All Compliance Week articles in Web Issue – Page 650
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Blog
ProcessUnity Enhances Cloud-based Apps for GRC Management
ProcessUnity, a provider of cloud-based applications for governance, risk and compliance management, recently announced the unveiling of new features and enhancements across 24 key application areas—all designed to expand data access, eliminate manual processes, and ensure overall program and user effectiveness. Details inside.
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Article
CCOs Playing a Stronger Role in Data Privacy Practices
Image: As data privacy laws proliferate, they are creating a web that traps how corporations use personal data in their operations. The challenge for compliance officers: how to play a more strategic role and ensure your business doesn’t get stuck. “The inclusion of the CCO function in defining controls related ...
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Blog
The Man From FCPA Arrives
Today, I begin a blogging series for Compliance Week as The Man From FCPA. Our goal is to provide you with up-to-date information on all things related to the Foreign Corrupt Practices Act and anti-corruption overall. I will cover FCPA issues that have a U.S.-centric focus, and also other anti-corruption ...
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Final Pay Ratio Rule Gives a Few Compliance Breaks
Image: Some good news now that the SEC’s much-maligned pay ratio disclosure rule is here: Companies forced to disclose that comparison of CEO compensation to pay of the median employee might find the final rule less onerous than the original proposal from 2013. “The biggest surprise is that the SEC ...
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FAQs, but Few Answers, on Iran Deal Implications
Image: Questions abound on the U.S.-Iran nuclear deal. Assuming the agreement comes into force, what does that mean for compliance officers? Nothing easy, as your sanctions effort must shift to more complex due diligence efforts. “The sanctions world is moving from an entity-based inquiry to an entity- and activity-based inquiry. ...
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Rotation Capital Names Chief Compliance Officer
Rotation Capital, an SEC-registered alternative asset management firm, has appointed Marshall Terry as chief compliance officer. Terry also has been appointed a managing director and chief operating officer. Details inside.
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DASH Financial Appoints Chief Compliance Officer
DASH Financial, an institutional agency broker-dealer, has appointed Erin Preston as chief compliance officer. Preston will be responsible for DASH's compliance strategy and will be a key stakeholder in the execution of the firm's business strategy as in--house counsel. Details inside.
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Article
Comment Letter Conversations Get a Bit Easier
Those awkward conversations you have with SEC staff when they comment on your periodic filings? They’re getting easier. The number of comment letter conversations has fallen 50 percent in the last five years, suggesting overall improvement in financial reporting. “Obviously internal controls have gotten better at companies, and that certainly ...
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Article
Taxing Times Ahead on Revenue Standard
Among the many issues companies must address as they adopt the new revenue recognition standard, tax consequences are gaining more attention. The IRS is seeking comment on how burdensome tax reporting might become, and the standard’s fundamental shift in recognizing revenue could make the burden quite heavy. “There’s a lot ...
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‘Outsider Trading’ Crackdown Announced
The Justice Department and SEC both announced high-profile cases on Tuesday against a large group of hackers and traders. Over a five-year period, the group allegedly carried out a scheme that involved hacking more than 150,000 confidential press releases from the computer networks of Marketwired, PR Newswire Association, and Business ...
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Article
SEC Pushes New Limits on Cyber-Security, Securities Fraud
Another byproduct of life in the cyber-security age: The SEC is redefining insider trading to focus more on improper trading, even if you are a thief mining a company for inside information without actually working there. The misconduct—called, yes, “outsider trading”—seems to be an SEC-enforceable offense so far, and it ...
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Blog
On the Death of Cecil the Lion and the FCPA
By now most everyone knows that in July, U.S. citizen and big game hunter Walter Palmer traveled to Zimbabwe and then shot and killed Cecil the Lion, a protected animal. What does that have to do with the Foreign Corrupt Practices Act? Quite a lot, columnist Tom Fox notes. This ...
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Eastern Bank Taps Former CFPB Deputy Director as CCO
Eastern Bank, a full-service commercial bank headquartered in Boston, announced this week that it has appointed Steven Antonakes as chief compliance officer. Antonakes most recently served as Deputy Director and the Associate Director for Supervision, Enforcement, and Fair Lending at the Consumer Financial Protection Bureau. Details inside.
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Blog
FASB Proposes Fixes to Narrow Hedge Accounting Issues
FASB is proposing some changes to hedge accounting rules to help companies apply the rules consistently. One proposed update would try to resolve varied approaches around a four-step decision sequence to determine whether certain instruments should be treated as embedded derivatives; another addresses questions about whether a change in counterparty ...
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Blog
Flying Into Uncontrollable Regulatory Trouble
Image: At a theoretical level, effective compliance programs are fairly straightforward: Risky activity is found; control is implemented; regulatory compliance is achieved. In practice … well, compliance officers may have tougher times ahead. This week, Editor Matt Kelly takes the example of the humble unmanned drone and looks at a ...
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Blog
Former Wells Fargo Compliance Officer Wins SEC Case
A former compliance officer of Wells Fargo Advisors who faced an enforcement action by the Securities and Exchange Commission last year for allegedly altering a document before it was provided to the SEC during an investigation has won dismissal of her case. “Wells Fargo clearly had much deeper and more ...
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Blog
NCR Dodges FCPA Enforcement Action by SEC
NCR, an automated-teller machine company, recently announced that the Securities and Exchange Commission has decided not to recommend an enforcement action against it in connection with a previously disclosed investigation into potential violations of the Foreign Corrupt Practices Act. The allegations related to the company’s compliance with the FCPA and ...
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Blog
Vantage Drilling Company Self-Reports FCPA Probe
Offshore drilling contractor, Vantage Drilling Company, announced this month in a filing with the Securities and Exchange Commission that it has launched an internal investigation into potential violations of the Foreign Corrupt Practices Act. Vantage said it is investigating allegations in connection with an agent's "role in obtaining bribes on ...
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Blog
CAQ Names Senior Director of Professional Practice
The Center for Audit Quality has hired Catherine Nance as senior director of Professional Practice. In her new role, Nance will lead the CAQ’s regulatory and public policy initiatives and activities. Details inside.
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Blog
Standard Chartered Beefs Up Efforts to Combat Financial Crime
London-based Standard Chartered today announced a trio of appointments as the banking giant continues to beef up its efforts to combat financial crime following multiple enforcement actions by U.S. enforcement authorities in 2012. One of those appointments includes a new head of sanctions compliance. Details inside.