All Compliance Week articles in Web Issue – Page 697
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Blog
General Motors Names New General Counsel
General Motors has appointed Craig Glidden as general counsel, effective March 1. Glidden will lead a team of staff attorneys who are integrated into all of GM’s regional and functional teams in more than 30 countries. Details inside.
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Blog
Accretive Health Names Chief Compliance Officer
Accretive Health has named Corey Perman as chief compliance officer. Perman brings to his new position almost 20 years of legal, healthcare, and compliance experience working with integrated delivery networks, a national law firm, and several government agencies. More inside.
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Blog
Decades Later, the Law of Insider Trading Remains Elusive and Undefined
Over a decade ago, in August 2004, I watched the high-profile Martha Stewart insider trading matter play out as federal prosecutors decided not to charge Stewart with the crime of insider trading, the SEC did pursue a civil lawsuit against her, and the rest of the U.S. seemed to scratch ...
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Blog
Un-Convergence? Auditors Fret Over Possible Changes to Revenue Rule
Auditors are starting to worry about the implications of changes to the sweeping new standard on revenue recognition if U.S. and international rulemakers start debating new views and reaching different conclusions. Although both boards agreed in a recent joint meeting to consider changes, they didn’t agree on what those changes ...
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Blog
AG Nominee Loretta Lynch on FCPA Enforcement
Image: Anyone curious about where attorney general nominee Loretta Lynch stands on enforcement of the Foreign Corrupt Practices Act now has a lot of reading material. Lynch answered a host of written questions from the Senate Judiciary Committee, giving her views on the Justice Department’s current level of transparency, the ...
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Resource
e-Book: AML Compliance: 2015 Update
You can encounter some very shady characters while conducting business globally—and some very aggressive regulators determined to stamp out the money laundering those characters do. Little surprise then, that anti-money laundering compliance is surging. In this e-Book, produced by Compliance Week in cooperation with KPMG, we look at how companies ...
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Blog
Chief Risk Officer of Federal Reserve Bank of New York to Retire
Sandra Krieger, chief risk officer of the Federal Reserve Bank of New York, this week announced her intention to retire from the Bank in the second quarter of 2015. Krieger also is a member of the Bank’s management committee. Details inside.
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Blog
HSH Nordbank Chief Risk Officer to Depart
Germany-based financial institution HSH Nordbank this week announced that its chief risk officer, Edwin Wartenweiler, will not be extending his current contract, which runs until May 31. He is leaving to pursue new career opportunties, the company announced. Details inside.
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Blog
Flowserve Uncovers Potential FCPA Violations
Flowserve said this week in a securities filing that it has discovered potential violations of the Foreign Corrupt Practices Act. The developer of valves and pumps said that it has uncovered actions involving an employee based in an overseas subsidiary that violated its Code of Business Conduct, and may have ...
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Blog
Canada Hits SNC-Lavalin With Fraud Charges; Company Hits Back
Canada has filed corruption and fraud charges against construction company SNC-Lavalin Group and two of its subsidiaries for possible misconduct in Libya—and the company has roundly rebutted them as baseless. “SNC-Lavalin firmly considers that the charges are without merit and will vigorously defend itself and plead not guilty,” the company ...
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Blog
United Benefit Advisors Names Chief Compliance Officer
United Benefit Advisors, an independent employee benefits advisory organization, has appointed Danielle Horstman Capilla as chief compliance officer, effective immediately. Prior to joining UBA, Capilla was an attorney and senior writer analyst for the health law division of Wolters Kluwer Law and Business. Details inside.
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Blog
FASB Finalizes New Consolidation Guidance
Image: The Financial Accounting Standards Board has finished some targeted improvements to the accounting requirements around consolidations, or the rules around when a company must add another entity to its financial statements because it controls the business. “This new standard simplifies consolidation accounting by reducing the number of consolidation models, ...
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Blog
Who Is the Most Systemic of Them All? JP Morgan
Which large U.S. bank would cause the most collateral damage if it were to fail? JP Morgan, according to a new report from the Treasury Department. The report tried to quantify just how much systemic risk exists in banks designated as “Systemically Important Financial Institutions,” and JP Morgan topped the ...
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Article
‘Broken Windows’ Strategy Raises Risk-Management Fears
The SEC has been pushing its “broken windows” enforcement strategy for more than a year now, chasing down minor infractions alongside larger securities violations. What have we learned? For starters, don’t expect isolated citations; larger sweeps get more bang for the SEC’s buck. As for compliance officers, their jobs will ...
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Article
Dueling Thresholds Emerge on Going-Concern Warnings
Image: A new accounting standard meant to give investors more warning of when a company is in trouble could actually lead to less warning of trouble. Audit and accounting professionals are struggling over conflicting interpretations of “substantial doubt,” and the answer is not easy. “I’m not sure if the standard ...
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Article
When Revenue Recognition and Executive Pay Collide
Image: The impending new accounting standard for revenue recognition already has corporate accountants buzzing; now compensation committees should brace for impact. The standard redefines a host of terms under the heading of “revenue,” and that will affect pay plans. “To the extent executive compensation is triggered by company performance … ...
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Article
ABA Seeks Clarity for Corporate Monitors
Image: The American Bar Association is mulling new standards for corporate monitors that effectively could make the monitorship process a lot easier, cheaper, and transparent for compliance officers working with them. “The standards go a long way toward facilitating a better relationship between the monitor and the company,” says John ...
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Article
How to Respond to a China Antitrust Probe
Chinese regulators are stepping up enforcement of antitrust laws, resulting in more investigations of U.S. companies. “Foreign companies doing business in China need to know that Chinese antitrust authorities have far-reaching enforcement powers, and that the procedural safeguards are not the same as those which may apply in the United ...
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Blog
U.K. Fraud Office Loses Corruption Case, Owes £6M Legal Bill
Image: The Serious Fraud Office is facing a £6M legal bill after a judge dismissed a case in which the agency attempted to retry six people over an alleged fraud using a legal method known as “voluntary bill of indictment.” Justice Hickinbottom said, “Once the dismissal application had been formally ...
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Blog
New Ideas on Disclosure Reform
Disclosure reform is one of the more intractable problems of corporate reporting. The SEC says it will work to move that issue forward this year, and inside, Compliance Week columnist Robert Herz offers his view on how to reinvigorate that project: Aim for a system of one corporate “evergreen” file ...