Kara Stein and Michael Piwowar, nominated by President Obama to serve on the Securities and Exchange Commission, were questioned on they would approach rulemaking and enforcement during a confirmation hearing before the Senate Banking Committee on Thursday. Completing the unfinished work of the Jumpstart Our Business Startups (JOBS) Act and Dodd-Frank Act was cited by […]
Joe Mont
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Legal Challenge to CFTC’s Mutual Fund Oversight Fails Again
The Commodity Futures Trading Commission has once again prevailed in a legal challenge brought by the Investment Company Institute and the U.S. Chamber of Commerce. The industry groups sought to overturn rulemaking requiring mutual fund companies that invest in commodities to register with it. The U.S. Court of Appeals for the District of Columbia Circuit […]
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Supreme Court Will Decide on Obama Recess Appointments
The Supreme Court on Monday announced it will review a lower court’s decision in National Labor Relations Board v. Noel Canning, a case with significant labor law implications. Focused on the constitutionality of Obama Administration recess appointments, the case also threatens to undermine the efforts of the Consumer Financial Protection Bureau. Earlier this year, Pepsi […]
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Should Companies Make Disclosures About CEOs’ Personal Lives?
Where should companies draw the line when considering what information to disclose on the private lives of their CEOs when that information could have a very real effect on the company and its shareholders? Should health concerns of the CEO and other company leaders be considered material information? How about a change in marital status, […]
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JOBS Act Sequel in the Works
For moviegoers, this summer is a season of sequels. That’s also the case for legislators looking for a follow-up to last year’s Jumpstart Our Business Startups Act, also known as the JOBS Act. Earlier this month, the House Financial Services Sub-committee on Capital Markets held a hearing intended to review the progress, or lack thereof, […]
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Proposed Bill Would Squash Dodd-Frank’s CEO Pay Ratio Disclosure
Legislation working its way through the House of Representatives would repeal a Dodd-Frank mandated rule demanding that companies compare, and disclose to the Securities and Exchange Commission, the ratio of median employee pay to CEO compensation. H.R. 1135, “The Burdensome Data Collection Relief Act,” filed by Rep. Bill Huizenga, passed in the House Financial Services […]
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It Takes More than Money to Build a Top Compliance Program, Survey Says
How much a company spends on its compliance program isn’t nearly as important as how that money is spent. That assessment comes from LRN’s 2013 Ethics & Compliance Leadership Survey Report released this week. LRN’s sixth annual survey was based on an analysis of 180 companies, 40 percent of which have more than 15,000 employees). […]
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Cross-Border Swaps Regulations Could Pit EU Against U.S.
Differences among U.S. agencies on cross-border regulations could have global implications for the nearly $650 trillion derivatives marketplace. An unfolding debate is whether or not the U.S. should be calling shots as the top cop on the swaps beat, forcing members of the European Union and other countries to either abide by its rules or […]
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Deloitte Unit Agrees to $10 Million Fine, One-Year New York Consulting Ban
Under the terms of an agreement with New York’s top banking regulator, Deloitte Financial Advisory Services is barred from consulting work with financial institutions in that state for one year and will pay a $10 million fine. On Tuesday, Gov. Andrew Cuomo and his state’s Department of Financial Services (DFS) announced the agreement with the […]
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GAO Report Urges IRS to Consider Taxing Virtual Currencies
Adding to requirements placed upon virtual currencies by the Treasury Department, the Internal Revenue Service may soon seek a slice of the fast-growing, but controversial marketplace. A new report by the Government Accountability Office makes the case that using virtual currencies, including the popular Bitcoin, may produce taxable income. The GAO determined that transactions within […]
