Appointment Blogs | Compliance Week – Page 293
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Socialware Launches Social Brand Protection Solution
Socialware, a provider of social media risk management solutions for the enterprise, announced the availability of new brand protection and monitoring capabilities. Socialware’s Social Brand Protection solution allows firms to automatically discover, inventory, monitor and patrol its social media and web points-of-presence, providing marketers, risk management teams and legal counsel ...
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Sherpa Software Launches Altitude e-Discovery Module
Sherpa Software, a provider of information governance solutions, this week announced that they have added an easy-to-use e-discovery module to its Altitude IG solution. The new module is built specifically for in-house teams to help manage legal hold notification, search and collection for legal discovery requests, compliance requirements or internal ...
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ACE Names General Counsel for Eurasia; Africa
ACE Group has appointed Susan McDonald, currently legal and compliance manager for MENA, to the role of regional general counsel for Eurasia and Africa, as it continues to build its management team in its newest business region, effective April 1.
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Aker Solutions Names Head of Risk Management
Aker Solutions, a global provider of products, systems and services to the oil and gas industry, has appointed Tore Sjursen as executive vice president for operational improvement and risk management, effective April 1.
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Spirit Realty Capital Appoints Chief Accounting Officer
Spirit Realty Capital has appointed Michael Bender to the newly formed position of chief accounting officer, effective April 20. Bender currently serves as chief financial officer of the real estate investment trust company.
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FASB Mulls Deferral on New Revenue Rule
Image: FASB will review research behind a possible delay in the new revenue recognition standard. The board might also consider allowing early adoption, currently prohibited under FASB’s standard. SEC Chief Accountant James Schnurrif said, “If the parties determine there are implementation issues that require additional standard setting, I would think ...
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PayPal to Pay $7.7 Million for 486 Sanctions Violations
PayPal, an electronic payments company, this week reached a $7.7 million settlement with the Treasury Department’s Office of Foreign Assets Control for processing 486 transactions in violation of OFAC regulations governing sanctions programs. The civil penalties could have been significantly higher, had PayPal not self-reported the violations and cooperated with ...
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SEC Investigating American Apparel
Embattled retailer American Apparel said this week in a Form 10-K filing that the Securities and Exchange Commission has ordered a formal investigation against it related to the ousting of Chairman and Chief Executive Officer Dov Charney. The company also provided the latest details on an internal investigation launched in ...
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Kadant Promotes Chief Accounting Officer
Kadant, a global supplier of critical components and engineered systems, has named Deborah Selwood as chief accounting officer, effective June 30. Selwood is currently the company’s corporate controller.
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Schlumberger Subsidiary Fined $232.7 Million for Sanctions Violations
Schlumberger Oilfield Holdings, a subsidiary of oilfield services giant Schlumberger, has entered into a guilty plea and will pay a record $232.7 million criminal fine for economic sanctions violations. The amount is the largest criminal fine in connection with an International Emergency Economic Powers Act prosecution. Details inside.
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Ceresney Testifies on Enforcement's Budgetary Needs and Performance
Last week, Andrew Ceresney, Director of the SEC's Division of Enforcement, testified before the Capital Markets and Government Sponsored Enterprises subcommittee of the House Financial Services Committee. Ceresney provided the subcommittee with details on how the Enforcement Division would use a proposed increase in the SEC's budget for FY 2016, ...
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House Committee Digs Into New Dodd-Frank, CFPB Legislation
The House of Representative’s Committee on Financial Services is moving forward with the latest round of legislative efforts to amend the Dodd-Frank Act, impose new requirements on the Consumer Financial Protection Bureau, and offer regulatory relief to smaller banks and lenders. The first step was a day-long markup of newly ...
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Study Finds Blind Spot in Audit Quality Reviews
New research suggests audit reviewers may sometimes give audit teams the benefit of the doubt when reviewing a team’s work. The study found reviewers who had no knowledge of any ill feelings on the part of the audit manager reached judgments consistent with the audit evidence. Those who were aware ...
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SEC Adopts Regulation A+, Including State Preemption
Image: The SEC has adopted new rules that expand the Regulation A registration exemption. It enables smaller companies to offer and sell up to $50 million of securities in a 12-month period without registering with state-level securities regulators in certain situations. Massachusetts Secretary of State William Galvin expressed dismay for ...
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SEC May Bring High-Frequency Traders Under FINRA Oversight
Image: Broker-dealers who trade off-exchange, including high-frequency traders, will be required to register with the Financial Industry Regulatory Authority once a rule change proposed by the Securities and Exchange Commission is finalized. Commissioner Daniel Gallagher, however, wasn’t keen on the idea of treating FINRA as “the SEC’s deputy federal regulator.” ...
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U.K. Financial Regulator Issues Priorities for Coming Year
Image: Title: WheatleyBritain’s Financial Conduct Authority released a laundry list of priorities for the upcoming financial year, pledging to continue work on concerns like poor culture and technological developments while ramping up efforts on financial crime, the pensions sector, and individual accountability. “This is an important day in terms of ...
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European Commission Probes Antitrust Breaches in Bulgaria, Spain, Belgium
Image: Title: VestagerThe European Commission handed down a preliminary decision that a Bulgarian state-owned energy concern was breaching antitrust rules by blocking access to the gas supply infrastructure. It is also investigating breaches in Spain and Belgium. Margrethe Vestager, the commissioner in charge of competition policy, said: “We need to ...
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Internal Audit Wrestles With Pace of Change, Survey Suggests
A PwC poll suggests internal audit still struggles to keep up with the rapid pace of change in the business environment. Nearly 70 percent of organizations said they are going through or have recently gone through a significant transformation in the business, yet only 11 percent of chief audit executives ...
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Congress Grills SEC on Budget Request
Image: SEC Chair Mary Jo White was in the hot seat Tuesday during during a hearing before the House Committee on Financial Services. Republicans scrutinized her $1.7 billion budget request, while Democrats blasted the Commission’s “bad actor” waiver process and a decision not to require political spending disclosures.
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The Strains Emerge on Revenue Standard Convergence
Here we are with a converged standard for revenue recognition, a profound achievement for financial reporting. Now comes the hard part, Compliance Week columnist Scott Taub writes. Already we see some differences in how to interpret the standard in the United States and overseas, he writes, and we’ll need some ...