Appointment Blogs | Compliance Week – Page 300
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Shareholder Wins Bid to Amend Audit Committee Rules
A recent letter from the Securities and Exchange Commission denies Citigroup’s proposal to bar a person with a history of bankruptcy from joining the audit committee. The Commission said it disagrees with Citi that a shareholder proposal to pursue a bylaw amendment on audit committee service should be excluded from ...
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Goodyear to Pay $16 Million for FCPA Violations
Goodyear Tire & Rubber Co. has reached a $16 million settlement with the SEC to resolve charges that it violated the Foreign Corrupt Practices Act when its subsidiaries paid bribes to land tire sales in Kenya and Angola. Goodyear neither admitted nor denied the SEC’s findings. Details inside.
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OCC Veteran Joins Deloitte Transactions and Business Analytics
Deloitte Transactions and Business Analytics has named John Wagner as a managing director in its anti-money laundering and sanctions consulting practice. After 32 years with the Office of the Comptroller of the Currency, Wagner was one of the OCC’s most senior AML officials at the time of his retirement in ...
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Global Atlantic Names Chief Risk Officer
Global Atlantic Financial Group, a financial services company, has appointed Peter Cai as chief risk officer. He will report directly to Chief Financial Officer Kim Lee. Details inside.
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American Water Names General Counsel and Secretary
American Water, a publicly traded water and waste-water utility company, has named Michael Sgro general counsel and secretary, effective as of Feb. 18. Sgro, who has been with American Water for the past 22 years, most recently served as general counsel of its Northeast Division, and has also been serving ...
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Barington Capital Group to Nominate Two Directors to Eastern Board
Investment firm Barington Capital Group this week announced its intention to nominate two independent directors to the Eastern Company's board of directors at its 2015 Annual Meeting of Shareholders. "Barington has been deeply disappointed by the performance of the company, which has significantly underperformed its peers and the market as ...
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Escalation Processes to Avoid Personal CCO Liability
Compliance officers have become targets for regulators because of what they (presumably) know and advise about regulatory requirements—including their role in identifying and reporting of violations. Now compliance officers face personal liability even for failure to act, rather than any direct violation. This week, Compliance Week columnist Jose Tabuena explains ...
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Three New Partners Join Intralinks 'Enterprise Fabric'
Intralinks Holdings, a global SaaS provider of secure enterprise content collaboration solutions, this month added three new partners—MobileIron, Okta, and Symantec—to its "Enterprise Fabric" partner ecosystem. Intralinks Enterprise Fabric partners provide a set of capabilities that collectively comprise a integrated suite of technologies. Details inside.
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Clinical Trials Go Digital With Thales and SureClinical
Thales, a cryptographic solutions provider, and SureClinical, a provider of cloud-based content management application software and services for health sciences, announced this month that SureClinical is using Thales' nShield hardware security modules to secure its cloud-based digital signing solution. Details inside.
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Novaworks to Provide No-Cost XBRL Data Review
With the Securities and Exchange Commission applying increased pressure on publicly traded companies to enforce data-quality standards, Novaworks, a provider of SEC filing software, announced last week it will conduct XBRL no cost, data-quality reviews to ensure companies' annual reports are accurate and error-free. Details inside.
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New Guidance on SEC Waivers, Exemptions in the Works
Companies seeking waivers that allow them to retain exemptive relief despite an enforcement action may soon get fresh guidance from the Securities and Exchange Commission on how that increasingly contentious process will work in the future. Speaking at a conference in Washington D.C., Elizabeth Murphy, an associate director for ...
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NY Comptroller: Sweeping Compliance Overhaul in the Works
Image: The New York Comptroller’s Bureau of Asset Management is implementing sweeping compliance, ethics, and audit reforms for how it oversees the assets of the five city pension funds. These reforms will “significantly enhance accountability, transparency and ethics in my office,” said Comptroller Scott Stringer. Details inside.
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SEC Commissioners Vent on Administrative Proceedings, Disclosures
Speaking recently at the Practicing Law Foundation’s “SEC Speaks” forum, various SEC commissioners detailed their priorities for 2015. Hot topics included the Commission’s reliance on in-house administrative proceedings, a disclosure regime that hasn’t kept pace with technological advancements, and the challenge of creating a more diverse workforce at the Commission.
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South Africa Fines Deutsche Bank $857,000 for Lax AML Controls
South Africa’s banking regulator last week fined Deutsche Bank $857,000 for failing to implement appropriate anti-money laundering controls. Deutsche Bank said in a statement that it acknowledged the inconsistencies and had “cooperated fully in remediating the identified shortcomings within agreed timeframes.” Details inside.
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Eli Lilly: Justice Department Drops FCPA Probe
Eli Lilly announced in a regulatory filing last week that the Department of Justice has closed its Foreign Corrupt Practices Act investigation without bringing any charges. The parallel investigation followed a $29.4 million civil settlement that the drug company reached with the Securities and Exchange Commission in 2012 for FCPA ...
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SEC Commish Wants Clarity on SEC Enforcement Policy
Image: SEC Commissioner Michael Piwowar is calling on the agency to create guidelines for when it will bring enforcement actions as administrative proceedings and when it will pursue cases in federal court. Given the SEC’s 100 percent success rate in administrative proceedings, he said in a speech, clarity on enforcement ...
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General Motors Names New General Counsel
General Motors has appointed Craig Glidden as general counsel, effective March 1. Glidden will lead a team of staff attorneys who are integrated into all of GM’s regional and functional teams in more than 30 countries. Details inside.
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Accretive Health Names Chief Compliance Officer
Accretive Health has named Corey Perman as chief compliance officer. Perman brings to his new position almost 20 years of legal, healthcare, and compliance experience working with integrated delivery networks, a national law firm, and several government agencies. More inside.
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Decades Later, the Law of Insider Trading Remains Elusive and Undefined
Over a decade ago, in August 2004, I watched the high-profile Martha Stewart insider trading matter play out as federal prosecutors decided not to charge Stewart with the crime of insider trading, the SEC did pursue a civil lawsuit against her, and the rest of the U.S. seemed to scratch ...
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Un-Convergence? Auditors Fret Over Possible Changes to Revenue Rule
Auditors are starting to worry about the implications of changes to the sweeping new standard on revenue recognition if U.S. and international rulemakers start debating new views and reaching different conclusions. Although both boards agreed in a recent joint meeting to consider changes, they didn’t agree on what those changes ...