Appointment Blogs | Compliance Week – Page 195
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Exchanges join forces to harmonize trading halts
In response to trading disruptions and pricing irregularities that plagued the stock market last August, three major exchange groups—Bats Global Markets, Nasdaq, and the New York Stock Exchange—are working together to harmonize their electronic trading procedures. Joe Mont has more.
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SEC prevails in constitutional challenge to in-house judges
It will assuredly not quell controversy surrounding the SEC’s use of in-house judicial hearings, but the U.S. Court of Appeals for the D.C. Circuit is now the first appellate court to uphold the constitutionality of those administrative proceedings. Joe Mont reports.
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Ceresney flashback: deposing ‘The Donald,’ part II
More details from the December 2007 deposition of Donald Trump conducted by then-private lawyers Andrew Ceresney and Mary Jo White—“an interrogation unlike anything else in the public record of Trump’s life” focused primarily on his honesty. Bruce Carton reports.
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SEC bars 2 KPMG auditors over bank loan loss reserves
Tammy Whitehouse looks at the case of two KPMG auditors barred by the SEC from public company practice over their role as engagement partner and senior manager on the audit of a failed financial institution in the aftermath of the financial crisis.
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SFO Airbus investigation indicates new normal in financing and compliance
The Serious Fraud Office investigation into Airbus emphasizes the importance of compliance program best practices for borrowers in obtaining funding and loan guarantees, especially in light of the latest trend: government oversight. Tom Fox reports.
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SEC fines company for anti-whistleblower severance deals
With a warning to companies that rely upon severance agreements, the SEC has settled with an Atlanta-based building products distributor over allegations it violated securities laws by requiring outgoing employees to waive their right to monetary recovery if they filed a whistleblower complaint. Joe Mont reports.
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Sports Direct is a Victorian workhouse or a gulag, not a warehouse
A case of shocking workplace conditions within a European Union-era United Kingdom raises an unsettling question, says Paul Hodgson: Once Brexit occurs, will cases like this become more likely?
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BHS: asset strippers, chancers, and governance failures
Parliament released a scathing report on the sale and management of retail chain BHS in late July. The report, says Paul Hodgson, led to calls for someone to be stripped of his knighthood—a first in Parliament history.
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Hybrid group of professional whistleblowers and insiders on cusp of huge awards
A new hybrid group of professional whistleblowers and corporate employees is about to get paid massive sums for their efforts to uncover securities law violations in the foreign exchange markets. Bruce Carton reports.
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Board needs more time for strategy, risk, directors say
A recent KPMG roundtable series revealed that corporate boards just don’t spend enough time on strategy, strategic risk, technology, cyber-security, executive succession planning, or talent development. Tammy Whitehouse has more details.
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The FCPA as an economic tool
The FCPA is rarely considered as an economoic tool. But as a means of fighting corruption, however, it also helps to improve market efficiency.
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DoJ sends clear signal in the LATAM/LAN FCPA enforcement action
A recent Foreign Corrupt Practices Act case found LATAM Airlines Group shouldering a heavy burden, paying out approximately $22.2 million in penalties. The significant costs, notes Tom Fox, seems to imply the Justice Department’s FCPA Pilot Program is working.
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Olympic heroes in an age of cheating
As our sporting heroes take to the field in Rio this week, their exemplary efforts are undercut by the creeping notion that among them, somebody is cheating. Bill Coffin has more.
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Regulators clarify diversity self-assessments
Federal banking regulators are offering additional details on the self-assessments of diversity policies and practices the institutions they oversee will need to submit as part of an effort to meet a requirement of the Dodd-Frank Act. Joe Mont has more.
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SEC’s Piwowar offers ideas for improving bank regulation
Troubled by what he sees as an intrusion by bank regulators onto the Securities and Exchange Commission's turf, Commissioner Michael Piwowar has outlined a new regulatory approach that comes with a variety of additional disclosure obligations for financial institutions. More from Joe Mont.
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AML due diligence for non-financial institutions: the next big thing in compliance?
What does the 1MDB scandal portend for non-financial companies and anti-money laundering compliance? Plenty, especially if they haven't reviewed their AML policies and procedures in the last 12 months. Tom Fox reports.
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Cardiologist facing criminal, SEC charges for trading based on clinical trials
Dr. Edward Kosinski, a cardiologist in his late ’60s living in Weston, Connecticut, has been named as a defendant in a criminal prosecution—as well as an SEC enforcement action—charging him with insider trading for allegedly trading based on the confidential results of a clinical trial he conducted. Bruce Carton reports.
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Anti-corruption efforts slowly gain steam in Latin America
A majority of executives in Latin America may think their country’s anti-corruption laws are ineffective, but a recent survey by law firm Miller & Chevalier and 13 partner firms based in the region offers evidence of region-wide improvements in corporate compliance measures. Joe Mont has more study details.
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Basel Index finds slippage in AML efforts
The Basel Committee on Banking Supervision, an international consortium that develops banking standards, has issued its “Basel AML Index,” an annual ranking of country risk regarding money laundering and terrorism financing. The overall conclusion this year, says Joe Mont: A majority of countries fall short in the effective implementation and ...
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Alert calls out audit risks under new revenue rule
With implementation of the revenue standard looming, the American Institute of Certified Public Accountants has issued some guidance to help companies keep audit risks in mind. More from Tammy Whitehouse.