All Compliance Week articles in Web Issue – Page 653
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Blog
Former Law Firm I.T. Employee Sentenced to Two Years for Brazen Insider Scheme
Last week, a former I.T. professional at law firm Wilson Sonsini Goodrich & Rosati, received a two-year sentence for a particularly brazen insider trading case scheme -- a scheme that foolishly ignored a huge “flashing stop sign,” according to the sentencing judge.
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Blog
De-Apptivating Our Way Into the Future
An update for anyone who might still be using the Compliance Week app, first unveiled to the world in late 2013: we have decommissioned our app, in favor of our responsive-design website.If you want to read Compliance Week through your tablet, smart-phone, or any other mobile device, just save our ...
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Blog
Podcast: The Volcker Rule Deadline and What's Next
Image: July 21 was a big day for banks and the beginning of the Volcker Rule’s compliance regime. The rule, a cornerstone of the Dodd-Frank Act, prohibits proprietary trading activities at federally insured banks. In our latest podcast we talk to Chris Scarpati, a partner in PwC’s financial regulation practice, ...
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Podcast
Podcast: The Volcker Rule Deadline and What's Next
July 21 was a big day for banks and the beginning of the Volcker Rule’s compliance regime. The rule, a cornerstone of the Dodd-Frank Act, prohibits proprietary trading activities at federally insured banks. In our latest podcast, we talk to Chris Scarpati, a partner in PwC’s financial regulation practice about ...
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Blog
Legislation Could Limit CFPB's Purview of Auto Lending
Before breaking for August recess, the House Financial Services Committee delivered a potential blow to the Consumer Financial Protection Bureau’s oversight of non-bank lenders. The bill, "Reforming CFPB Indirect Auto Financing Guidance Act of 2015," advanced with a bipartisan vote of 47-10, would repeal a CFPB bulletin from 2013 ...
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Blog
OFAC Fines Boston Firm for Contracting Iranian Developers
The Treasury Department’s Office of Foreign Assets Control has fined a Boston-area software company for violating Iranian sanctions by using Web developers from that country. The company was fined $205,650 despite protests that the amount was too high and “its lack of a compliance program and failure to implement one ...
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Blog
Report Highlights New Scrutiny Around Controls at Third Parties
Outsourced service providers are getting more attention as a possible source of risk, according to the latest research from Financial Executives International. Insight on Outsourced Service Providers, published by the Financial Executives Research Foundation, says companies are beefing up their scrutiny of outsourced service providers after implementing the 2013 COSO ...
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Blog
Bill to Require SEC Disclosures on Human Trafficking
U.S. Reps. Carolyn Maloney (D-N.Y.) and Chris Smith (D-N.J.) have introduced the Business Supply Chain Transparency on Trafficking and Slavery Act of 2015. The bill would require large public companies to disclose measures to prevent human trafficking, slavery, and child labor in their supply chains as part of annual ...
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Blog
U.S. Asks Supreme Court to Review 'Erroneous' Newman Decision
Facing an August 3 deadline to appeal the Second Circuit's Newman decision, the United States today filed a petition for a writ of certiorari with the U.S Supreme Court. The U.S. argued that the Second Circuit's decision "erroneously departed" from the Supreme Court’s decision in Dirks v. SEC.
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Blog
Alliant Energy Names Durian Chief Accounting Officer, Controller
Robert Durian has been named as vice president, chief accounting officer, and controller for Alliant Energy. He has been with the company since 1992 and held several leadership roles in the financial reporting area of the company, including assistant controller, director of financial reporting, and a manager for internal reporting.
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Blog
Hawke, Chief of SEC’s Market Abuse Unit, to Leave Agency
The Securities and Exchange Commission has announced that Daniel Hawke, chief of the Division of Enforcement’s Market Abuse Unit and former Director of the Philadelphia Regional Office, is leaving the agency after 16 years of service. He will step down in August to return to the private sector.
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Blog
SEC Sets Aug. 5 Date for Considering Final Pay Ratio Rule
The wait is over. On Aug. 5, the Securities and Exchange Commission will consider whether to adopt a rule requiring public companies to disclose the ratio of the annual total compensation of the chief executive officer to the median of the annual total compensation of the company’s employees. The proposed ...
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Blog
CyrusOne Appoints Amitabh Rai as Chief Accounting Officer
CyrusOne, a provider of data center properties, has announced the appointment of Amitabh Rai to its leadership team as senior vice president and chief accounting officer. He will be responsible for managing the company’s corporate accounting and financial reporting functions and will report to Kimberly Sheehy, chief financial and administrative ...
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Resource
Google EU User Consent Policy: Are You Compliant?
Google recently announced it will be implementing a new user consent policy. Essentially, this new policy requires all websites serving EU visitors, including those not based in the European Union, to comply with the EU Cookie Directive.The EU Cookie Directive has led to a concerted effort by regulators to set ...
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Blog
IASB Proposes Updates on Revenue Standard
The International Accounting Standards Board has floated a few ideas to help clarify the new revenue recognition standard, and is asking for public comment on the proposals. All three clarifications address performance obligations under the new standard and seek to clarify questions such as who is a principal or agent, ...
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Blog
SEC's Dan Hawke, Chief of Market Abuse Unit, Departing Agency
The SEC's Dan Hawke, Chief of the Division of Enforcement’s Market Abuse Unit, will be leaving the agency after 16 years of service.
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Blog
FASB Finalizes Simpler Way to Measure Some Inventory
The Financial Accounting Standards Board has finished its simplification of the accounting requirements around measuring inventory, although the simplification is not as broad-based as first intended. The update says when performing subsequent measurements of inventory under either the first-in, first-out, or the average costs methods, companies should measure inventory at ...
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Blog
Banks Need to Manage Risks Better, U.K. Regulator Says
Image: A review by the U.K. Financial Conduct Authority found that banks need to take the risks associated with benchmark rates more seriously. FCA believes that financial institutions should learn from the recent scandals that rocked the industry and ensure that such misconduct does not happen again. The watchdog says ...
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Blog
Europe Faces Growing Criticism Over Sacked CEOs
The movement of executives at top financial institutions is back in the spotlight but this time the action is in Europe. Following the 2008-09 financial crisis banks were losing their chief executives faster than many expected. Now with post-meltdown regulatory reforms in full force, the turnover rate among executives has ...
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Blog
Conducting a Practical Compliance Risk Assessment
Risk assessment is standard fare for a mature compliance program. The challenge for compliance officers is to ensure that their assessment works well, finding the right risks and generating information they can use to improve their program. This week, columnist Jose Tabuena identifies steps for conducting a meaningful compliance risk ...