All Compliance Week articles in Web Issue – Page 652
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Blog
Apple, the FBI and a terrorist’s iPhone
As the FBI continues its investigation into the deadly San Bernadino terror attack from last December, it has run into an unlikely adversary in Apple, which has refused the Bureau’s requests to defeat the security measures of one of the terrorists’ iPhones. While the legal struggle over this raises the ...
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Blog
FASB, SEC offer new insights on XBRL
The Financial Accounting Standards Board has made some changes to the Development Taxonomy for any early adopters of FASB’s new standard on the recognition and measurement of financial instruments, adding elements that companies can use in submitting their financial statements in XBRL. The newest guide is the latest in a ...
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BlogVimpelCom to pay $795 million for FCPA violations
Amsterdam-based VimpelCom, a global telecommunication services provider, and its wholly owned Uzbek subsidiary, Unitel, yesterday reached a combined $795 million settlement with the U.S. and Dutch prosecutors for paying bribes to a government official in Uzbekistan, making it one of the largest global foreign bribery resolutions ever. VimpelCom will pay ...
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Blog
Big banks could face new recordkeeping requirements
The Federal Deposit Insurance Corporation has proposed new recordkeeping requirements for federally-insured institutions with more than 2 million customer accounts. The move is intended to facilitate rapid payment of deposits to customers if the institutions were to fail. Banks would be required to ensure that their information technology systems are ...
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Blog
Winter is coming
It is easy to see data that is slightly off and to accept it, but what happens when you start accepting data that deviates from your deviation? It sounds crazy, but it happens all the time. Perhaps one of the best ways to combat this kind of creeping non-compliance is ...
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Article
Financial world braces for expected credit loss rule
A pending new requirement for how banks should write down the value of troubled loans is providing a ringside seat for those in capital markets who want to understand how or why accounting and auditing are becoming more difficult by the day. FASB met with the Independent Community Bankers of ...
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Pressure builds on FASB as it finalizes lease standard
As the Financial Accounting Standards Board dries the ink on its pending new lease accounting standard that will bring lease assets and liabilities on to corporate balance sheets, more than a dozen trade and professional groups are making an eleventh-hour appeal for FASB to exempt private companies. The groups, which ...
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Blog
SEC dusts off Reg AC to charge former Deutsche Bank analyst
Today, the SEC announced that it has filed a settled administrative proceeding against Charles P. Grom, a former Deutsche Bank research analyst, for allegedly certifying a rating on a stock that was inconsistent with his personal view. The SEC alleged that Grom's conduct violated the analyst certification requirement of Regulation ...
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Nouy: bank regulation must be consistent, harmonised
Image: European banks are much improved since 2012, with greater stability and resiliency. A challenge, however, is to ensure consistent and equal rulemaking throughout EU member states. That was the prognosis offered by Danièle Nouy, chair of the supervisory board of the European Central Bank, during an address to European ...
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BlogEU implements plan to prevent falsified medicines
The European Medicines Agency and the European Commission have published a plan to prevent falsified medicines from entering the market. The regulation introduces two safety features: a unique identifier and an anti-tampering device to be placed on the packaging of most medicines. “The safety features will help protect European citizens ...
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Article
Compliance lessons in the healthcare sector
When enforcement actions against healthcare or life sciences companies arise, many choose to settle their cases prior to litigation, often resulting in a corporate integrity agreement with the Department of Health and Human Services Office of Inspector General. By carefully scrutinizing these agreements, compliance and audit teams in the healthcare ...
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Article
Failure is not an option
Image: As one of the world’s eight designated Systemically Important Financial Markets Utilities, the Options Clearing Corporation has what some might charitably describe as a heightened compliance profile. But thanks to the work of Chief Compliance Officer Richard Wallace and an enterprise-wide effort to build a world-league compliance program, the ...
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Blog
SEC Inspector General report finds no evidence of ALJ bias
In a recently-issued report, the SEC's Office of Inspector General concluded that there was no evidence to support allegations of bias on the part of Administrative Law Judges in the SEC's administrative proceedings. The allegation had surfaced in a May 2015 article in The Wall Street Journal.
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Article
Mitigating auditor liability
Image: Audit committee and external auditors who fail to reasonably carry out their responsibilities increasingly are finding themselves in the crosshairs of the SEC’s Division of Enforcement. “Over the past few years, the staff has really put a lot of focus into financial reporting and auditing enforcement matters. That means ...
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ArticleNASDAQ rule could tug on the ‘golden leash’ of activist directors
So-called “golden leash” arrangements occur when activist shareholders—typically hedge funds—pay a director or board nominee in connection with their service. Calling them “one area where investors may not have complete information,” NASDAQ submitted a rule proposal to the SEC that would require listed companies to disclose these arrangements. A more ...
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Article
SEC, CFTC ‘milestones’ resolve issues with cross-border swaps deals
Consider it regulatory kismet. Independently, on Feb. 10, the SEC and Commodity Futures Trading Commission finalized long-lingering rules and agreements needed to resolve concerns with the international marketplace for derivatives deals. The SEC’s new rules cover foreign swaps dealers who maintain trading desks in the United States, closing a perceived ...
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Blog
European Commission concedes one-year MiFID II extension
The European Commission has proposed a one-year extension to the implementation date of its revised Markets in Financial Instruments Directive, better known as MiFID II, a comprehensive slate of unified regulations across member states for securities markets and investment firms. The new date will be Jan. 3, 2018. The delay ...
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Blog
House advances controversial slate of SEC rule changes
A legislative package, recently passed by the House of Representatives, is drawing fire from Democrats and the White House. The bills, bundled as the Capital Markets Improvement Act of 2016, include changes to current SEC rules pertaining to company-issued employee stock, broker-dealer research reports, M&A brokers, and the use of ...