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The Filing Cabinet

"The Filing Cabinet," which covers compliance with the Dodd-Frank Act and the Sarbanes-Oxley Act, as well as other regulatory action from the Securities and Exchange Commission, executive compensation, and shareholder activism, is written by CW staff writer Joe Mont. Mont welcomes questions, comments, and statements from readers on SEC filing matters and will address them here when appropriate. Readers can contact him at joe.mont@complianceweek.com.
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The Filing Cabinet Blog
“FinCEN Exchange” seeks to enhance public-private information-sharing
Jaclyn Jaeger | December 5, 2017
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network has launched the FinCEN Exchange program, intended to enhance information-sharing with financial institutions.
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The Filing Cabinet Blog
ZTE agrees to $1.4B settlement with ‘stringent compliance measures’
Joe Mont | June 7, 2018
Chinese telecom giant ZTE Corp. has agreed to “severe additional penalties and compliance measures” to replace a U.S. Commerce Department’s denial order.
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The Filing Cabinet Blog
Yellen pushes back on deregulation with rousing defense of post-crisis rules
Joe Mont | August 30, 2017
Amid the current political hunger for deregulation, Janet Yellen, chairman of the Board of Governors of the Federal Reserve, recently delivered an impassioned defense of the current regulatory environment. Don’t drop the ball now, she warned.
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The Filing Cabinet Blog
SEC Finally Approves Money Market Fund Rules
Joe Mont | July 24, 2014
After years of internal debate that spanned two chairmen, the Securities and Exchange Commission has adopted money market fund reforms to address the risk of investor runs. The new rules require a floating net asset value for institutional prime money market funds and allow liquidity fees and redemption gates. Commissioners Kara Stein and Michael Piwowar opposed the rules. In greater detail, the amendments require institutional prime money market funds to price shares using a more precise method so that investors are more likely to see fluctuations in value. Details inside.
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The Filing Cabinet Blog
XBRL Update: SEC Staff Review, Corporate Actions, More
Melissa Klein Aguilar | November 12, 2010
For those wondering what's new in the world of interactive data, here's a roundup of the latest news and information.The Securities and Exchange Commission has posted some information that should be of interest to anyone involved in the preparation of their company's interactive data submissions in compliance with the Commission's...
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The Filing Cabinet Blog
XBRL Update: Corp. Actions, Taxonomy Addendum, More
Melissa Klein Aguilar | October 1, 2009
It's been busy in the interactive data arena for the last few weeks. Here's an update of the latest XBRL-related news.Efforts to improve the processing of corporate actions data in the U.S. by tagging those actions using XBRL are under way, with the creation of a stakeholder group to represent...
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The Filing Cabinet Blog
XBRL U.S. Shows Common Errors, Checks Consistency
Melissa Klein Aguilar | April 7, 2010
Information that might be of interest for those public companies preparing to comply with the Securities and Exchange Commission's XRBL mandate for the first time: A new white paper detailing some of the most common errors companies make related to XBRL U.S. GAAP Taxonomy rules.Since the SEC's mandate for companies...
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The Filing Cabinet Blog
XBRL Rule Vote Scheduled for Dec. 17
Melissa Klein Aguilar | December 11, 2008
The long-awaited final details of the Securities and Exchange Commission’s plan to mandate the use of interactive data are finally poised to become public.More than six months after it first published its proposed rule to phase-in the adoption of XBRL, or extensible business reporting language, which would require companies to...
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The Filing Cabinet Blog
XBRL Rule Out by Year-End?
Melissa Klein Aguilar | November 20, 2008
No promises, so don’t hold your breath, but it’s possible that the Securities and Exchange Commission could publish the adopting release on its XBRL rule before the lights go out on 2008.That’s according to SEC Chief Accountant Conrad Hewitt, who told attendees on Nov. 18 at the Financial Executives International’s...
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The Filing Cabinet Blog
XBRL International, SEC Seeking Input on XBRL
Melissa Klein Aguilar | March 1, 2010
For those with an interest in Extensible Business Reporting Language, or XBRL, two groups are currently seeking public input related to the standard.XBRL International Inc., the global consortium responsible for development and promotion of the business reporting standard, is seeking public comment on the future business requirements and technical roadmap...
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The Filing Cabinet Blog
XBRL Guidance for Internal Audit Available
Melissa Klein Aguilar | June 26, 2009
New guidance is available for internal auditors on their potential role in helping their organizations transition to filing financial statements in XBRL.A free whitepaper published by The Institute of Internal Auditors Research Foundation, "XBRL: What's in it for Internal Auditors," provides an overview of XBRL and the Securities and Exchange Commission's...
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The Filing Cabinet Blog
XBRL Analytics Firm Wins Application Development Prize
Joseph McCafferty | March 2, 2012
Calcbench, an open source application that leverages corporate XBRL data and performs comparative analytics, scored a $20,000 prize for winning the XBRL challenge. The contest was created to spur development of tools that use the SEC's interactive data tagging system.
