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Global Glimpses

“Global Glimpses” follows compliance, risk, and corporate governance news both in Europe and around the world. It covers developments at the International Accounting Standards Board, as well as global regulation, anti-bribery, and corruption enforcement, along with other compliance developments abroad. Global Glimpses is written by contributor Paul Hodgson. Hodgson welcomes questions, comments, and statements from readers on global issues and will address them here when appropriate. Readers can contact him at paul.hodgson@complianceweek.com.
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Global Glimpses Blog
Auditor rotation: Are we going round in circles?
Paul Hodgson | October 26, 2016
Mandatory auditor rotation is an idea that goes in and out of favor among various countries, leading to no common practice anywhere. So, Paul Hodgson asks: Why is the whole world chasing its tail on this issue?
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Global Glimpses Blog
Customers Expected to Stay With Big U.K. Banks Despite the CMA’s Move to Improve Competition
Aarti Maharaj | November 2, 2015
A report by research firm Pinset Masons and YouGov, reveals that 16 percent of customers would likely switch to a “challenger bank” like Metro or TSD within the next two years. These findings come after the British Competition Authority’s recommended the country’s biggest lenders to provide more information around the full costs of accounts to clients instead of breaking up the big four U.K. banks to inject some competition.
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Global Glimpses Blog
Police Raid VW’s French Office in Search of Critical Data
Aarti Maharaj | October 19, 2015
According to the Telegraph, as part of an ongoing probe into a pollution-cheating scheme, police swept through Volkswagen’s main office in Villers-Cotterets in northern France and another office near Paris on Friday, seizing data devices, documents, and computer hardware. The automatker, which is facing large fines, legal costs,and class-action lawsuits, said it is “co-operating fully with authorities.” More inside.
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Global Glimpses Blog
Serious Fraud Office Speeds Up Tesco’s Accounting Probe
Aarti Maharaj | October 7, 2015
The Serious Fraud Office has accelerated its probe into the accounting irregularities at Tesco, hoping to resolve the criminal investigation by year-end. The supermarket chain’s former chief executive Philip Clarke is one of many former Tesco executives being scrutinized by the agency in its investigation; Laurie McIlwee, former finance director, is being interviewed as a witness. Details inside.
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Global Glimpses Blog
French Regulator Rejects Google’s ‘Right To Be Forgotten’ Appeal
Aarti Maharaj | September 23, 2015
Big news this week from France as the Commission Nationale de I’Informatique et des Libertes (CNIL) rejected Google’s appeal against the enforcement of “right to be forgotten.” If Google fails to comply with CNIL’s order, the company may be hit with sanctions, including a €300,000 fine, which could increase to 5 percent of Google’s global operating costs in light of new European regulations. More inside.
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Global Glimpses Blog
Banks Need to Manage Risks Better, U.K. Regulator Says
Aarti Maharaj | July 29, 2015
A review by the U.K. Financial Conduct Authority found that banks need to take the risks associated with benchmark rates more seriously. FCA believes that financial institutions should learn from the recent scandals that rocked the industry and ensure that such misconduct does not happen again. The watchdog says that bank reforms and benchmarking activities are moving at a glacial pace, which is “disappointing,” said Tracey McDermott, director of supervision, FCA. Details inside.
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Global Glimpses Blog
Podcast: Spain’s New Corporate Compliance Defense
Aarti Maharaj | July 28, 2015
Spain has been receiving a lot of attention for its corporate compliance defense. Not only did the country adopt new requirements to help root out corruption; it goes further than other nations have gone by mandating specific features that compliance programs must contain to qualify. In this podcast, Aaron Murphy, partner at law firm Foley & Lardner, discusses the steps Spain has taken to embed compliance right into its statute. Listen here.
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Global Glimpses Blog
Czech Bankers Concerned About New EU Rules
Aarti Maharaj | July 22, 2015
Czech bankers are worried about new European rules that may pose systemic risks to countries across Europe. The legislation, which is currently being reviewed by the European Commission will cause big depositors and bondholders, instead of national regulators, to incur more losses. Bankers are worried that this could lead to destabilized banks and market volatility in some countries. Details inside.
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Global Glimpses Blog
U.K. SFO in Talks With Barclays to End Long-Running Criminal Probe
Aarti Maharaj | July 22, 2015
The Serious Fraud Office has extended a deferred-prosecution agreement to Barclays to end an investigation into the bank’s alleged role in the £2 billion Qatari 2008 fundraising and other practices that helped the bank weather the financial crisis. British regulators recently gained the power to issue DPAs, and the SFO had considered informing the magistrates’ court that Barclays was not cooperating with regulators. Details inside.
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Global Glimpses Blog
Accounting Scandal Takes Down Toshiba’s Head Honcho
Aarti Maharaj | July 15, 2015
Hisao Tanaka, chief executive of Toshiba Corp., is expected to step down in September in light of accounting missteps at the Japanese conglomerate. The domino effect will continue as key board members are rumored to be leaving over the next few months. News reports indicate that top executives may have knowingly encouraged corporate misconduct for several years.
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Global Glimpses Blog
MasterCard Again Target of European Commission
Aarti Maharaj | July 13, 2015
MasterCard is once again in the spotlight, as the European Commission has swooped in on the company’s potential abuse of interchange fees. After a two-year investigation, Competition Commissioner Margrethe Vestager said, “MasterCard is artificially raising the costs of card payments, which would harm consumers and retailers in the European Union.” More inside.
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Global Glimpses Blog
Bankers Need to Clean Up Their Act, Allianz Exec Says
Aarti Maharaj | July 1, 2015
Elizabeth Corley, global chief of Allianz Global Investors, warns that there can be serious consequences to the economy if bankers continue to engage in reckless misconduct. Corley says rogue bankers often see wrongdoing as a minor rather than a serious offence, which can lead to bigger problems for financial institutions. Her research of legal, compliance, audit, and management shows that too many employees can’t tell if they are going down the wrong path. Details inside.
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Global Glimpses Blog
India Attempts to Tackle the Supply Side of Bribery
Aarti Maharaj | June 22, 2015
India’s Union Cabinet recently approved amendments to the Prevention of Corruption Act (PoCA) that will expand the scope of the law to corporate executives. Currently the law prohibits corrupt acts by public servants and government officials, who have been at the center of enforcement actions. Over the years, government corruption has not only stifled the country’s economic growth but also threatened the fiscal health of many companies. More inside.
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Global Glimpses Blog
Google’s Antitrust Investigation Continues
Aarti Maharaj | June 2, 2015
The European Union Competition Commissioner Margrethe Vestager confirmed that the watchdog is continuing its investigation into Google for allegedly engaging in anti-competitive behavior. In an interview with BBC, Vestager said that more probes are ongoing into the tech giant’s role in mapping, travel, flight, and third-party data. Details inside.
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Global Glimpses Blog
European Union Antitrust Chief Eyes e-Commerce
Aarti Maharaj | April 1, 2015
The European Union is looking into the possible breach of antitrust laws in e-commerce practices. The inquiry may lead to enforcement actions against companies that restrict online sales and “abuse” their dominant position in the market. Margrethe Vestager, the EU’s antitrust chief, said that although the investigation will produce results in mid-2016, it “reflects the scope of the inquiry.” Details inside.
Displaying 15 results