Brazil’s tough new anti-corruption law increases the fines that can be levied on companies involved in bid-rigging and bribing public officials to as much as 20 percent of a company’s annual revenue. Maintaining a strong compliance program, however, could ease that sting. The anti-bribery bill was signed into law by President Dilma Vana Rousseff on […]
Joe Mont
Posted inFrom the Archive
White: Proposed Disclosure Requirements Won’t Delay General Solicitation
The Securities and Exchange Commission will not withdraw a JOBS Act related rule proposal despite calls to do so by Congressional Republicans. Contrary to the concerns of critics, and even though the new disclosure requirements have yet to be finalized, the newly granted ability of issuers to advertise their private offerings will not be delayed, […]
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NY Regulator Demands Virtual Currency Data, Preps New Rules
On the heels of a Securities and Exchange Commission enforcement action against an alleged bitcoin-based Ponzi scheme, New York’s top banking regulator has subpoenaed more than 20 virtual currency enterprises, demanding information about their business practices that may be used to develop new regulations. The subpoenas were authorized by Benjamin Lawsky, superintendent of financial services […]
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Stein Officially Sworn in as Newest SEC Commissioner
On Friday, Kara Stein was officially sworn in as the newest commissioner at the Securities and Exchange Commission, replacing former Commissioner Elisse Walter. President Barack Obama nominated Stein to the SEC on May 23 and her nomination was confirmed by the U.S. Senate on Aug. 1, along with that of Dr. Michael Piwowar, who is […]
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Judge Rejects Dodd-Frank Challenge by Texas Bank, State AGs
A federal judge has dismissed a legal challenge to several provisions of the Dodd-Frank Act, among them the designation of “systematically important financial institutions,” the Secretary of the Treasury’s “liquidation authority” over failing banks, and regulatory powers granted to the Consumer Financial Protection Bureau. In June 2012, the Competitive Enterprise Institute and co-plaintiffs State National […]
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SIFMA Challenges Regulatory Role of Stock Exchanges
A leading financial industry trade association is urging the Securities and Exchange Commission to reconsider the designation of for-profit stock exchanges as self-regulatory organizations (SROs). In a letter delivered to the SEC last week, the Securities Industry and Financial Markets Association – which represents securities firms, banks and asset managers – wrote that the Commission […]
Posted inRegulatory Enforcement
SEC’s Conflict Minerals Rule Win Means the Clock Is Ticking
Last week, a federal court upheld the Securities and Exchange Commission’s controversial conflict minerals rule, a Dodd-Frank Act requirement that companies must investigate and disclose the use of certain minerals mined in the war-torn Congo region of Africa. Although an appeal is all but certain, companies now have even greater urgency to advance their compliance […]
Posted inRegulatory Enforcement
New Labeling Regulations Pose Compliance Burdens
What’s in a label? Lots of potential compliance snafus. Most consumers think of labels as minor details—small stickers that have pricing or ingredient listings—but for some industries, labeling introduces a host of costly compliance challenges. The Food and Drug Administration places a broad definition on “labeling,” for example, and pharmaceutical and food companies must comply […]
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Is Your Confidential Data Safe in the Hands of Regulators?
Earlier this month, multiple, coordinated cyber-attacks struck across the financial sector. Citibank and Bank of America were among the first to report a series of systemic breaches that attempted to disrupt trading in equities markets. Then, as regulators began to respond, they too were compromised. The Securities and Exchange Commission and Treasury Department were among […]
Posted inRegulatory Enforcement
Government Watchdog Reports Low Morale, Lack of Communication at SEC
The effectiveness of the Securities and Exchange Commission is undermined by low employee morale, poor internal communication, and the lack of proper systems to monitor employee performance and promotions, according to a new report issued by a federal watchdog. The Dodd-Frank Wall Street Reform and Consumer Protection Act mandated that the Government Accountability Office […]
