All Compliance Week articles in Web Issue – Page 664
-
Blog
Banks May Get More Time to Prepare for Financial Market Regulation
The EU is considering delaying the release of a comprehensive regulation that will overhaul financial market rules. The delay comes amid mounting concerns that the legislation’s accompanying technologies may not be ready in time for the January 2017 start date. Due to the complexity of the rule, banks and other ...
-
Article
As Companies Prep for Proxy Season, No-Action Conundrums Abound
Image: Companies preparing for proxy season face a profound change in how the SEC views the exclusion of shareholder proposals. New guidance on that point is decidedly pro-shareholder and makes a confusing landscape even more so. “This was an early Christmas gift, wrapped up in a bow” for activist investors, ...
-
Blog
PCAOB Delivers Harsh Inspection Findings to KPMG
The PCAOB’s 2014 inspection report for KPMG found fault with 28 of 52 audits selected for inspection, marking the first time errors have been found in more than half of the audits selected at a Big 4 firm. KPMG’s rate has crept upward every year since 2009 when the PCAOB ...
-
Blog
Justice Dept. Boosts Its Game for Corporate Compliance Programs
The Justice Department has long talked about the need for companies to take compliance programs seriously. Now with its first-ever compliance counsel hired (she started this month), the department itself will be able to bring a more practiced eye to evaluating compliance programs. This week, columnist Tom Fox reviews what ...
-
Blog
Leniency in Petrobras Scandal Means Decision on Self-Disclosure
As the Petrobras corruption scandal moves to the investigation of international companies that did business with the Brazilian national energy company, Europeans companies now face some challenging decisions around the issue of self disclosure. Our Man From FCPA, Tom Fox, has more inside about the considerations you need to make.
-
Article
Latest Review of False Claims Act Compliance
Image: The Justice Department has settled a spate of False Claims Act cases with healthcare providers this fall, pointing to several important trends in FCA cases: increased scrutiny on physician payment arrangements, the broadening scope of whistleblowers, and an upsurge in FCA settlement amounts. “Enforcement agencies are aggressively using all ...
-
Blog
Justice Department Appoints New Compliance Counsel
It's official: the Department of Justice Criminal Division has announced that it has retained Hui Chen as a full-time compliance expert, as of Nov. 3. She will report to Andrew Weissmann, Chief of the Fraud Section, and Dan Braun, acting chief of the strategy, policy, and training unit in the ...
-
Blog
Supreme Court May Be Last Stop for Conflict Minerals Rule
The SEC’s Conflict Minerals Rule may be headed to the nation’s highest court after suffering another legal setback in the U.S. Court of Appeals for the D.C. Circuit this week. To preserve the rule’s full slate of intended disclosure requirements, the Commission has one last legal option: a review of ...
-
Article
How Mature Is Your Information Governance Function?
Image: Most companies still have much work to do to turn their information governance into “mature” programs, where they can extract insight from their troves of data while minimizing security and privacy risks, according to a new report from the Information Governance Initiative. “To date, very few organizations have taken ...
-
Blog
U.K. SFO Drops Olympus Probe: Misleading Auditors Not a Crime
The U.K. Serious Fraud Office has dropped a two-year case against Japanese endoscope maker Olympus Corp., in the wake of a London court ruling that doctoring reports to auditors is not a criminal offence under English law. The move is a setback for SFO Director David Green, who has been ...
-
Article
Revenue Standard Update: Companies Still Ducking It
Image: Corporate finance departments are playing the silent type right now about how they plan to implement the new revenue recognition standard—which is not quite the amount of disclosure the SEC and others want to see in year-end filings. Those businesses not doing or saying much could be in for ...
-
Blog
FCA’s ‘Regulatory Sandbox’ to Drive Innovation and Competition
Image: The U.K. Financial Conduct Authority is planning to unveil a “regulatory sandbox” for companies to test new products, services, or business models without facing enforcement actions. “To promote competition it is vital that we support firms—both regulated and unregulated, whether large incumbent or small start-ups—that want to bring new ...
-
Article
The Key Cyber-Security Question: What Is ‘Reasonable’?
Regulators often say they want “reasonable” precautions when spelling out expectations on cyber-security. But with a plethora of guidance and frameworks to consider, what does that mean—and does “reasonable” depend on industry and company size? A small summit meeting of cyber-security voices debated that question in Boston recently; we have ...
-
Event
11th Annual Compliance and Economic Crime Symposium
JerseySt. HelierJersey JE2 3NGUnited Kingdom
-
Blog
Yates Memo, D&O Coverage, and the Coverage Gap
One consequence of the Yates Memo that has not received as much attention is whether current directors-and-officers liability insurance provides appropriate insurance coverage for the legal expenses incurred by executives who might go through an internal investigation. The answer may well be no; Tom Fox has more inside.
-
Blog
Finjan Appoints New Board Member
Finjan Holdings, a cyber-security company, has appointed Gary Moore to its board of directors. Moore served most recently as president and chief operating officer of Cisco Systems, a position he held since 2012. Details inside.
-
Blog
SEC Sounds Warning Over Use of Outsourced CCOs
The SEC is urging investment advisers and funds that outsource their compliance function to consultants or law firms to review the effectiveness of that practice. An exam risk alert issued by the Office of Compliance Inspections and Examinations warns of “significant compliance-related issues” at firms using an outsourced CCO. More ...
-
Blog
Toshiba Suing Ex-CFOs Over Accounting Scandal
Toshiba is suing five former executives for negligence over false accounting practices that led to inflated profits by more than 170 billion yen ($1.2 billion). The Tokyo-based company is suing two former chief financial officers and three former presidents based on findings from an independent probe launched in September to ...
-
Blog
FSB: Banks Must Devote Billions More to Capital Cushions
The world’s largest banks would need to collectively add as much as $1.2 trillion to existing capital buffers due to a new rule issued on Monday by the Financial Stability Board. Its final Total Loss-Absorbing Capacity (TLAC) standard, applicable to designated global systemically important banks, is intended to assure that ...
-
Resource
KPMG-sponsored Forbes Insights: Audit 2020
Emerging technologies and an explosion of available data has led the audit profession to a turning point. Today’s auditors need to keep pace with this technology growth and leverage it to deliver a more insightful audit. KPMG-sponsored "Forbes Insights: Audit 2020 A Focus on Change" recaps auditors’ outlook on the ...