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SEC’s Jackson criticizes stock exchanges, promises reforms
The time has come to reform America’s stock markets. That was the message from SEC Commissioner Robert Jackson during a speech this week at George Mason University, where he laid out potential changes.
Tax functions need high-tech tools, KPMG outlook says
Tax departments need to tool up to be ready for the kinds of tax planning that will occur in the coming 12 months, especially under tax reform, survey says.
SEC will watch for SAB 74 disclosure leading to CECL
The SEC will be looking for increasingly detailed disclosures to investors about the expected effects of moving to a new method for recognizing credit losses.
Compliance measures for reducing export-corruption risk
A recent study from corruption watchdog Transparency International rates countries on their enforcement processes, or lack thereof, under the OECD Anti-Bribery Convention.
Danske Bank CEO quits over money laundering failures
The chief executive of Denmark’s biggest financial institution has resigned following the publication of a report that highlights large-scale money laundering in the bank’s Estonian operations.
Public sounds off to SEC on proposed whistleblower changes
As part of a public comment process that reached its deadline on Sept. 15, the SEC has collected ideas and opinions on proposed changes to its whistleblower program. We took a look at some of the responses.
Confidence in auditors tapers in 2018, poll says
Investor confidence in auditors and in capital markets in general fell in 2018, according to the annual poll by the Center for Audit Quality.
Report calls out gender disparity among engagement partners
As audit firms disclose who performs public company audits, gender diversity is emerging as the first major concern regarding audit engagement leadership.
Point: Benefits of crowdfunding
Attorney Douglas Ellenoff discusses why raising the crowdfunding cap boosts the fundraising method’s benefits.
Counterpoint: Crowds need to wise up
Public Citizen’s Bartlett Naylor advises careful consideration of current crowdfunding rules before considering a cap raise.
Guidance confirms diminished tax benefits for exec comp
While certain aspects of tax reform remain ambiguous, the provisions around the deductibility of executive compensation awards are becoming clearer.
FINMA finds deficiencies in AML processes at Credit Suisse
The Swiss Financial Market Supervisory Authority FINMA has concluded two enforcement procedures against Credit Suisse. In the first procedure, FINMA identified deficiencies in the bank’s adherence to anti-money laundering due diligence obligations. The second procedure relates to a significant business relationship for the bank with a politically exposed person.
SeaWorld, CEO settle fraud charges with SEC for $5M
SeaWorld Entertainment and its former CEO have agreed to pay a total of more than $5 million to settle fraud charges for misleading investors about the impact the documentary film Blackfish had on the company’s reputation and business, the Securities and Exchange Commission announced.
State agencies may be final frontier for consumer advocates
As the Consumer Financial Protection Bureau weakens, state agencies—mini-CFPBs if you will—may step up to fill the void.
House panel advances slate of reform-minded bills
The House Financial Services Committee this week advanced 12 bills. Among them is a modification of the Sarbanes-Oxley Act so that small, privately owned non-custodial brokers and dealers are no longer required to hire PCAOB-registered audit firms to meet annual reporting obligations.
Treasury, IRS issue proposed GILTI rules under tax reform
Treasury and the IRS have issued proposed new regulations on how to calculate global intangible low-taxed income under the Tax Cuts and Jobs Act.