Unfinished business from the tenure of former Securities and Exchange Commission Chairman Mary Schapiro, new rules governing the operation of money market funds, may finally head to a vote on Wednesday. The Commission has scheduled an open meeting on to the matter at 10 a.m. on June 5. Beyond the market implications of the vote, […]
Joe Mont
Posted inFrom the Archive
Facebook IPO Mess Costs Nasdaq a $10 Million Penalty
The Securities and Exchange Commission has charged Nasdaq with a variety of securities laws violations resulting from its “poor systems and decision-making” during the initial public offering and secondary market trading of Facebook shares. In response, Nasdaq has agreed to settle the charges by paying a $10 million penalty —the largest ever against an exchange. […]
Posted inAccounting & Auditing
SEC Officials Detail Reporting Red Flags, Status of IFRS
Don’t expect a decision any time soon on whether or not U.S regulators will head toward adopting International Financial Reporting Standards for U.S. companies. Officials from the Securities and Exchange Commission say the status of that issue is unchanged and there is no further timeline for making a decision. Representatives from the SEC headed a […]
Posted inEthics & Culture
How Compliance Saved Tyco
It was just a little more than a decade ago that Tyco International took its place in the business Hall of Shame, alongside such toxic corporate criminals as Enron, WorldCom, and Adelphia. Tales of free-spending executives bleeding away at the company’s bottom line filled newspapers in 2002 and 2003. CEO Dennis Kozlowski and CFO Mark […]
Posted inFrom the Archive
Treasury Department Invokes Patriot Act for Virtual Currency Crackdown
In a first-of-its kind action, the Treasury Department on Tuesday used the Patriot Act to strike against a Costa Rica based company accused of using a web-based money transfer system and “virtual currency” to facilitate money laundering by cyber-criminals. According to the Treasury Department, “Liberty Reserve is widely used by criminals worldwide to store, transfer, […]
Posted inFrom the Archive
Two Congressional Staffers Named by Obama as SEC Nominees
President Obama turned to Congress, not Wall Street, when he named two new nominations for the Securities and Exchange Commission. Late Thursday, it was announced that Kara Stein, an aide to Rhode Island Senator Jack Reed, and Michael Piwowar, chief Republican economist for the Senate Banking Committee, would get nomination nods. Stein would replace Elisse […]
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Employee Who Traded Proxy Data for Perks Costs ISS $300,000
The Securities and Exchange Commission has charged proxy adviser Institutional Shareholder Services for failing to safeguard the confidential proxy voting information of clients. In response, ISS, registered with the SEC as an investment adviser, has agreed to settle the charges by paying $300,000 and retaining an independent compliance consultant that will evaluate its policies and […]
Posted inFrom the Archive
Leadership Under Pressure: From the Battlefield to the Boardroom
Studies have shown that compliance officers are stressed, often under-resourced, and feel under siege. It can seem that every day is a battle. Retired Major General Lewis MacKenzie knows that feeling well, and not just metaphorically. As the former head of United Nations peacekeeping forces, the Canadian military leader can sympathize with the challenge of […]
Posted inFrom the Archive
Focusing on FCPA Due Diligence Can Pay Off for Companies
Armed with government guidance on the Foreign Corrupt Practices Act released late last year, compliance teams have another weapon in their arsenal as they seek buy-in on best practices and due diligence from the executives who tightly control their purse-strings. That was among the new developments in FCPA enforcement discussed during a panel at the […]
Posted inFrom the Archive
SEC Extends Reg SCI Comments As Another Flash Crash Strikes
The Securities and Exchange Commission has extended the public comment period for the proposed Regulation SCI, a slate technology-related initiatives intended to ensure financial market stability. Regulation SCI (the acronym for stands for “systems, compliance and integrity”) would require “entities essential to the smooth functioning of the U.S. securities markets,” including exchanges and clearing houses, […]
