The Securities and Exchange Commission’s Enforcement Division isn’t the only SEC unit in need of an overhaul post-Madoff. That’s according to yet another blistering Inspector General report released this week. The report, based on a review by FTI Consulting, makes 37 recommendations for improving the operations of the agency’s Office of Compliance Inspections and Examinations. […]
Melissa Klein Aguilar
Posted inRegulatory Enforcement
OIG Report: Enforcement Program Improvements
Following the release of its scathing report on its investigation into the Securities and Exchange Commission’s failure to uncover the Ponzi scheme perpetrated by Bernard Madoff, the SEC Inspector General has issued a report detailing 21 recommendations to improve the agency’s enforcement program. The report, released Sept. 29, was based in part on a survey […]
Posted inRegulatory Enforcement
Global Enforcement, Cooperation on the Rise
U.S. and international regulators and law enforcement agencies are upping their game with increased resources and greater cooperation in response to the global financial crisis, which means corporate compliance departments and counsel may want to do the same. Questions and criticisms raised by the financial crisis about the pre-existing regulatory regimes in the United States […]
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SEC Staff Offers Tips, Best Practices for Filers
Those tasked with filing their company’s financial statements with the Securities and Exchange Commission have some helpful tips and best practices for responding to staff requests and comments, courtesy of a Division of Corporation Finance staff member. At a recent SEC conference sponsored by the New York State Society of CPAs, Steven Jacobs, associate chief […]
Posted inFrom the Archive
Former CEO Accused in SEC Clawback Case Fights Back
Maynard Jenkins, the former chief executive who made headlines as the subject of a first-of-its kind clawback suit brought by the Securities and Exchange Commission, has come out swinging against the agency’s “vicarious strict liability” interpretation of the statute as raising “serious constitutional issues.” Jenkins, the former CEO of auto parts retailer CSK Auto Corp., […]
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Companies Back Recommendations for Pay Reforms
As lawmakers continue to debate legislating corporate pay reforms, a handful of companies have pledged to implement the recommendations of a task force calling for firms to voluntarily adjust their compensation practices to better link pay and performance. Companies that have agreed to adopt the recommendations issued by The Conference Board Task Force on Executive […]
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Complying With Mass. Data Security Regs Proves Costly
For those organizations already tackling the task of complying with a new Massachusetts data security regulations that are currently slated to take effect March 1, compliance is proving costly, a recent survey shows. The rules, which are slated to take effect on March 1, 2010, impose significant data security requirements on any entities possessing personal […]
Posted inRegulatory Enforcement
Schapiro Says Stronger Regs Needed for OTC Derivatives
While the Treasury’s proposed legislation to regulate over-the-counter derivatives is “an important step forward,” the chairman of the Securities and Exchange Commission called for Congress to strengthen the plan to avoid regulatory gaps and eliminate regulatory arbitrage opportunities. In Sept. 22 testimony before the House Committee on Agriculture, SEC Chairman Mary Schapiro offered her views […]
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Poll: Companies Unprepared for Coming FCPA Violations
Most business professionals expect an increase in Foreign Corrupt Practices Act violations in the next two years. Despite that, many of them say their organization still doesn’t have a comprehensive FCPA compliance program in place. In light of recent enforcement actions and related remarks by regulators and enforcement officials, it’s not surprising that 72 percent […]
Posted inFrom the Archive
Comments Are in on SEC’s Proxy Disclosure Proposal
The Securities and Exchange Commission has received a flood of suggestions, complaints, praise, and other comments for its sweeping plans to revamp corporate proxy disclosures. The comment period for its proposals ended last week, and the 137-page proposing release drew scores of responses to the many questions the Commission had asked. Not surprisingly, responses varied […]
