Appointment Blogs | Compliance Week – Page 305
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Danske Appoints New Chief Risk Officer
Denmark-based Danske Bank has appointed Gilbert Kohnke as chief risk officer. He assumes the role from Robert Endersby, who resigned from the company last year, along with several other executives. Details inside.
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Consequences of Insider-Trading Decision Continue
The appellate court decision in U.S. v. Newman has turned Trent Martin from an extradited, admitted insider trader awaiting a sentence of up to several years in prison into a free man. He may not be the last.
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FDIC Refreshes Guidance on High-Risk Customers
Gun merchants, strippers, and payday lenders rejoice! The Federal Deposit Insurance Corp. has signaled an end to its effort to restrict industries deemed as “high risk” from banking access. The FDIC tells banks to take a risk-based approach in assessing individual “customers, rather than declining to provide banking services to ...
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Glass Lewis Revamps Reviews of Proxy Access Proposals
Proxy advisory firm Glass Lewis & Co. has outlined a new approach for how it will treat dueling proposals for shareholder access to the proxy statement: it will review such proposals, from shareholders themselves or from companies looking to quash them, to ensure neither side seeks to impose an undue ...
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Study Says Investors Need to Know About Audit Offshoring
Apparently doubting the quality of the audit, investors punish companies when they first learn that others from outside the principal audit firm had a hand in assuring the company’s financial statements.
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SEC's Erin Schneider Named Associate Regional Director in San Francisco
The SEC has named Erin E. Schneider as the new Associate Regional Director for enforcement in its San Francisco office. As Associate Regional Director, Schneider will lead the team of attorneys, accountants and other professionals who investigate and litigate the San Francisco office’s enforcement efforts for Northern California and the ...
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EU Cracking Down on Abuse of Parent-Subsidiary Rules
Image: The European Union has amended its parent-subsidiary directive to prevent national tax authorities from granting benefits to a corporation if its tax arrangement is determined to be not reflective of the company’s economic reality. Initially intended to prevent parent corporations from being taxed twice on profits made by subsidiaries ...
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U.K. Financial Watchdog Will Keep Sharp Eye on Compliance Lapses
News coming from the United Kingdom’s Financial Conduct Authority indicates the three-year-old regulator is going to enhance its vigilance of bribery and other financial crimes while keeping close tabs on companies’ controls and processes, according to articles in the Financial Times and FCPA Blog. The FCPA Blog noted that the ...
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Obama Nominates Stuart Delery as Associate Attorney General
President Barack Obama has nominated Acting Associate Attorney General Stuart Delery to permanently serve in the Justice Department’s third-ranking post. He must still be confirmed by the Senate. “Stuart has proven himself to be an outstanding attorney, an extraordinarily dedicated public servant, and an indispensable part of our senior leadership ...
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Japanese Firm Fined $3.2M on Price-Fixing Charges
Japan-based auto parts maker Sanden has agreed to pay a $3.2 million criminal fine to the Department of Justice for its role in a conspiracy to suppress competition for the purchase of compressors sold to Nissan North America. “The Division continues to vigorously prosecute companies and individuals that seek to ...
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Ford Feels Venezuela Pinch With $800 Million Charge
Ford Motor Co. is taking a one-time $800 million charge to earnings in its 2014 fourth quarter because of continued currency problems with Venezuelan operations. In a filing with the SEC, the company said the currency woes have constrained parts availability, which makes normal production difficult to maintain. Details inside.
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Feds Seek Rehearing on Insider-Trading Setback
The Justice Department has asked for a new hearing in the case of U.S. vs. Newman, where an appellate decision had previously reversed insider-trading convictions of two men. Prosecutors say the Newman decision has caused difficulties in other recent insider-trading cases, as the definition of the “personal benefit” requirement conflicts ...
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FASB Proposes Simplifications to Income Tax Accounting
The Financial Accounting Standards Board has issued two proposed accounting standard updates to simplify the accounting for income taxes. One would simplify accounting for the tax effects of intra-entity asset transfers, while the other focuses on the classification of deferred tax assets and liabilities that are carried on the balance ...
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SEC Speaks on Graphics, Multimedia in Filings
The SEC is offering guidance on how companies can use charts, graphics, and even multimedia files in corporate filings to tell your story in fewer words. All well and good, says a new Compliance and Disclosure Interpretation from the Division of Corporation Finance. It warns, however, that required information must ...
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Oppenheimer Dinged $20 Mill for Penny Stock Violations
The Financial Crimes Enforcement Network and the SEC today slapped securities broker Oppenheimer with a $20 million penalty for not adhering to rules on the sale of penny stocks. Of that amount, $10 million will go to the SEC to resolve related securities and Bank Secrecy Act violations. Details inside.
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How Good Ideas Still Lead to Bad Reporting
Every role in financial reporting is generally clear, which should lead to a relatively smooth process to issue financial reports—and yet, no. This month, Compliance Week columnist Scott Taub examines the peculiar inefficiency we have around adjustment of immaterial items. Even as participants in the reporting ecosystem all do their ...
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Podcast: The Right Approach to Compliance Oversight
Establishing the right oversight structure is “one of the biggest issues currently facing the compliance profession,” says Kathleen Edmond, a partner at the law firm Robins Kaplan and former chief ethics officer at Best Buy. In our latest podcast we talk to Edmond about the debate over the best approach ...
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Compliance Week 2015: Full Agenda Announced
Image: Good news for everyone looking to firm up springtime travel plans: we have just announced the agenda and speaker lineup for the best compliance and audit conference out there, Compliance Week 2015. From hardcore SOX compliance issues, to strategies for effective leadership of compliance teams, to all the operational ...
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Survey: Financial Institutions Stymied by Conduct Risk
Financial institutions may talk a lot about “conduct risk,” but few actually approach it with a clear definition and focus. Eighty-one percent of respondents in a survey conducted by Thomson Reuters Accelus say they do not have a working definition of what conduct risk is. A big reason: regulators leave ...
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SEC Eyeing BNY Mellon on Anti-Bribery
BNY Mellon disclosed in a Form 8-K filing with the SEC last week that certain of its current and former employees have received Wells notices for potential violations of the Foreign Corrupt Practices Act. BNY Mellon said it received a similar Wells notice in the fourth quarter of 2014. Details ...