The Securities and Exchange Commission is preparing to further extend filing deadlines for companies struggling amid the aftermath of Hurricane Sandy. On Oct. 29, the Commission posted a notice on its website explaining that staff would handle requests for filing date adjustments “on a case-by-case basis.” The SEC staff announced on Monday that its staff […]
Joe Mont
Posted inFrom the Archive
Compliance Officers Wear Many Hats
It will come as no surprise to any compliance officer that the skill sets they must possess often stray far from any “textbook” definition of the job. What they may not consider is that, at times, their job may have a lot in common with the more exotic skill sets required of spies, gamblers, and […]
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Bank Rankings Set Stage for New Capital Demands Beyond Basel III
The Financial Stability Board has named four banks as the world’s most systematically important financial institutions. By establishing Citigroup, Deutsche Bank, HSBC Holdings, and JPMorgan Chase as lynchpins of the global financial marketplace, the FSB set the stage for further increasing capital buffers intended to gird against unexpected market shocks. The four banks are on […]
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California AG Begins Crackdown on App Privacy Compliance
California Attorney General Kamala Harris on Tuesday announced that her office began formally notifying 100 mobile application developers and companies that they are not in compliance with that state’s privacy law. The companies can face fines of up to $2,500 each time a non-compliant app is downloaded. The letters are the first step in taking […]
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Regulators Offer Post-Hurricane Guidance for Financial Institutions
In response to Hurricane Sandy and the particular fury it wrought upon New York and New Jersey, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation have issued storm-related guidance for the financial institutions they oversee. Lending Bankers should “work constructively […]
Posted inRegulatory Enforcement
New Federal Guidance Complicates Criminal Background Checks
Does your compliance team need an on-staff criminologist? It may sound strange, but that expertise might be warranted as companies struggle more than ever with the thorny issue of conducting criminal background checks and the chaos of contradictory regulations, laws, and legal challenges. Employers must navigate a patchwork of state and federal rules that, in […]
Posted inRegulatory Enforcement
Conflict Minerals Rule in Limbo, as Legal Challenge Awaits
Companies waited for more than two years for the Securities and Exchange Commission to provide specifics on the Dodd-Frank Act’s rule requiring disclosure of conflict minerals in a company’s supply chain. Now, as a legal challenge to the rule awaits, they will have to wait some more. The manufacturing industry and the U.S. Chamber of […]
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Oil and Gas Groups Demand Stay of SEC’s ‘Extraction Payments’ Rule
The American Petroleum Institute, a trade association for the oil and natural gas industry, and the U.S. Chamber of Commerce have filed a stay request with the Securities and Exchange Commission, an effort to halt implementation of a rule requiring companies to disclose payments they make to governments for natural resources extraction. It has asked […]
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CFPB Begins Oversight of Large Debt Collection Agencies in January
The nation’s largest debt collectors will soon fall under the supervision of the Consumer Financial Protection Bureau. Under a rule approved this week that goes into effect on Jan. 2, any company or bank with more than $10 million in annual receipts from consumer debt collection activities will be subject to the CFPB’s supervisory authority. […]
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Slaying ‘Zombie’ Directors Needs Bar Associations’ Brains, CII says
Just in time for Halloween, the Council of Institutional Investors has gone “zombie” hunting. In letters sent yesterday to the American Bar Association and the Delaware State Bar Association, CII—a non-profit association of pension funds and foundations that advocates on corporate governance and shareowner issues —urged a crackdown on so-called “zombie” directors on corporate boards. […]
