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Bank of England urges firms to prepare for climate change risks
The Bank of England (BoE) wants boards of financial services firms to take a stronger role in identifying and managing financial risks caused by climate change by making individual executives accountable and improving disclosure.
Criminal Division does an about-face on hiring a compliance counsel
The Department of Justice has scrapped its decision to hire another compliance counsel and instead announced a new, agency-wide approach to compliance oversight.
CFPB pitches choose-your-own disclosure
The CFPB has proposed the creation of a regulatory “sandbox” for testing and approving new approaches to financial product disclosures.
A look at the new corporate monitorship policy
The Department of Justice on Oct. 11 issued revised guidance to establish standards, policies, and procedures for the selection of monitors in matters being handled by Criminal Division attorneys. The new guidance further refines the factors that go into the determination of whether a monitor is needed and clarifies and refines the monitor selection process.
The ‘Weinstein Clause’: M&A deals in the #MeToo era
A CW analysis identified 15 M&A deals over the past eight months in which firms protected themselves in writing from sexual harassment allegations. Known as the “Weinstein Clause,” these protections still don't address the heart of the matter: corporate culture.
Early adoption fizzles for new hedge accounting rules
Despite assumptions that companies would flock to simpler accounting, most are holding back in adopting new hedge rules.
Shell may be green when it comes to pension fund ESG requirements
A Shell pensioner is threatening to take his own pension fund to the U.K.’s Pensions Ombudsman for maladministration—unless the company can prove it is managing its climate-related risk.
SEC releases new, four-year strategic plan
The SEC has released a new strategic plan that is intended to guide the agency’s work over the next four years “with a primary focus on investors, innovation, and performance.”
Solutions for fixing proxy process are often radically different
Nearly everyone agrees that the current system of shareholder voting should be improved. How to do that is a contentious debate as an SEC roundtable on the matter draws near.
Bank regulators respond to Hurricane Michael
Federal banking regulators have issued an alert for financial institutions affected by Hurricane Michael. The alert covers the storm’s effects on loan modifications, regulatory reporting, and compliance with the Community Reinvestment Act.
FCA strives for smooth regulatory transition in event of no-deal Brexit
The U.K. Financial Conduct Authority has published two consultation papers to help companies prep for regulation in the event of a no-deal Brexit.
Internal audit lags business in RPA adoption, poll says
Business operations may be adopting robotic process automation technology at a faster clip than internal auditors, a new poll suggests.
Heathrow Airport operator fined for data breach
The U.K.’s biggest airport operator has been fined £120,000 after an unencrypted USB memory stick that reportedly contained security details about the Queen’s travel plans was found by a member of the public on a busy London street.
Only three directors across Big 4 boards are independent
KPMG has appointed an independent member to its U.S. board, only the third such appointment across the entire Big 4.
Google’s hidden breach could be regulatory tipping point
A March data breach, kept under wraps until now, could spell regulatory trouble for Google and its tech brethren.