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The Filing Cabinet Blog
XBRL Adopting Release Arrives
Melissa Klein Aguilar | January 30, 2009
Just in time for the weekend, financial reporting executives have some light reading, courtesy of the Securities and Exchange Commission.The agency has finally posted the long-awaited 206-page adopting release for the rule mandating the use of XBRL technology. The rule, formally known as Interactive Data to Improve Financial Reporting, was...
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The Filing Cabinet Blog
World Bank Procurement Framework Approved
Jaclyn Jaeger | July 24, 2015
The World Bank’s board of directors has approved a new policy governing the procurement of projects financed by the Bank. According to the World Bank, this “once-in-a-generation systematic reform and culture change” will allow it “to better respond to the needs of client countries, while preserving robust procurement standards throughout Bank-supported projects.” Details inside.
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The Filing Cabinet Blog
Safe Harbor Squashed; What’s Next for European Data Transfers?
Joe Mont | October 6, 2015
As anticipated, on Tuesday the European Court of Justice ruled the Safe Harbor program for international data transfers between the United States and European Union is invalid. While U.S. officials fret that the ruling will “undercut the ability of other countries, businesses, and citizens to rely upon negotiated arrangements with the European Commission,” European officials have pledged to develop “clear guidance” to keep the data pipeline flowing. More inside.
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The Filing Cabinet Blog
With Gensler's Replacement in Limbo, Wetjen Named Acting Chair
Joe Mont | December 16, 2013
Members of the Commodity Futures Trading Commission on Monday elected Commissioner Mark Wetjen to take the over the reins from Chairman Gary Gensler upon his departure this month. He will hold the position on an interim basis until a permanent replacement is confirmed by the U.S. Senate.
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The Filing Cabinet Blog
Williams named president and CEO of New York Fed
Joe Mont | April 11, 2018
John Williams, current chief executive officer of the Federal Reserve Bank of San Francisco, has been appointed to the same position at the Federal Reserve Bank of New York. He will replace current president William Dudley in June.
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The Filing Cabinet Blog
Instagram's Privacy Policy Mess
Joe Mont | December 18, 2012
Instagram's new terms of service, specifically its intended use of personal photos for advertising, have outraged many users. As regulators dig deeper into online data collection issues, and with an updated Children's Online Privacy Protection Act set to be announced on Wednesday, the photo sharing service may face added scrutiny from watchdogs and regulators.
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The Filing Cabinet Blog
Why one Republican voted against the CHOICE Act
Joe Mont | June 14, 2017
The recent 233–186 House vote on the Financial CHOICE Act wasn’t neatly divided along parties. Rep. Walter Jones was the sole Republican who voted against the legislation, citing veterans' concerns.
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The Filing Cabinet Blog
Why Hui Chen left the Justice Department
Joe Mont | July 5, 2017
Hui Chen, a full-time compliance counsel expert for the Justice Department, has left her government post, criticizing President Trump on her way out the door.
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The Filing Cabinet Blog
Who Is the Most Systemic of Them All? JP Morgan
Joe Mont | February 18, 2015
Which large U.S. bank would cause the most collateral damage if it were to fail? JP Morgan, according to a new report from the Treasury Department. The report tried to quantify just how much systemic risk exists in banks designated as “Systemically Important Financial Institutions,” and JP Morgan topped the list. Close behind were Citigroup, Bank of America, Morgan Stanley, and Goldman Sachs. More inside.
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The Filing Cabinet Blog
White: SEC Enforcement Not Targeting Compliance Professionals
Joe Mont | July 15, 2015
The message from SEC Chairman Mary Jo White to compliance officers: They are not the target of enforcement efforts. Speaking to 1,000 compliance officers from financial services firms and broker-dealers at a Commission-sponsored forum, White said, “We do not bring cases based on second guessing compliance officers’ good faith judgments, but rather when their actions or inactions cross a clear line that deserve sanction.” Details inside.
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The Filing Cabinet Blog
SEC Disclosure Reform Moving Forward, Despite Hurdles
Joe Mont | March 20, 2014
The next steps in a comprehensive rethinking of the Securities and Exchange Commission's disclosure regime should be coming soon and an assessment is underway by the Division of Corporation Finance, according to SEC Chairman Mary Jo White. The biggest hurdle, she said, is balancing the needs of retail and institutional investors. More details inside.
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The Filing Cabinet Blog
SEC: New Disclosure Rules Won’t Delay General Solicitation
Joe Mont | August 12, 2013
The Securities and Exchange Commission will not withdraw a JOBS Act-related rule proposal that has drawn the ire of Congressional Republicans, and new disclosure requirements will not delay the ability of issuers to advertise their private offerings, said Chairman Mary Jo White in a letter to members of Congress last week.
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The Filing Cabinet Blog
White: As Securities Offerings Change, SEC Adapts
Joe Mont | October 28, 2015
Recent years have seen significant changes in terms of how securities offerings are conducted, with many of the recent regulatory reforms for public offerings the result of the JOBS ACT. At a conference in New York City on Wednesday, Securities and Exchange Commission Chairman Mary Jo White spoke about how her agency is responding to these changes through enforcement actions and disclosure requirements.
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