise disclosure of uncertain tax positions, by dropping the current requirement for companies to disclose the nature and estimate of the range for a reasonably possible change in the unrecognized tax benefit balance in the next 12 months. More inside.
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Do You Have a Windows 95 FCPA Compliance Program?
I find the world of sports to be a rich source of tutorials on things not to do for the FCPA compliance practitioner; from suspending Tom Brady for events which happened after DeflateGate, to the St. Louis Cardinals hacking the Houston Astros (of all teams) to steal secrets around player ...
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Medytox Solutions Names Chief Compliance Officer
Medytox Solutions, a holding company that owns and operates businesses in the medical services sector, has appointed Steven Burdelski as chief compliance officer. Burdelski will lead the compliance department in reviewing and evaluating compliance issues and concerns. Details inside.
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Blog
From Bad to Worse for Apple Day-Trader Sued by SEC
Things looked like they couldn't get much worse for an Apple day-trader sued by the SEC in February 2015 for a scheme that was allegedly quite audacious. But they just did.
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Third Citigroup Compliance Update Posted
More than one year after Citigroup’s $7 billion landmark settlement with the government to resolve a federal investigation into the sale of sub-prime mortgages comes the third report on the bank’s progress. Details of the report include an assessment of Citi’s consumer relief efforts through March 31 and a review ...
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The Seibels Bruce Group Names Chief Risk Officer
The Seibels Bruce Group, an insurance services provider of business process outsourcing solutions, has appointed Adrian Brown to chief risk officer. More inside.
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Court Gives SEC Deadline to Act on Extractive Payments Rule
A federal district court has ordered the SEC to get moving with its long-delayed requirement to adopt a rule for oil, gas, and mining companies to disclose payments made to foreign governments. Ruling on a lawsuit brought against the SEC by Oxfam America, the judge concluded that the SEC “unlawfully ...
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FASB Explains Changes to 2016 GAAP Taxonomy
FASB has issued notes explaining the changes to the proposed 2016 XBRL taxonomy, including simplifying the income statement and the presentation of debt issuance costs, among other changes. “While some of these changes may impact a significant number of filers, the feedback received from constituents was to eliminate inconsistencies and ...
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Blog
SEC Cites 'Analysis and Detection Center' in Recent Insider Case
A litigation release announcing the SEC’s headline-generating case against former JPMorgan analyst Ashish Aggarwal for insider trading included an interesting note: The Enforcement Division’s Market Abuse Unit was able to detect the insider trading “through trading data analysis tools in its Analysis and Detection Center.” This marks the first time ...
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More on Poverty, Bribery, and Compliance
Image: Earlier this week I wrote about poverty: how its brutal reality makes corporate compliance programs so difficult to implement, because people in emerging markets (foreign officials and employees alike) need to take bribes to survive. Then came a recent conversation with a foreign official in said emerging markets, and ...
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Blog
Google Facing Some Intense Heat in Europe
Image: European companies may now find it easier to file potential damages suits against Google, thanks to an independent platform calling on individuals and entities to proffer any civil claims regarding Google’s anticompetitive behavior. The “Google Redress and Integrity Platform” comes at a time when Google is facing several investigations ...
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Banks Fear EU Privacy Rules Will Make Fraud Harder to Detect
Image: Bankers are claiming new EU privacy laws may end up doing more harm than good, as they will prevent banks from detecting fraud and terrorist financing. Consumer rights groups disagree, arguing that the updated laws will pave the way for more transparency and force banks to behave more responsibly ...
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Blog
Societe Generale Appoints New Group Chief Compliance Officer
Societe Generale has appointed Gilles Briatta as general secretary and group chief compliance officer, effective as of Sept. 1. In his new role, Briatta will become a member of the group’s executive committee. More inside.
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Blog
FCPA and Pursuing Foreign Officials: The Mikerin Example
Image: Many Europeans wonder why the U.S. Justice Department does not prosecute foreign officials who receive bribes in violation of the FCPA. The reason, according to CW blogger Tom Fox, is that the FCPA is a supply-side law that does not criminalize the receipt of bribes. But the Justice Department ...
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Article
How Bad Is SEC Politicking? Pretty Bad
Image: That the SEC endures its share of politics is not exactly news—but the amount of politics, and the sheer partisan in-fighting at the agency? That’s rising. Split votes are more common, published dissents from commissioners more frequent. “Sometimes when I see what’s going on now, I’m sorry I ever ...
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Blog
FASB Proposes Gross-Net Guidance on Revenue Recognition
FASB has proposed an update to its revenue recognition standard to clarify when an entity is acting as the principal in its interaction with a customer or when it is an agent for some other entity, helping a company determine if it should recognize revenue on a gross or net ...
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Article
ISO 20022: Tepid U.S. Embrace for New Financial Standard
Image: The push to adopt a new ISO standard for financial transactions is gaining momentum on a global scale—even as the United States continues to weigh the business case for it. “It’s important because it is seen as the standard that all new financial transactions will move to over time,” ...