Appointment Blogs | Compliance Week – Page 235
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SEC Announces 2016 Examination Priorities
The SEC’s Office of Compliance Inspections and Examinations has released an overview of its examination priorities for 2016. New areas of focus include liquidity controls, public pension advisers, product promotion, exchange-traded funds, and variable annuities. A continuing focus will be placed on protecting investors in ongoing risk areas such as ...
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U.K. Printing Company to Pay £2.2 Million in Bribery Case
The Southwark Crown Court in London last week ordered U.K. printing company Smith and Ouzman to pay a total of £2.2 million for making corrupt payments. The sentence and conviction followed a four-year investigation by the U.K. Serious Fraud Office.
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SEC Settles for Two-Year Bar in Steve Cohen 'Failure to Supervise' Case
The SEC announced today that it has settled its high-profile lawsuit against hedge fund manager Steven A. Cohen, founder of SAC Capital. Under the Order resolving the case, Cohen will be prohibited from supervising funds that manage outside money until 2018.
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Petrobras Cancels Drilling Services Contract With Ensco
U.K.-based Ensco said this week in a filing with the Securities and Exchange Commission that its customer, Brazil state-owned oil and gas company Petrobras, cancelled its contract for a drilling services contract because of alleged irregularities with respect to contracting prior to the company’s acquisition of Pride International in 2011.
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Dental Practice Software Provider to Pay FTC $250K for Misleading Customers About Encryption
Henry Schein Practice Solutions, a provider of office management software for dental practices, this week agreed to pay $250,000 to settle Federal Trade Commission charges that it falsely advertised the level of encryption it provided to protect patient data.
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PwC’s Cybersecurity Practice Adds New Principal
PwC US has appointed Patrick Hynes as a principal in the advisory cybersecurity practice, focused on cybercrime and breach response. He is based in PwC’s Los Angeles office. Hynes joins PwC with a strong background in cyber-security.
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Africa Finance Corporation Names Chief Risk Officer
Africa Finance Corporation (AFC), a development finance institution for infrastructure projects in Africa, has appointed David Johnson as chief risk officer. He succeeds Roger Ellender, who reached the mandatory retirement age, after serving as AFC's chief risk officer for six years.
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EMCOR Group Names General Counsel
EMCOR Group, a mechanical and electrical construction services, industrial and energy infrastructure and building services company, has named Maxine Lum Mauricio general counsel as of Jan. 4. Mauricio succeeds Sheldon Cammaker, who has assumed the vice chairman position.
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FASB Tackles How to Present Partial Sales of Nonfinancial Assets
In its quest to clarify how to define “business” for the sake of accounting rules, FASB is wading into how to account for partial sales of nonfinancial assets. FASB has tentatively decided that all transactions where an entity retains an equity interest in an asset or receives an equity interest ...
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Interview With Former KPMG Partner Scott London on Why He Broke Bad
Today, NPR's Planet Money posted an interesting interview with former KPMG Partner Scott London about his insider trading ordeal, the famous "envelope of cash" photo, and why London ever agreed to become involved in the insider trading scheme in the first place.
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U.S. Treasury Proposes Country-by-Country Tax Reporting
The U.S. Treasury Department has issued proposed regulations that would require the ultimate parent entity of multinational enterprises to report tax info to Treasury annually on a country-by-country basis. Companies would be required to provide information related to the multinational entity’s income and taxes paid in each tax jurisdiction along ...
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FINRA Exams Will Focus on Culture of Compliance
The Financial Industry Regulatory Authority is joining the chorus of regulators urging a “culture of compliance” at the financial firms it supervises. As outlined in its 2016 Regulatory and Examination Priorities Letter, it will assess whether control functions are valued within the organization, whether policy or control breaches are tolerated, ...
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SEC: JPMorgan Misled Customers on Broker Pay
Image: JPMorgan’s brokerage business has agreed to pay $4 million to the SEC to settle charges that it falsely stated on its private banking website and in marketing materials that advisers are compensated based on client performance, rather than commission. According to SEC Enforcement Division Director Andrew Ceresney, “JPMS ...
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MainSource Hires Chief Risk Officer
MainSource Financial Group, a financial holding company with assets of approximately $3.25 billion, has named Karen Woods as corporate counsel and chief risk officer. She oversees all regulatory matters for the company, including compliance and audit functions, loan review, information security, as well as all legal matters.
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Are VW Execs Breathing Easier Now?
Image: Senior executives at Volkswagen took a very deep sigh of relief when the Justice Department announced a civil suit (?a suit many say is a cakewalk as opposed to the tougher policy set by the Yates memo) against the company for damages from its emissions fraud scandal. In addition, ...
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Kroll Expands Global Leadership Team
Kroll, a risk mitigation, compliance, security and incident response solutions provider, this week announced the appointment of five new managing directors, enhancing the company’s leadership team across the globe. The appointments became effective Jan. 1, 2016.
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Report: CEOs Already Raked in More Than the Average Employee
By the end of the first Tuesday of 2016, FTSE 100 chief executives will have earned more than the average full-time employee, said a report released by U.K. think-tank High Pay Centre. The survey said that chief executives were paid out roughly £4.96 million a year, while the average U.K. ...
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For 2016, a Mix of Trends Both Old and New
A look back at 2015 predictions from CW columnists Stephen Davis and Jon Lukomnik—where they went right and where they veered off track. Also, their predictions for the coming year: among other things, a separation of the board chair and chief executive officer roles; more attention paid to environmental issues ...
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FASB Publishes Final Standard on Recognition and Measurement of Financial Instruments
Image: A decade in the making, public companies now have a new standard that tells them how to measure and recognize the value of financial assets and financial liabilities in financial statements. Accounting Standards Update No. 2016-01 rewrites certain requirements under the Accounting Standards Codification for how to recognize, measure, ...
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Dennis Muchmore to Join Honigman
Dennis Muchmore, chief of staff for Michigan Governor Rick Snyder, will be joining the law firm Honigman Miller Schwartz and Cohn on Feb. 1. At Honigman, Muchmore will lead the firm’s government relations and regulatory practice group.