Appointment Blogs | Compliance Week – Page 321
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Talking Effectiveness: Upcoming Compliance Week Roundtable
Good news for compliance officers wondering whether their program really helps the company to achieve better outcomes: Our next Compliance Week executive roundtable, happening in Washington D.C. next month, will explore how you measure program effectiveness. If you’re a compliance officer who will be in the Washington area on Dec. ...
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SEC Hits Companies for Stock Dilution Disclosure Failures
The SEC has issued enforcement actions against 10 companies that failed to make required disclosures about financing deals and other unregistered sales that diluted their stock. The companies all agreed to settle the SEC’s charges, and the agency assessed a total of $350,000 in penalties.
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ISS Updates Policies Ahead of Upcoming Proxy Season
Proxy advisory firm ISS has updated its policies and recommendation criteria for 2015 annual meetings. The updates build upon ongoing outreach to companies and investors on such matters as pay for performance; board accountability; boardroom diversity; equity plan evaluation; risk oversight and audit; cross-market listings; and environmental and social performance ...
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Federal Reserve Places New Limits on Large Banks
The Federal Reserve Board has approved a rule that places new limits on mergers and acquisitions in the banking industry, effectively slowing the growth of the largest institutions in yet another strike against “too big to fail” banks. The rule prohibits a financial company from combining with another company if ...
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Target Names Chief Risk and Compliance Officer
Image: Title: RiceRetail giant Target has appointed Jacqueline Hourigan Rice as chief risk and compliance officer, effective Dec. 1. She will report directly to Chief Executive Officer Brian Cornell. The company is elevating the position to include centralized oversight of enterprise risk management, compliance, vendor management, and corporate security under ...
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Federal Regulators Probing Subprime Auto Loans
Ally Financial recently became the latest auto-lending company to face a government investigation into its subprime auto lending practices. In the last few months, GM Financial and Santander Consumer USA Holdings have received subpoenas from the Department of Justice for similar practices, raising questions among some as to whether the ...
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Laureate Education Names Assistant General Counsel for Global Compliance
Ana-Paola Capaldo has been named assistant general counsel for global compliance and ethics at Laureate Education, a global higher-education provider. Details inside.
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FASB Studies Possible Deferral for Revenue Recognition
Image: Title: KroekerFASB plans to consider in early 2015 whether to give companies more time to adopt the new revenue recognition standard. Although the board has received numerous requests for more time, at a recent meeting FASB Vice Chairman Jim Kroeker indicated little sympathy for delayed action. “To those who ...
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Gallagher: Dodd-Frank Has SEC 'Shoveling Manure' for 'No Discernible Purpose'
Following the Republicans takeover of the U.S. Senate in Tuesday's national elections, Republicans will now control both the House and the Senate for the first time since 2006. Some commentators are already speculating that this development brings with it the "first real prospect of changes" to the Dodd-Frank Wall Street ...
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SEC Seeks to Distribute $602 Million in SAC Capital Settlement to Investors
The SEC will attempt to distribute the funds from its $602 million insider trading settlement with SAC Capital to the people who were on the other (losing) side of those trades, Reuters reports. Ethan Wohl, lead attorney for the group of investors who allege they were the victims of these ...
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BDO Acquires SS&G
BDO, a professional service organization, announced today that it has acquired accounting and consulting firm SS&G. The acquisition means that BDO has expanded its Midwest presence with the addition of more than 375 staff, including 36 partners, from SS&G. Details inside.
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EU Securities, Markets Regulator Releases 2014 Enforcement Priorities
Image: Title: MaijoorNov. 5—The European Securities and Markets Authority has released common enforcement priorities for the year, which will be used by both ESMA and national regulators. These priorities include preparation and presentation of consolidated financial statements, financial reporting by entities with joint arrangements, and recognition and measurement of deferred ...
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EU Banking Union Begins Supervision; New Regulations on Horizon
Image: Title: NouyNov. 5—In a major milestone for the long-anticipated banking union, the European Central Bank has begun its role as the single supervisor for the Eurozone’s banking sector. The ECB’s Single Supervisory Mechanism (SSM) will directly oversee 120 of the area’s biggest banks and indirectly oversee more than 3,000 ...
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FASB Finalizes Rules on Shares With Embedded Derivative Features
The Financial Accounting Standards Board has finished its hedge accounting guidance meant to eliminate the use of different accounting methods when companies raise capital by offering shares that include embedded derivative features. The new guidance will help sort out whether the host contract of a hybrid instrument issued as a ...
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Higher One Names New Chief Risk Officer
Higher One, a financial services and data analytics provider to colleges and universities, has named Mark Archer as chief risk officer. He will oversee Higher One’s strategy and operational processes for all risk-related activities and will report directly to the newly-formed risk and compliance committee of the board of directors. ...
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Report: Most Countries Lag in Anti-Corruption Enforcement
Image: Title: UgazA recent report from Transparency International finds that only four of 41 OECD member countries—United States, United Kingdom, Germany, and Switzerland—actively investigate and prosecute companies for bribery and corruption violations, whereas most others do little or no enforcement. “For the anti-bribery convention to achieve a fundamental change in ...
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DaVita Healthcare to Pay $350 Million for False Claims Act Violations
DaVita Healthcare Partners, a dialysis services provider, agreed last month to pay $350 million to the Department of Justice to resolve claims that it violated the False Claims Act by paying kickbacks to physicians or physician groups to induce the referral of patients to its dialysis clinics. “This case involved ...
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Hyundai, Kia Pay Record $100 Million for Misrepresenting Fuel Efficiency
Hyundai Motor America and Kia Motors America agreed this week to pay $100 million—the largest civil penalty ever secured under the Clean Air Act—for making inaccurate representations of their vehicles’ performance and emissions. The auto makers also must implement training and enhanced audit testing of their vehicles to prevent such ...
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Bank Executives, Boards Urged to Share Cyber-Risk Data
Bank executives and directors are getting another new guidance from the multi-agency Federal Financial Institutions Examination Council. The guidance encourages management and boards to ask questions about how accountability is determined for managing cyber-risks; the process for ensuring employee awareness; what is reported to the board on cyber-security events; the ...
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HSBC Legal, Compliance Costs Surpass $1.6 Billion
Image: Title: GulliverNov. 4—London-based HSBC Holdings has set aside more than $1.6 billion to cover legal costs in connection with regulatory investigations and to make enhancements to its compliance operations. Of that amount, HSBC set aside $378 million to resolve claims with the U.K. Financial Conduct Authority that the bank ...