Pop quiz: Try to name a recent example of corporate misconduct that did not somehow include a company’s vendors or third parties. It’s not easy, and third parties are now a huge part of the compliance officer’s responsibility. In our latest Compliance Week executive forum, we gathered a dozen CCOs to talk about vendor risks and building a systematic approach to handling them. The full conversation is inside.
Aarti Maharaj
Posted inAnti-Bribery
France Lags Behind in Global Corruption Fight
France has drawn international attention amid a string of scandals that engulfed some of the country’s largest companies. When compared to the United States, experts believe that French authorities are more lenient on wrongdoing. The Organization of Economic Cooperation and Development is “seriously concerned” by the country’s “lackluster response” toward corporate misconduct. Details inside.
Posted inEurope
New Disclosures for U.K. Companies on Owner Registry
The British Parliament recently signed off on new legislation that calls for more information about the true owners behind U.K. companies. According to Transparency International, the U.K.’s property market is a conduit for “corrupt capital stolen from around the world.” Current regulations allow U.K. properties to be owned by secret offshore companies. More inside.
Posted inEurope
EU Antitrust Regulators Focus on e-Commerce
Image: The European Union is looking into the possible breach of antitrust laws in e-commerce practices. The inquiry may lead to enforcement actions against companies that restrict online sales and “abuse” their dominant position in the market. Margrethe Vestager, the EU’s antitrust chief, said that although the investigation will produce results in mid-2016, it “reflects the scope of the inquiry.” Details inside.
Posted inRegulatory Enforcement
Bank of England and ECB Reach Deal on Financial Stability
The Bank of England and the European Central Bank have ended a four-year saga over the City of London’s clearinghouses, which required that these offices be near the Eurozone so they can be easily monitored in the event of an emergency. Under the agreement the BoE will provide the ECB with detailed information on London’s clearinghouses and allow the ECB to exert some influence over its decisions. Details inside.
Posted inEurope
U.K. Watchdog to Hold Senior Managers Accountable
British banking regulators have released new guidelines to improve individual accountability in the banking sector. In the event of misconduct, senior managers who are capable of “causing significant harm” to a bank, or can threaten the integrity of financial markets, will now be held accountable in an investigation. Details inside.
Posted inRegulatory Enforcement
Germany’s Push For Gender Diversity in the Boardroom Gains Traction
A shifting regulatory landscape in Germany has paved the way for more women to hold supervisory seats in the boardroom. To promote greater gender diversity, across the board, this regulation sets quotas on the country’s public and private sectors. Now, corporate Germany will have to award at least 30 percent of board positions to women by January 2016. Details inside.
Posted inRegulatory Enforcement
Credit Suisse CEO Ousted After Tax Plea
Credit Suisse CEO Brady Dougan is stepping down after the bank pleaded guilty to criminal charges and violation of U.S tax laws, which resulted in $2.8 billion in fines by U.S regulators. The Swiss bank named Tidjane Thiam, Prudential’s current CEO, as Dougan’s successor. More inside.
Posted inRegulatory Enforcement
Google Realigns Amid Regulatory Heat
Google’s executive chairman Eric Schmidt met with the EU’s new antitrust chief on Monday. The search engine giant is being scrutinized by regulators for engaging in anticompetitive practices, potential antitrust violations, and oversight of privacy issues. In response to the mounting regulatory pressure, the company has realigned its European operations. Details inside.
Posted inEurope
Europe’s Banks at Risk for Security Breaches
Significant loopholes exist in many of Europe’s top banks, and concerns about cyber-breaches have skyrocketed, according to a new European Commission report. Despite the sheer complexity of IT systems, hackers have still made their mark on the financial services industry over the years. While banking IT systems have become more sophisticated—so have the threats. More inside.