The SEC had scheduled a Sept. 2 vote on controversial changes to its whistleblower program that, if passed, could weaken the agency’s prohibition of retaliation against whistleblowers and limit large rewards. The meeting has been canceled.
Aaron Nicodemus
Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass.
Email: aaron.nicodemus@complianceweek.com
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Posted inAccounting & Auditing
China proposes joint audit to end dispute with U.S. regulators
In an attempt to end the stalemate over audits of publicly traded Chinese companies listed on U.S. exchanges, China has reportedly proposed to allow U.S. regulators to conduct a trial joint inspection of a state-owned enterprise.
Posted inRisk Management
SEC loosens risk disclosure requirements for public companies
In a split decision, the Securities and Exchange Commission has loosened requirements public companies must follow when they describe risk factors and legal proceedings in their financial statements.
Posted inAccounting & Auditing
BorgWarner fined $950K by SEC for downplaying asbestos liabilities
Car parts manufacturer BorgWarner has agreed to pay $950,000 as part of a settlement with the SEC for allegedly failing to calculate and report $700 million in future asbestos liability claims.
Posted inAccounting & Auditing
Super Micro Computer, former CFO charged with accounting violations
A California-based server and cloud computing firm has agreed to pay $17.5 million as part of a settlement with the SEC to resolve charges of improperly booked revenue and understated expenses.
Posted inRegulatory Enforcement
Mass. pharma company will pay $20.75M to settle FCA lawsuit
A Massachusetts-based pharmaceutical company will pay $20.75 million settle a whistleblower’s allegations that the company knowingly promoted misleading instructions for a skin lesion drug that caused doctors to submit false claims to Medicare.
Posted inRisk Management
Banking regs reemphasize rules for monitoring accounts of foreign officials
Five federal regulatory agencies issued a reminder to banks and financial institutions that they should continually monitor risks associated with the accounts of foreign officials.
Posted inRisk Management
Curtiss-Wright reports possible Russia sanctions violation
A North Carolina manufacturer that traces its origins back to the Wright brothers may have violated sanctions by doing business with two longtime customers purchased by a blacklisted Russian company.
Posted inAccounting & Auditing
SEC wants to curb sensitive data contained in CAT submissions, EDGAR filings
Rule changes proposed by the SEC seek to limit the amount of personally identifiable information required in data submitted to the Consolidated Audit Trail and for public company filings.
Posted inRisk Management
Survey: Coronavirus revealed weaknesses in companies’ GRC, data processes
A recent survey from Compliance Week and Riskonnect of 261 compliance and audit professionals found that half of the respondents were not prepared for the coronavirus pandemic with an updated crisis management plan.