Medical device makers will soon have to embed tracking codes on their products under a new rule announced by the Food and Drug Administration on Friday. The rule will require a “unique device identification system (UDI)” that, once implemented, will provide a consistent way to identify medical devices.The FDA says the system has the potential […]
Joe Mont
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EPA Revisits Carbon Pollution Standards for New Power Plants
Moving forward with a controversial cornerstone of President Barack Obama’s recently announced Climate Action Plan, the Environmental Protection Agency has proposed updated Clean Air Act standards that limit carbon emissions for new power plants The centerpiece of the President’s Climate Action Plan is the establishment of carbon pollution standards for new and existing power plants. […]
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FSOC Sticks With Prudential’s ‘Systemically Important’ Designation
The Financial Stability Oversight Council has upheld its earlier designation of Prudential Financial as a “systemically important financial institution” that is held to greater regulatory scrutiny. With powers granted by the Dodd-Frank Act, the Council has the authority to subject banks, as well as nonbank financial companies, to increased supervision and enhanced risk management standards. […]
Posted inAccounting & Auditing
Wave of Penalties Hit JPMorgan Chase With $920 Million in Fines
Regulator in the United States and Britain have hit banking giant JPMorgan Chase & Co. with a series of sanctions that will total more than $920 million. The Federal Reserve Board on Thursday morning announced that JPMorgan will pay a $200 million penalty for deficiencies in the oversight, management, and controls governing its Chief Investment […]
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SEC Moves Forward With Proposed Pay Ratio Rule
Despite vociferous opposition by many business leaders, the Securities and Exchange Commission on Wednesday morning approved a new rule that requires companies to disclose a comparison of their CEO’s pay to that of the median employee. Under the SEC’s rule proposal, companies will need to produce a median compensation figure for all workers, domestic and […]
Posted inRisk Management
JPMorgan Details $1.5 Billion Budget Boost For Internal Controls
JPMorgan Chase and regulators, according to published reports, are on the cusp of a $700-$800 million settlement over its “London Whale” trades, risky derivatives gambles that cost the bank more than $6 billion in losses and was initially hidden from shareholders. Perhaps in anticipation of that announcement, in a letter to all bank employees, CEO […]
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Healthcare Exchanges Spark New Data Privacy and Security Fears
Rancor, delays, and confusion have dominated nearly every step of implementing the Affordable Care Act, so it should come as no surprise that the creation of state health insurance exchanges has fueled new data privacy and security concerns. As part of Obamacare, a network of federally subsidized health insurance exchanges, along with a massive federal […]
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SEC Sets Date to Consider Controversial Pay Ratio Rule
On Wednesday, the Securities and Exchange Commission will finally give an indication of how it may implement a controversial Dodd-Frank Act requirement for companies to disclose the median annual total compensation of all employees as a ratio to the median annual total compensation of the company’s chief executive officer. Proponents of the measure say it […]
Posted inRisk Management
New Breed of Online Businesses Face Unique Transaction Risks
Empowered by “Web 2.0” and built on the foundation of social media, a new wave of companies is taking shape, described as “next generation” businesses. Companies with names like AirBnB, Uber, Lyft, and Square are raising new compliance and regulatory challenges. Many are non-traditional, dabbling in virtual currencies or engaging in peer-to-peer transactions, or are […]
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Last Chance To Weigh In On ISS’ 2014 Proxy Voting Policies
Today (Sept. 13) is the last day to respond to Institutional Shareholder Services’ annual global policy survey. Each year, ISS, an influential proxy advisory firm, solicits comments as part of a review of its proxy voting policies. In November 2013, it will announce its updated proxy voting policies applicable to 2014 shareholders’ meetings. Among the […]
