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Global Glimpses Blog
SFO faces criticism for closing Rolls-Royce, GSK cases
Jaclyn Jaeger | February 22, 2019
The U.K. Serious Fraud Office closed two long-running bribery and corruption cases against Rolls-Royce and GlaxoSmithKline—a decision that casts further doubt around the effectiveness of the SFO’s investigatory powers and makes companies question the purpose of entering a deferred prosecution agreement at all.
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Global Glimpses Blog
U.K. committee slams Facebook as chief visits Zuckerberg
Neil Hodge | February 22, 2019
Facebook behaves like a “digital gangster,” has deliberately broken privacy and competition law, and should be subject to statutory regulation urgently, according to a U.K. parliamentary report.
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Enforcement Action Blog
Federal Reserve Board permanently bars former JPMorgan employee
Jaclyn Jaeger | February 22, 2019
The Federal Reserve Board permanently barred from the banking industry a former managing director at a non-bank subsidiary of JPMorgan Chase in connection with the bank's referral hiring program.
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Enforcement Action Blog
Herbalife provides update on FCPA probe
Jaclyn Jaeger | February 22, 2019
Dietary supplement maker Herbalife in a regulatory filing provided an update on an ongoing investigation regarding the company’s compliance with the Foreign Corrupt Practices Act in China.
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GRC Announcements Blog
ACC opens new Europe headquarters in Brussels
GRC Announcements | February 22, 2019
The Association of Corporate Counsel, a global legal association representing more than 45,000 in-house counsel employed by over 10,000 organizations in 85 countries, has opened its first office in Brussels. It will serve as the nucleus of ACC in Europe, led by new managing director Giuseppe Marletta.
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GRC Announcements Blog
Argos Risk announces partnership with SAI Global
GRC Announcements | February 21, 2019
Argos Risk, a third-party risk intelligence solutions provider, announced its partnership with SAI Global on an integrated approach to vendor risk management.
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Global Glimpses Blog
E3 moves to circumvent U.S. sanctions on Iran
Paul Hodgson | February 21, 2019
The E3 has set up a special trade channel designed to allow companies in the European Union to circumvent U.S. sanctions in an effort to continue humanitarian trade with Iran.
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Enforcement Action Blog
1MDB scandal could result in pay cut for Goldman Sachs’ executives
Jaclyn Jaeger | February 21, 2019
Goldman Sachs disclosed in a recent quarterly filing that 2018 equity-based pay awards could be subject to clawbacks depending on the results of governmental and regulatory investigations relating to 1MDB.
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The Filing Cabinet Blog
SEC, Congress seek better diversity disclosures
Joe Mont | February 20, 2019
The SEC has issued new guidance regarding diversity disclosures. Meanwhile, newly proposed legislation would require public companies to annually disclose the gender, race, and veteran status of their board directors, nominees, and senior executive officers.
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Global Glimpses Blog
EBA investigation linked to AML activities at Danske Bank
Jaclyn Jaeger | February 20, 2019
The European Banking Authority is formally investigating a possible breach of Union law by the Financial Services Authorities of Estonia and Denmark in connection to the Danske Bank money-laundering scandal.
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Enforcement Action Blog
McKinsey & Co. to pay $15M to remedy inadequate disclosures in bankruptcy cases
Jaclyn Jaeger | February 20, 2019
Global consulting firm McKinsey & Co. entered into a $15 million multidistrict settlement agreement with the Department of Justice’s U.S. Trustee Program to resolve disputes over the adequacy of McKinsey’s disclosures of connections in Chapter 11 bankruptcy cases.
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Tom Fox
Hilary Wandall on U.S. data privacy priorities
Tom Fox | February 19, 2019
Hilary Wandall, senior vice president, general counsel, and chief data governance officer at TrustArc, explains to columnist Tom Fox why U.S. companies should address data privacy now, regardless of their motivations.
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The Filing Cabinet Blog
SEC proposes to expand ‘test-the-waters’ perk to all issuers
Joe Mont | February 19, 2019
The SEC has proposed expanding the “test-the-waters” accommodation—currently available to emerging growth companies—to all issuers, including investment company issuers.
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News Article
Congress debates easing risk burden for banks as pot businesses grow
Joe Mont | February 19, 2019
Momentum has been on the side of marijuana legalization. Now, there may be progress in allowing banks to legally take part in that expanding retail revolution.
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News Article
Prison time for U.K. bosses who botch pension scheme management
Neil Hodge | February 15, 2019
The U.K. government says those executives who mismanage company pension schemes could face a jail sentence of up to seven years.
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Enforcement Action Blog
Cognizant to pay $25M to resolve FCPA violations
Jaclyn Jaeger | February 15, 2019
Cognizant Technology Solutions has agreed to pay a civil penalty of $25 million to settle charges that it violated the Foreign Corrupt Practices Act. Additionally, two former executives of Cognizant were charged for their roles in facilitating the payment of millions of dollars in a bribe to an Indian government official.
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Enforcement Action Blog
William Barr sworn in as attorney general
Jaclyn Jaeger | February 15, 2019
The Senate on Feb. 14 confirmed William Barr as the 85th attorney general of the United States, succeeding Jeff Sessions, who stepped down in November.
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News Article
Danske Bank under investigation in France over money-laundering saga
Neil Hodge | February 15, 2019
For a second time, Danske Bank is under investigation in France for suspected money-laundering transactions worth €21.6 million (U.S. $24.4 million) committed between 2007 and 2014.
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The Filing Cabinet Blog
Senators urge DOJ, FCC to reject T-Mobile & Sprint merger
Joe Mont | February 14, 2019
Expressing their staunch opposition to the proposed merger between T-Mobile and Sprint, a group of Senate Democrats have written to the Department of Justice’s Antitrust Division and the Federal Communications Commission, urging them to reject the plan.
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News Article
CFPB moves forward with ‘disclosure sandbox’ for companies
Joe Mont | February 14, 2019
With a comment period now wrapped up, the CFPB plans to move forward with a proposal to offer firms innovative “trial disclosure programs.”
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The Filing Cabinet Blog
Senate Banking Committee seeks feedback on data privacy
Joe Mont | February 14, 2019
Senate Banking Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio) are seeking public feedback on the collection, use, and protection of sensitive personal information by financial regulators and private companies.
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News Article
SEC once again dragged into fight over mandatory arbitration
Joe Mont | February 14, 2019
The SEC was spared setting mandatory arbitration policy when New Jersey’s attorney general argued a shareholder initiative proposed for Johnson & Johnson would be illegal.
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The Filing Cabinet Blog
Proposed FCC rules, phone company enforcement target robocallers
Joe Mont | February 14, 2019
The FCC has escalated its war against robocallers by proposing new rules banning illegal spoofed text messages and international calls. There is also a renewed threat of regulation and enforcement against phone companies that fail to deploy effective caller ID authentication plans.
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GRC Announcements Blog
Fenergo launches cloud-based rules offering
GRC Announcements | February 13, 2019
Fenergo, a provider of client lifecycle management solutions for financial institutions, announced Rules as a Service, a cloud-based regulatory rules offering.
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GRC Announcements Blog
Deloitte, SAP partner on risk solution
GRC Announcements | February 13, 2019
Deloitte recently launched its “Reimagine Risk Sensing” solution—an SAP-certified accelerator focused on cognitive controllership.
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