Mention the Dodd-Frank Act to ethics and compliance executives in the finance sector, and a few common themes emerge. Unfortunately, those themes tend to be confusion, frustration, and uncertainty, as long delays in rulemaking schedules leave compliance departments in limbo. THE PANELISTS The following executives participated in the Oct. 18 roundtable on Dodd-Frank compliance in […]
Reese Darragh
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OSHA Revises Whistleblower Complaint Filing Procedures
The Department of Labor’s Office of Occupational Safety and Health Administration released its interim final rule to revise its procedures when handling retaliation complaints filed under the Sarbanes-Oxley Act’s whistleblower protection rule. In a press release, OSHA said the proposed amendment was made to include employees in subsidiaries of publicly traded companies. The amendment will […]
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SEC Releases New Draft on EDGAR Filing Manual
The Securities and Exchange Commission has issued a draft EDGAR filer manual Volume II to explain the upcoming changes in its online filing system, EDGAR, following an earlier version upgrade implemented by the Commission. Changes are expected to take effect beginning Nov. 13. In the bulletin released by the Commission today, it said the draft […]
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Conflict Minerals Rule Casts a Wide Shadow
At first blush, the Securities and Exchange Commission’s proposed “conflict minerals” rule seemed fairly esoteric. After all, it applied to companies that use such rare metals as cassiterite, columbite-tantalite, and wolframite. But as they take a closer look, many companies in various industries are finding that the rule could place a hefty compliance burden on […]
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SEC Settles Case With FINRA
The Securities and Exchange Commission settled a regulatory action case with the Financial Industry Regulatory Authority (FINRA) over allegations that FINRA had altered documents in response to a request made by the SEC’s Chicago regional office back in 2008. FINRA neither admitted nor denied any wrongdoings. The case arose from a complaint filed by a […]
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SEC Approves Funds’ Data Collection Form
The Securities and Exchange Commission has approved the adoption of Form PF to collect critical systemic risk data about hedge funds and private funds. The form, jointly issued by the Commodity Futures Trading Commission and the Financial Stability Oversight Council (FSOC), will be used to monitor the systemic risk these funds may pose. The data […]
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Study Says Conflict Minerals Rule May Cost Billions
Analysis released by the Tulane University Law School has found that aggregate cost to comply with the Dodd-Frank Act’s Conflict Minerals rule, as it is currently proposed, could run as high as $7.93 billion, dwarfing the Securities and Exchange Commission’s $71.2 million estimate of the costs for companies to comply with the reporting requirement. The […]
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Building a Robust Compliance Program in a University Setting
Lucille Maugé arrived at Clark Atlanta University (CAU) not a moment too late. No sooner than she’d moved into her office in December 2006, she went to work addressing a series of requirements mandated by the Department of Energy and the Department of Justice. Maugé, who is now CFO and vice president for finance and […]
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SEC’s Corp Fin Staff Attacks Cyber-Security Disclosure
The Securities and Exchange Commission’s latest burst of staff guidance—again delivered in the agency’s new, non-binding format of “CF Disclosure”—takes aim at the tricky realm of disclosing cyber-security risks. The seven-page document, published by staff in the Division of Corporation Finance (hence the “CF”) outlines items companies should consider when identifying specific business risks caused […]
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Proxy Firms’ Recommendations Failed to Shake News Corp. Board
Proxy advisory firms’ calls for a negative vote against News Corp. directors had little impact on the final outcome of the voting result as all directors were re-elected to the board, while its Chairman and Chief Executive, Rupert Murdoch retained his hold on the company. The margin of victory for many News Corp. directors, however, […]