All Compliance Week articles in Web Issue – Page 779
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Article
CFPB Proposes New Rules for Prepaid Cards, Mobile Payments
Banks, retailers, online services, and others that issue prepaid cards to consumers will soon have some new rules to follow, including the need to conduct “ability to repay” assessments if they offer credit options. The rules, proposed by the Consumer Financial Protection Bureau, could also bring new regulations to mobile ...
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Article
Behind the Latest Push to Win Proxy Access for Shareholders
Image: Title: StringerThree years after a lawsuit scuttled the SEC’s proxy access rule, a new push is underway to give shareholders the right to nominate directors directly on the proxy. New York City Comptroller Scott Stringer, on behalf of the $160 billion New York City pension funds, recently submitted proxy ...
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Article
Are Your Business Partners Letting the Hackers In?
For Target, it was a heating and air conditioning company. At a large oil company it was a nearby Chinese restaurant. Hackers increasingly use third-party relationships to gain access to computer networks and steal data. The trend means that companies need to conduct even better due diligence on third-party relationships ...
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Blog
HSBC Private Bank Pays $12.5 Million for Providing Unregistered Services to U.S. Clients
HSBC’s Swiss-based private banking arm agreed today to pay $12.5 million to Securities and Exchange Commission for violating federal securities laws by failing to register with the SEC before providing cross-border brokerage and investment advisory services to U.S. clients. “HSBC Private Bank’s efforts to prevent registration violations ultimately failed, because ...
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Blog
Caldwell: Advances in Global Anti-Corruption Efforts
Image: Title: CaldwellU.S. regulators increasingly are collaborating with foreign governments to fight bribery and corruption on a global scale, advancing the Justice Department’s efforts to uncover and prosecute violations of the Foreign Corrupt Practices Act. “Every day, more countries join in the battle against transnational bribery,” said Leslie Caldwell, assistant ...
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Article
COSO Framework Has Applications Beyond Financial Reporting
Image: As companies put the finishing touches on the adoption of the updated framework for internal controls, many are realizing that there are hidden benefits to the work. Audit experts say there are several other areas where elements of the updated COSO framework can apply, such as divisional reporting, customer ...
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Blog
FINRA Fines Citigroup $15 Million for Supervisory Failures
The Financial Industry Regulatory Authority fined Citigroup Global Markets $15 million last week for failing to adequately supervise communications between its equity research analysts and its clients and Citigroup sales and trading staff. In settling this matter, Citigroup neither admitted nor denied the charges, but consented to the entry of ...
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Blog
Your 10-K Is Too Long; Here’s How to Shorten It
Chances are your annual and quarterly financial reports are too long, and it’s not just that regulators and rulemakers require too much information. Lots of words in your filings are neither useful nor required. Since they aren’t important or necessary, take them out. Inside, columnist Scott Taub makes some suggestions ...
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Article
Antitrust Division to Increase Use of Probation in Enforcement
Image: Title: SnyderThe Antitrust Division of the Department of Justice has signaled a shift in its enforcement approach concerning companies that violate antitrust laws and don’t have effective compliance programs. During two recent speeches, Antitrust officials said they would seek court-supervised probation in such cases. “Conversely, companies that can demonstrate ...
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Blog
Golden Answers Early Political Pressure on Revenue Recognition
To answer early political pressure over the new accounting standard on revenue recognition, the Financial Accounting Standards Board is pledging its readiness to work through implementation issues as they are identified and brought to the board for action.