All Compliance Week articles in Web Issue – Page 649
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Article
Mitigating export control violations
Image: The U.S. Department of Commerce Bureau of Industry and Security is considering proposed rules that, on the one hand, would significantly raise the stakes for companies that run afoul of export control regulations but, on the other hand, bring greater transparency to the enforcement process. “The guidelines generally provide ...
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Blog
New Customs Database Triggers Regulatory Concerns
Image: By the end of 2016, the U.S. Customs and Border Protection will require that all cargo shipment details be reported through ACE (Automated Commercial Environment), a new electronic processing system. Use of this system, aimed at automating and consolidating border processing, brings with a number of challenges for both ...
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ArticleAssessing risks country-by-country
A new Transparency International report examining public sector corruption reveals both good news and bad news: More countries saw their anti-corruption scores improve, rather than decline—but corruption, overall, is still rife globally. Compliance and risk officers can use the benchmark to help reassess where to focus their due diligence and ...
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Blog
EU, U.S. Agree on New Safe Harbor Framework
The European Union and the United States have agreed on a new framework that will allow for trans-Atlantic data flows between Europe and the United States. The new arrangement will provide stronger obligations on U.S. companies to protect the personal data of Europeans and stronger monitoring and enforcement by the ...
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Article
Debate continues over the practice of quarterly reporting
Amid discussion about reforms to the SEC’s disclosure regime, perhaps no idea is as controversial as the rethinking of how frequently companies must disclose financial information. While it may seem a cornerstone of public filings, quarterly 10-Q financial statements have only been an SEC requirement since 1970. There’s now a ...
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Article
Revenue recognition: full retrospective, modified retrospective, or somewhere in-between
Companies looking to implement the new revenue standard are faced with the difficult choice of going full retrospective, modified retrospective, or somewhere in-between. Those at the forefront of implementing the standard are starting to favor the idea of presenting three complete years of historical data under the new rules, but ...
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Article
OCC will add "recovery plans" alongside big bank stress tests
The Office of the Comptroller of the Currency is seeking comment on “enforceable guidance” that will require banks with assets of $50 billion or more to create “recovery plans.” While resolution plans, orchestrated by the Federal Reserve and Federal Deposit Insurance Corporation, largely focus on liquidity and asset quality, the ...
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Blog
SEC Charges SAP With FCPA Violations
Germany-based software manufacturer SAP has agreed to give up $3.7 million in sales profits in a settlement with the Securities and Exchange Commission to resolve charges that it violated the Foreign Corrupt Practices Act when procuring business in Panama.
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Blog
The Swiss Tackle International Corruption
Last week the Swiss government announced that it had found improprieties in the conduct of the Malaysian government’s sovereign wealth fund, 1Malyasia Development Berhad. The problem for the government of Malaysia is that the sovereign wealth fund is headed by the country’s Prime Minister, who had over $700 million deposited ...
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Blog
Public Procurement Simplified Across the EU
A new system adopted by the European Commission that went into force last week considerably reduces the administrative burden for companies that want to have a fair shake at winning a public contract. According to the European Commission, simplification of the tender procedure is just one of the major elements ...
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Blog
Treasury Moves to Shine a Light on Real Estate Transactions
Recently, the U.S. Treasury Department said it would begin demanding to know the names of folks behind the shell companies, which ultra-wealthy foreigners use to hide behind multimillion-dollar real estate purchases. Efforts by the U.S. Treasury Department to police more closely large cash purchases of real estate as a method ...
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Blog
SEC Nudges Companies on XBRL Calculation Relationships
The SEC has updated its ongoing “Frequently Asked Questions” document on interactive data disclosures to address when calculation relationships, which provide key information to show relationships among elements and their corresponding numeric facts, are required in XBRL filings. The FAQs come in response to the SEC’s issuance of a “Dear ...
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Blog
Ensco Names General Counsel and Secretary
U.K.-based Ensco, a global provider of offshore drilling services to the petroleum industry, has named Michael McGuinty as general counsel and secretary, effective Feb. 1. He will be based in London. McGuinty succeeds Ron Potter, associate general counsel, who has been serving as interim general counsel.
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Resource
Information Governance Considerations and Big Data in The Financial Services Sector
Learn how you can manage Big Data in the financial services sector and protect yourself from an uncertain future.When it comes to information governance in the financial services sector, remember that:Scrutiny by regulators is increasing.Auditors need comprehensive context to examine and reconstruct a financial event properly.Any non-compliance that auditors do ...
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Blog
American National Appoints Chief Accounting Officer
American National Bankshares last month appointed Cathy Liles as chief accounting officer. She reports to Executive Vice President and Chief Financial Officer William Traynham.
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Blog
Ruth's Hospitality Group Chief Compliance Officer Retires
Ruth’s Hospitality Group has announced the retirement of John McDonald as general counsel, chief compliance officer, and corporate secretary. Beginning Feb. 1, McDonald will transition these roles to Alice Givens, lead in-house counsel at J. Crew Group.
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Blog
Sonic Appoints New Chief Accounting Officer
Sonic, a drive-in restaurant chain company, has apppointed Michelle Britten to the role of chief accounting officer. Britten previously served as controller.
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Blog
FASB Member Daryl Buck to Retire
The Board of Trustees of the Financial Accounting Foundation (FAF) last week announced that Financial Accounting Standards Board member Daryl Buck will retire from FASB, effective December 31, 2016. Buck was appointed to the FASB in February 2011 and is currently serving in his second term.
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Blog
HealthCare Partners Names General Counsel
HealthCare Partners, an independent medical group in America, has appointed Ilene Moore as general counsel, effective Feb. 1, 2016. With 19 years of legal experience, Moore joins HealthCare Partners from The Permanente Federation, where she was general counsel.
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Blog
Sweett Group Closes Middle East Business
Sweett Group, a British property management, construction and surveying company, announced today that the board has resolved to close its Middle East business and exit the region. In December 2015, the U.K. Serious Fraud Office confirmed that Sweett Group admitted to violating the Bribery Act, regarding conduct in the Middle ...