Not knowing with certainty whether the business you’re conducting meets all relevant regulatory standards is a recipe for trouble, as Seagate learned in paying $300 million for its restricted dealings with Chinese telecom Huawei.
Kyle Brasseur
Posted inEurope
ChatGPT back in Italy after user privacy updates
ChatGPT restored access for Italian users after changes to its privacy controls were welcomed by the country’s data protection authority.
Posted inAccounting & Auditing
FRC: KPMG audit failings at The Works exacerbated by Covid-19
The U.K. Financial Reporting Council fined Big Four audit firm KPMG approximately £1 million (U.S. $1.2 million) for deficiencies in its work on the 2020 year-end financials of discount retailer TheWorks.co.uk.
Posted inRisk Management
SEC bulletin tackles Reg BI care obligation FAQs
Staff at the Securities and Exchange Commission issued a bulletin addressing standards of conduct for broker-dealers and investment advisers in addressing their care obligations under Regulation Best Interest and the Investment Advisers Act.
Posted inRegulatory Enforcement
Seagate fined record $300M over export business with Huawei
Seagate will pay the largest stand-alone administrative penalty in the history of the Commerce Department’s Bureau of Industry and Security for violating export control restrictions against Chinese telecommunications giant Huawei.
Posted inAccounting & Auditing
FRC investigating EY audits of Made.com, unnamed firm
The U.K. Financial Reporting Council announced the launch of two separate investigations regarding audits performed by Big Four firm EY, including a probe into the 2021 financials of collapsed online furniture retailer Made.com.
Posted inRegulatory Enforcement
BIS updates voluntary self-disclosure policy to punish not coming forward
The Commerce Department’s Bureau of Industry and Security updated its guidelines to further clarify the advantages of voluntary self-disclosure to the agency when export control violations are uncovered.
Posted inRegulatory Enforcement
Barclays unit fined $2.5M by FINRA over reporting failures
Barclays Capital was fined $2.5 million as part of a settlement with the Financial Industry Regulatory Authority addressing allegations the investment bank failed to accurately report over-the-counter options positions in more than 4 million instances.
Posted inAccounting & Auditing
FRC probing KPMG audit of Carr’s Group
The U.K. Financial Reporting Council is investigating the work of Big Four firm KPMG during a 2021 audit at agriculture and engineering services provider Carr’s Group.
Posted inRegulatory Enforcement
RBC unit settles with FINRA over trade monitoring system lapses
RBC Capital Markets agreed to pay nearly $1.1 million as part of a settlement with the Financial Industry Regulatory Authority for failing to establish and maintain a reasonable supervisory system to monitor the suitability of short-term trading recommendations.
