Regulators trying to implement new derivatives regulation as mandated under the Dodd-Frank Act, are proceeding with caution as they attempt to write new rules that don’t rattle the market with unintended consequences. The delicate maneuvering has caused several delays, as regulators continue to seek input from market participants by extending comment periods, hosting more roundtables, […]
Arielle Bikard
Posted inRegulatory Enforcement
India Privacy Rules Raise Alarms
Companies that outsource data processing or other back-end operations to India should be aware of a sweeping change in the country’s data privacy rules that, in the worst case, could put notice-and-consent burdens on businesses so onerous that they might prod companies to reconsider why they’re outsourcing to India in the first place. “This is […]
Posted inFrom the Archive
SEC Warns Investors of Reverse Mergers; Joins PCAOB, NASDAQ in Worry
The Securities and Exchange Commission warned investors to be “especially careful” about investing in reverse merger companies. These are private foreign firms that gain access to U.S. markets by joining with “public shell” companies, which have either no or only nominal operations and assets. The Commission and the exchanges recently suspended trading in a more […]
Posted inUncategorized
Agencies Extend Comment Period for Dodd-Frank Risk Retention Rule
Six federal agencies approved a 4-week extension of the comment period for the proposed rule under the Dodd-Frank Act that requires asset-backed securities issuers to maintain at least 5 percent of the credit risk of the underlying assets. The comment period was extended “to allow interested persons more time to analyze the issues and prepare […]
Posted inFrom the Archive
Regulators Talk Export Control
Laws put in place to keep sensitive technology secrets away from unfriendly nations or to restrict companies from doing business with enemy regimes and individuals can be a compliance minefield for companies that operate around the globe. And regulators have stepped up their efforts to crack down on scofflaws. A trio of regulators from the […]
Posted inBoards & Shareholders
What the Board Needs to Know
It’s no secret that boards want more data and information from chief compliance officers. Many directors consider regulatory, governance, and compliance risks at the top of the “needs-more-attention” list. Yet communicating effectively with the board is never easy. Directors have limited time, and compliance officers must decide what information should rise to that level of […]
Posted inData Privacy
White House, FTC Call for Data Security Legislation
The White House and the Federal Trade Commission are pressuring Congress to pass legislation that would require companies to implement data security measures and to provide breach notification. The Obama Administration sent a cyber security legislative proposal to Congress, in response to request for assistance in addressing U.S. cyber-security in May, including a measure for […]
Posted inAccounting & Auditing
Agencies Publish Guidance for Bankers on Compliance with Risk Measurement Rule
Four federal agencies published a joint guidance on Friday to help banks comply with their “advanced approaches rule” from 2007, which requires certain firms to use a framework of advanced measurement approaches to calculate operational risk. Under the rule, banks have the flexibility to develop operational risk measurement and management programs, processes, and tools that […]
Posted inFrom the Archive
Google and Paypal CCO’s Discuss Fostering a Culture of Compliance
Creating a corporate culture in which employees naturally embrace ethical conduct over non-compliant action is a top priority for compliance programs these days. Dynamic, innovative companies are both advantaged and disadvantaged in this arena, said compliance officers from Google and Paypal at the 2011 Compliance Week Annual Conference in Washington last week. On the one […]
Posted inUncategorized
Carpenters Union Petitions SEC for Majority Voting in Director Elections
The United Brotherhood of Carpenters and Joiners of America asked the Securities and Exchange Commission to amend the current proxy requirement to eliminate the option for shareholders to “withhold” their vote in electing board members, 45-page petition. The “withhold” vote “contributes to confusing and misleading proxy communications that threaten the integrity of director elections,” according […]