The Securities and Exchange Commission filed its study of all required disclosures and filings last month, and while it didn’t offer any concrete solutions, the study could open the door to something companies have demanded for years: comprehensive disclosure reform. The report, required by Congress through the JOBS Act, included a comprehensive analysis of […]
Joe Mont
Posted inData Privacy
GAO: Your Car May Be Leaking Personal Data
Your car may be leaking—not just oil or brake fluid, but personal data. A study released Monday by the Government Accountability Office looked at the rapid adoption of automobile gadgetry and the risk that technology could be exposing personal data. The conclusion: companies are taking precautions, but risks persist that many customers may not be […]
Posted inAccounting & Auditing
FINRA Releases 2014 Regulatory and Exam Priorities
The Financial Industry Regulatory Authority this week issued a letter that details its regulation and examination priorities for the New Year. In the advisory, FINRA addresses topics related to business conduct, fraud, financial and operational concerns, and market regulation priorities. “We encourage firms to use this guidance along with their own analysis to enhance their […]
Posted inAccounting & Auditing
Credit Unions Fight Back Against Mandatory Stress Tests
The nation’s credit unions are pushing back against a plan to subject them to the same stress tests required of other financial institutions by the Dodd-Frank Act. In October, the National Credit Union Administration, which charters and supervises federal credit unions, proposed a rule requiring federally insured credit unions with assets exceeding $10 billion to […]
Posted inRegulatory Enforcement
Buckle Up for Another Wild Year in Regulation and Compliance
For compliance officers, 2013 was one of those years where nearly every day brought a new regulatory concern. Get ready, because 2014 looks to bring more of the same. Not only are there plenty of new regulations to expect, notably from the Securities and Exchange Commission, but also a pile of 2013 proposals and final […]
Posted inAccounting & Auditing
Regulators Will Review Volcker Rule Ban on TruPS-backed CDOs
On Christmas Eve, the American Bankers Association, seeking emergency relief from a Volcker rule provision it says will hurt community banks, requested a stay of agency action from the U.S. Court of Appeals for the District of Columbia. It is unclear whether regulators will meet a Monday deadline for agreeing to the delay, but they […]
Posted inFrom the Archive
SEC Pulls References to NRSRO Ratings in Rules and Forms
Indulging in some end-of-the-year housecleaning, the Securities and Exchange Commission on Friday swept through its rules and forms to remove references to credit ratings by nationally recognized statistical rating organizations. The Dodd-Frank Act required federal agencies to review any regulation that requires the use of an assessment of the creditworthiness of a security or money […]
Posted inFrom the Archive
SEC Examinations Find Compliance Progress at Credit Rating Agencies
Credit rating agencies, although still “evolving” since their role in the financial crisis, are improving compliance efforts and becoming “more competitive and transparent.” That’s the assessment offered by Thomas Butler, director of the Securities and Exchange Commission’s Office of Credit Ratings, upon release of an annual staff report on Nationally Recognized Statistical Rating Organizations submitted […]
Posted inAccounting & Auditing
Court Petitioned by ABA for Emergency Volcker Rule Relief
The first legal challenge to the Volcker rule has emerged, with the American Bankers Association seeking emergency relief from a provision it claims will immediately hurt community banks, costing some millions of dollars. A Christmas Eve filing with the U.S. Court of Appeals for the District of Columbia requests a stay of agency action and […]
