All Compliance Week articles in Web Issue – Page 650
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Blog
Report: CEOs Already Raked in More Than the Average Employee
By the end of the first Tuesday of 2016, FTSE 100 chief executives will have earned more than the average full-time employee, said a report released by U.K. think-tank High Pay Centre. The survey said that chief executives were paid out roughly £4.96 million a year, while the average U.K. ...
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Blog
For 2016, a Mix of Trends Both Old and New
A look back at 2015 predictions from CW columnists Stephen Davis and Jon Lukomnik—where they went right and where they veered off track. Also, their predictions for the coming year: among other things, a separation of the board chair and chief executive officer roles; more attention paid to environmental issues ...
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Article
New Sentencing Guidelines Could Alter Fraud Prosecutions
Image: Several important changes to the federal Sentencing Guidelines could drastically reduce the sentences imposed for violations of fraud and antitrust laws, even as the Justice Department heightens its focus on prosecuting individuals in corporate misconduct cases. “Some of the changes in the Sentencing Guidelines are a step in the ...
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SEC Watch: No Respite on Regulatory Reform in 2016
If the SEC had hoped that clearing its plate of most Dodd-Frank Act and JOBS Act mandates would make 2016 a year to focus on other initiatives, well, Washington has other ideas. The agency will be busy with a new round of rulemaking thanks to the FAST Act, plus ongoing ...
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FASB Publishes Final Standard on Recognition and Measurement of Financial Instruments
Image: A decade in the making, public companies now have a new standard that tells them how to measure and recognize the value of financial assets and financial liabilities in financial statements. Accounting Standards Update No. 2016-01 rewrites certain requirements under the Accounting Standards Codification for how to recognize, measure, ...
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Article
FCPA Enforcement Trends to Watch in 2016
Image: A recalibrated focus by the government on individual culpability, expanding cross-border cooperation and prosecutions, and hordes of new whistleblower complaints are just a few upcoming enforcement trends that are expected to elicit some big compliance headaches in 2016. “The FCPA Unit, it seems to us, is working as hard ...
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Article
Q&A: Perspective on New York’s New AML Requirements for CCOs
Image: Officials in New York have proposed a slate of new anti-money laundering regulations for financial institutions that fall under that state’s regulatory regime and supervision. It would require CCOs to submit annual certifications, with the threat of criminal liability for false or misleading statements, on the effectiveness of their ...
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Year in Review: Regulatory Enforcement in Europe
Image: For compliance officers in Europe, 2015 has been a big year. Aside from focusing on reporting wrongdoing and promoting a speak-up culture, watchdogs have been keeping compliance practitioners busy with a barrage of regulations that show no sign of easing. As compliance officers wonder to what degree the past ...
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Blog
Dennis Muchmore to Join Honigman
Dennis Muchmore, chief of staff for Michigan Governor Rick Snyder, will be joining the law firm Honigman Miller Schwartz and Cohn on Feb. 1. At Honigman, Muchmore will lead the firm’s government relations and regulatory practice group.
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Article
Auditing World Braces: More ICFR Attention, Big Rule Changes
Image: Expecting a letup in the scrutiny of internal controls? Forget it: 2016 promises to be another intensive year for ICFR as all sides sharpen their understanding of the subject. “Internal control over financial reporting will remain on everyone’s radar,” says Cindy Fornelli, head of the Center for Audit Quality. ...
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Blog
UPS Appoints General Counsel and Corporate Secretary
UPS has named Norman Brothers as senior vice president, general counsel and corporate secretary, effective as of Jan. 1. He will join the UPS Management Committee, the company’s senior-most leadership group.
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Blog
U.S. Sues Volkswagen Over Clean Air Act Violations
Image: The Department of Justice, on behalf of the Environmental Protection Agency, today filed a civil complaint against Volkswagen over allegations that Volkswagen violated the Clean Air Act by installing illegal defeat devices that impaired emission control systems in nearly 600,000 diesel engine vehicles. In a statement, Barbara McQuade, U.S. ...
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Blog
CFPB Tries to Assuage Fears Over New Mortgage Disclosures
Image: Mortgage servicers, lenders, and aggregators received welcomed news from CFPB Director Richard Cordray, who wrote in a letter to the Mortgage Bankers Association that technical errors will mean non-compliance with new "Know Before You Owe" mortgage disclosure rules. Because “there inevitably will be inadvertent errors in the early days,” ...
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Blog
Former Bain Capital Compliance Officer Joins ACA Compliance Group
ACA Compliance Group, a compliance, cyber-security, risk, performance, and technology solutions provider to financial services firms, has named Alan Halfenger as partner. Halfenger has over 20 years of global compliance experience, most recently as global chief compliance officer at Bain Capital in Boston.
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Blog
LifeLock to Pay $100 Million in FTC Case
LifeLock last month agreed to pay $100 million to settle Federal Trade Commission contempt charges that it violated the terms of a 2010 federal court order requiring the company to secure consumers’ personal information and prohibiting the company from deceptive advertising. The settlement represents the largest monetary award obtained by ...
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Blog
Center on Executive Compensation Names Senior Strategic Advisor
The Center on Executive Compensation, a research and advocacy organization that seeks to provide a principles-based approach to executive compensation policy from the perspective of the senior human resource officers of leading companies, has appionted Richard Floersch as senior strategic advisor.
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Blog
Nielsen Elects New Chairman
Nielsen Holdings, a global performance management company that provides a comprehensive understanding of what consumers watch and buy, has elected James Attwood as non-executive chairman of its board of directors, effective as of Jan. 1. Attwood succeeds David Calhoun who served as executive chairman of the board since 2014.
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Blog
Former Rep. Michael Oxley, Co-Author of "SOX," Dies at Age 71
Image: Former U.S. Rep. Michael G. Oxley, co-author of the landmark Sarbanes–Oxley Act of 2002 (SOX), died Jan. 1, 2016, at age 71. SOX was enacted July 30, 2002, in response to a series of massive accounting scandals involving public companies such as Enron and Worldcom. In March 2012, Oxley ...
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SEC.gov's Top 10 News Stories, Search Terms in 2015
As it similarly did at the end of 2014, the SEC announced "Top 10" lists this week for the most popular search terms and news releases on the SEC website (SEC.gov) in 2015.
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Blog
New OFAC Sanctions Rules Target Cyber-Attacks
The Treasury Department has implemented new rules that execute an executive order issued in April by President Barack Obama authorizing sanctions against countries and foreign nationals involved in cyber-attacks against U.S. citizens, companies, or government agencies. The rules formalize a strategy used to increase sanctions against North Korea in response ...