All Compliance Week articles in Web Issue – Page 699
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Blog
OMG it is #TBT at the SEC!
It is Thursday, so that means it is "Throwback Thursday" on Twitter and other social media sites such as Instagram. Throwback Thursday (referred to on Twitter and elsewhere by the hashtag #TBT) is the day of the week when many Twitter users reminisce by posting an old photo.This morning, for ...
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News Corp. Names Chief Compliance Officer
News Corp. has named David Pitofsky as general counsel and chief compliance officer. Pitofsky, succeeds Gerson Zweifach, has been deputy general counsel and deputy chief compliance officer of News Corp since 2013. Details inside.
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TeamHealth Names Chief Compliance Officer
TeamHealth Holdings, a provider of outsourced physician staffing solutions for hospitals, has appointed Matthew Tormey as chief compliance officer, effective Feb. 11, 2015. In his most recent position, Tormey served as vice president of compliance and security at Health Management Associates. Details inside.
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Shake-up in T&E Providers Leads Companies to New Solutions
Image: Big changes for expense management system providers, such as the acquisition of Concur Technologies by SAP and the earlier IBM move of cutting its Global Expense Reporting Solutions as a standalone product, has led to more business for up-and-comers like Chrome River. Chrome cofounder Alan Rich says, “The companies ...
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TEVA Expands Scope of FCPA Probe
An internal investigation that Teva Pharmaceutical Industries began three years ago into possible violations of the Foreign Corrupt Practices Act continues to expand in scope, and further appears to have found evidence of wrongdoing, the company stated in a recent filing with the Securities and Exchange Commission. Details inside.
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SEC Commissioners Irate Over Comment Letter Glitch
SEC Commissioners Daniel Gallagher and Michael Piwowar fired off a testy complaint Wednesday about “a significant failure” of the SEC’s rulemaking process, complaining that SEC staff missed “an extensive comment letter” opposing a recently adopted rule on swaps trading. The oversight should force a reopening of the comment period, they ...
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Belgium Eyeing Arrest Warrants for HSBC Managers
It hasn’t been an easy week for London-based HSBC. Rocked last weekend by the International Consortium of Investigative Journalists’ Swiss Leaks probe, detailing massive tax evasion by HSBC’s private Swiss bank, HSBC is now faced with the prospect of Belgian authorities issuing arrest warrants for former and current managers ...
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EU Firms Face New AML Rules, Beneficial Ownership Registry
Image: Title: SargentiniThe European Union is pressing forward with its overhaul of anti-money laundering rules to clamp down on tax evasion and the financing of terrorism. The Council of the European Union signed off on the 4th Anti-Money Laundering Directive, tightening due diligence and reporting requirements, creating registers of beneficial ...
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Blog
Digital Turbine Names Chief Accounting Officer; Controller
Digital Turbine, an end-to-end mobile solutions provider, named James Alejandro as chief accounting officer and controller, effective Feb. 27. Alejandro, who joins the company from Dell, will assume the principal accounting and controls duties, among other responsibilities, and report directly to Chief Financial Officer Andrew Schleimer. Details inside.
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U.S. Announces New Intelligence Division to Battle Cyber Threats
The U.S. is establishing a new division called the Cyber-Threat Intelligence Integration Center that will produce coordinated cyber-threat assessments, share that information with existing cyber-centers, and support policy makers with timely intelligence about the latest cyber-threats. More inside.
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Article
What Critics Say on Three Lines of Defense
The Three Lines of Defense model for risk oversight—business units in the first line, compliance in the second, internal auditors in the third—has been hugely popular in recent years. Proponents love it, and regulators have come to expect it. Critics, however, say the Three Lines model is too simplistic a ...
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Article
Paths to Globalizing Your Code of Conduct
Image: A thoughtful and well-drafted Code of Conduct is the cornerstone of any strong corporate compliance program. Making that cornerstone strong enough to support a compliance program worldwide, spanning all manner of cultures—that’s the tricky part. “We’re constantly trying to figure out better ways to deliver our message while keeping ...
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Article
When State Attorneys General Come Knocking
Sometimes a sheriff arrives from the federal government to take an enforcement action against your company, and sometimes a posse of state attorneys general follow behind, determined to investigate you too. Such is the case for JP Morgan, now being pressed by 19 states for more detail on its massive ...
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Article
Why Boilerplate Battles Continue to Rage
Image: Again and again, with both guidance and comment letters, the SEC has urged companies to avoid using “boilerplate” language in disclosures—and companies never seem to embrace the message. “There is an extraordinary amount of boilerplate disclosure across topics and across industries,” says Jean Rogers, head of the Sustainability Accounting ...
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Article
The Slog Begins for New Revenue Standard
Image: FASB’s effort to implement its new standard for revenue recognition by 2017 is bumping against business reality, as different parts of Corporate America grow vocal about their ability—or lack thereof—to manage the task. “A lot of companies are trying to correlate the messaging around a potential deferral and potential ...
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Blog
Study: Companies Taking Own Action on Clawbacks
Even ahead of any new clawback rules mandated by Congress or the SEC, companies are moving ahead themselves to add clawback provisions to executive compensation arrangements—and are swallowing some added accounting and financial reporting complexity to do so. PwC recently analyzed 100 large public companies and found 40 percent of ...
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Qualcomm to Pay $975 Million in China Antitrust Case
Chipmaker giant Qualcomm has agreed to pay a record $975 million fine to Chinese regulators and to make certain modifications to its business practices to resolve an antitrust investigation that began more than a year ago. “Although Qualcomm is disappointed with the results of the investigation, it is pleased that ...
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Slippery Slope of FCPA Enforcement Against Individuals
The compliance community has long hectored the Justice Department to prosecute more individuals, rather than corporations. Now we’re starting to see that happen, and a thicket of legal questions are arising. Inside, Compliance Week columnist Tom Fox gives a tour of the current landscape. What’s on the horizon is not ...
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Securities Veteran Joins Neal Gerber & Eisenberg
Law firm Neal, Gerber & Eisenberg has added David DeMuro as senior counsel in the firm’s securities litigation and regulatory practice. DeMuro joins Neal Gerber Eisenberg after serving more than 35 years in leadership roles at American International Group and Lehman Brothers, as well as the Securities and Exchange Commission. ...