Appointment Blogs | Compliance Week – Page 85
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SEC pursues Fitbit stock manipulation scheme
The SEC has filed fraud charges against a second defendant in connection with a scheme to manipulate the price of Fitbit securities through false regulatory filings on its EDGAT database system.
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PCAOB prepares new proposals on estimates, specialists
The PCAOB is preparing to issue new proposals in the fourth quarter on auditing accounting estimates and using the work of specialists.
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OFAC eases sanctions on Sudan; terrorism concerns persist
The Trump administration has dropped most of the U.S. sanctions targeting Sudan, also removing it from the list of nations targeted by a controversial travel ban. The White House stopped short, however, of removing the war-torn country from its terrorism watch list.
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FINRA wants firms to detail dabbling in virtual currencies
FINRA wants the brokerage firms and exchanges it oversees to alert it if they engage in activities related to digital assets and cryptocurrencies.
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Credit Suisse subsidiary settles FCPA violations
The SEC has announced that Credit Suisse Group AG will pay $30 million to settle allegations that it rigged hiring practices to win business in the obtained investment banking business in the Asia-Pacific region, an FCPA violation. Credit Suisse also agreed to a $47 million settlement with the Justice Department.
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ITT executives agree to resolution, fines with SEC
The SEC has resolved ongoing accusations against with two former senior executives of ITT Educational Services Inc. The Commission says the company’s leadership hid its true financial condition from investors. The resolution successfully concludes an SEC case against the national operator of for-profit colleges.
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Nissan apologizes after acknowledging it falsified data
Nissan apologized Monday after uncovering—as part of a check of emissions and fuel economy tests within its final production process—it had falsified data at all but one of its Japanese vehicle production plants.
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Hiring and the FCPA
The Credit Suisse FCPA enforcement action reminds us all again that it is not the hiring of family members or close friends of a foreign government official or employee of a state-owned enterprise that is illegal under the FCPA, only those hires made with corrupt intent.
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What is the cost of a subpoena?
Glencore has seen a drop in its share price, which could be related to the Justice Department having issued a subpoena for possible FCPA violations in the Democratic Republic of Congo, Nigeria, and Venezuela.
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Irony, FCPA enforcement actions, and M&A
Boeing’s planned acquisition of Brazilian company Embraer’s commercial jet business and LyondellBassell’s possible acquisition of Brazilian entity Braskem highlights an ironic twist to the FCPA: An enforcement action could be so financially draining that your company is forced to sell all or parts of itself, but results from that same ...
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Incorporating compliance into long-term corporate strategy
How can a board of directors work to incorporate the compliance function into a long-term business strategy of the organization? Tom Fox has a few ideas.
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Payroll controls and compliance
How can payroll help when operationalizing a compliance program? Tom Fox explores payroll’s role and the four key areas that should be considered when reviewing compliance goals.
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SEC expands application of scaled disclosures
The SEC has extended its “smaller reporting company” definition to expand the number of companies that qualify for scaled disclosure accommodations.
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Companies have new rules on accounting for contributions
Companies have some new guidance on how to account for contributions they receive and make that are not clearly governed by revenue recognition rules.
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PwC ordered to pay FDIC $625 million in Colonial Bank case
PwC has been ordered to pay the FDIC $625.3 million as a result of a long-running accounting fraud that caused the 2009 failure of Colonial Bank.
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Glencore receives subpoena from Department of Justice
Switzerland-based Glencore Ltd, a subsidiary of Glencore plc, said Tuesday it received a subpoena on July 2 from the U.S. Department of Justice to produce documents and other records with respect to compliance with the Foreign Corrupt Practices Act and U.S. money laundering statutes.
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Commissioner presses for modern slavery central registry
U.K. Independent Anti-Slavery Commissioner Kevin Hyland has issued an ultimatum to the government to get moving on setting up a central, state-owned registry for corporate modern slavery statements that he wants in place before he leaves office.
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Beam Suntory to pay $8M in FCPA case
Beam Suntory subsidiary Beam India was charged by the SEC with making improper payments to various government officials to obtain or retain business in the Indian market. Beam was fined $8M, but neither admitted nor denied the the allegations.
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The continuing problem of shell companies
Businesses must conduct more robust background checks and must work to improve their internal controls around all third parties to make sure one does not slip through the corporate cracks and cause great damage.
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Check your Hermès handbags and bank accounts
The scope of the corruption that befell 1MDB funds continues to widen, with an investigation uncovering a staggering amount of loot from the home of former Prime Minister Najib Razak. For companies doing business in or with Malaysia, now is the time to make sure all operations are free from ...