California voters approved a ballot measure that will add new layers of responsibility for businesses attempting to comply with the state’s first-in-the-nation data privacy law, the California Consumer Privacy Act.
Regulatory Policy
Posted inRegulatory Enforcement
CFTC guidance details path to reduced enforcement penalties
The CFTC issued guidance that spells out how companies that self-report violations, cooperate with investigators, and remediate their issues can qualify for a “substantially reduced penalty” on any subsequent enforcement action.
Posted inRisk Management
OCC deems ‘true lenders’ responsible for actions of third-party partners
The Office of the Comptroller of the Currency’s finalized “true lender” rule clarifies how banks are responsible for the compliance obligations and actions of their third-party lending partners.
Posted inEurope
U.K.’s SFO lays out expectations in new DPA guidance
The U.K. Serious Fraud Office has published its latest internal guidance on the threshold companies must meet before they are offered a deferred prosecution agreement.
Posted inRegulatory Policy
Training, conflict of interest early pain points of Reg BI compliance
Financial institutions complying with the SEC’s new Regulation Best Interest standard have particularly struggled with training staff and how to identify and eliminate potential conflicts of interest, regulators said during an online forum.
Posted inAML
BSA update proposal seeks more data on international transactions
FinCEN and the Federal Reserve Board have proposed lowering the threshold at which financial institutions must collect, retain, and transmit information on overseas transfers under the Bank Secrecy Act.
Posted inInternal Controls
SEC Commissioner Hester Peirce mulling CCO liability framework
SEC Commissioner Hester Peirce revealed in a recent speech that she is considering developing a draft framework that would aim to clarify when the Commission may seek personal liability in compliance cases.
Posted inRegulatory Enforcement
What would a Democratic regulatory agenda look like under Biden?
Democratic presidential nominee Joe Biden is no lock to win the presidency on Nov. 3. But it’s worth examining what compliance-related regulatory policies he’d support if he wins.
Posted inAccounting & Auditing
Split SEC loosens conflict-of-interest rules for independent auditors
The Securities and Exchange Commission has moved forward with relaxing its conflict-of-interest rules for independent auditors by a 3-2 vote.
Posted inRisk Management
SEC ‘pay-to-play’ enforcement surge projected in 2021
More donations in a high-stakes election year means more chances that the Securities and Exchange Commission will pursue investigations related to its often overlooked “pay-to-play” rule.
