Appointment Blogs | Compliance Week – Page 201
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‘Failure to cooperate’ multiplies SEC penalty from $2K to $980K
On June 21, 2016, the SEC announced that the failure of a defendant in an SEC enforcement action to live up to an agreement to “cooperate fully and truthfully” had resulted in that defendant's penalty being increased from $2,533 to a staggering $980,229. And it could have been worse! Bruce ...
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BlogHouse votes to defund enforcement of SEC's pay ratio, conflict minerals rules
The House of Representatives has approved Rep. Bill Huizenga’s (R-Mich.) amendments to a financial services appropriations bill that would defund enforcement of the SEC’s controversial pay ratio and conflict minerals rules, both requirements of the Dodd-Frank Act. Joe Mont provides a closer look.
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Bribery a plus for small business in South Korea?
Small businesses in South Korea object to new anti-corruption laws, claiming their implementation will hurt sales of luxury goods for bribes. Tom Fox explores further.
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Quality group proposes new XBRL rules to reduce errors
XBRL U.S.’s data quality committee is developing guidance to detect and prevent inconsistencies or errors in XBRL data filed with the SEC, as it looks to improve data quality and make it more useful for analysis. Tammy Whitehouse has more.
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Senate Democrats want SEC fraud investigations in Puerto Rico
A coalition of top Senate Democrats has asked the SEC “to investigate potential fraud and illegal conduct” that may have contributed to Puerto Rico’s ongoing debt crisis. The group also called on SEC Chair Mary Jo White to “be a cop on the beat of Wall Street.” Joe Mont reports.
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Financial Services Roundtable questions presidential candidates
The Financial Services Roundtable is asking presidential candidates to give their views on judging the effectiveness of U.S. financial regulators, increasing transparency into SIFI designations, and the future of the Consumer Financial Protection Bureau. More from Joe Mont.
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Towergate appoints chief risk officer
Towergate, an independently owned insurance intermediary in the U.K., has appointed Brian Hardwick as chief risk officer.
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Are long-standing directors the ‘new insiders’?
The notion persists that long-tenured directors are too familiar with the organization to provide useful, objective leadership. But as CW columnist Richard Steinberg points out, there is definitely something to be said for deep experience and expertise.
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Societe Generale names group chief risk officer
Societe Generale Group has appointed Diony Lebot as group chief risk officer. She will replace Benoît Ottenwaelter who has decided to retire after 28 years at the company.
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MasterCard faces £19bn legal battle over illegal card charges
MasterCard is facing a £19 billion class-action lawsuit for anticompetitive conduct, making it the biggest claim in U.K. history. The landmark case is notable for another reason, as well: It will be the first case filed under the Consumer Rights Act. Jaclyn Jaeger has more.
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FCPA issues arise at Goldman trial in London
There is nothing quite like a trial to bring all kinds of information to light that various parties would rather keep out of view. Goldman Sachs is now learning that the hard way in a suit regarding Libya’s sovereign wealth fund that has some serious FCPA implications. Tom Fox reports.
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CAQ offers audit committees tool to assess non-GAAP use
The Center for Audit Quality has created a tool to help audit committees navigate the thicket of questions they should be asking in light of increased scrutiny of corporate use of non-GAAP accounting measures. Tammy Whitehouse reports.
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BlogFRC announces investigations into KPMG and PwC
The U.K. Financial Reporting Council, an independent investigative body that monitors and enforces accounting standards, is looking into audits made of financial services companies in the days preceding the global financial crisis of 2008-2009, starting with a delve into the work of two key accountancy firms—KPMG and PwC. Paul Hodgson ...
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Butterfield names chief risk officer
The Butterfield Group in Guernsey has appointed Andy Graham as chief risk officer and deputy group head of fiduciary risk with risk management responsibilities for Butterfield Group’s trust and fiduciary services businesses globally.
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Patrick Stokes joins Gibson Dunn
Former federal prosecutor Patrick Stokes will join the law firm Gibson, Dunn & Crutcher as a partner in its Washington, D.C. office. Stokes most recently served as Senior Deputy Chief of the Fraud Section of the Criminal Division at the U.S. Department of Justice.
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Roper Technologies names general counsel
Roper Technologies has appointed John Stipancich as general counsel and secretary, effective immediately. He succeeds David Liner, who will remain with the company for a transitional period until the end of 2017.
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Pacific Continental names chief risk officer
Pacific Continental, the holding company of Pacific Continental Bank, has promoted Maria Seip to executive vice president and chief risk officer. She will join the organization’s leadership team.
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FINRA fines Deutsche Bank $6 million for submitting inaccurate trade data
The Financial Industry Regulatory Authority fined Deutsche Bank Securities $6 million for failing to provide complete, accurate trade data in an automated format in a timely manner when requested by FINRA and the U.S. Securities and Exchange Commission. Jaclyn Jaeger reports.
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Former SEC Commissioner and Enf. Dir. Irving Pollack Passes Away at Age 98
Irving M. Pollack, a former SEC Commissioner who also served as the agency's first director of the Enforcement Division, passed away on July 1, 2016 at the age of 98. Pollack served at the SEC for 34 years.
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Seclore enhances Enterprise Digital Rights Management solution
Seclore, an Enterprise Digital Rights Management provider, announced the release of its new Seclore EDRM solution, adding further advancements in persistent, data-centric security.