Regulatory Policy


Business argument

Materiality, Scope 3 emissions elicit debate in SEC climate rule comments

2022-07-06T13:40:00+01:00By

Comment letters in response to the SEC’s climate-related disclosure rule have laid out opponents’ issues with the proposal, while supporters have used the process to buttress the agency’s case for implementing it.

China flags

Uyghur Forced Labor Prevention Act should prompt due diligence reassessment

2022-06-30T12:15:00+01:00By

All companies with a global footprint should be reevaluating their supply chain due diligence and documentation practices to show the absence of forced labor in the wake of the Uyghur Forced Labor Prevention Act taking effect.

Brasseur_opinion

CCO skepticism toward DOJ compliance certifications justified

2022-06-27T15:36:00+01:00By

Chief compliance officer concerns regarding the Department of Justice’s new certification policy have not been alleviated by the agency’s inconsistent communication regarding the requirement.

GDPR EU flag

Experts: How to move forward with the GDPR

2022-06-27T12:49:00+01:00By

Data privacy experts speaking at an industry event believe the mechanisms in place under the General Data Protection Regulation to ensure compliance, enforcement, and redress need revisiting—and quickly.

GDPR

European Commission assessing GDPR improvements, not overhaul

2022-06-24T13:52:00+01:00By

Three key members of the European Commission believe the General Data Protection Regulation should be enhanced by targeting aspects of data privacy through other laws rather than revamping the GDPR itself.

SEC office

SEC spring rulemaking agenda signals potentially hectic fall for compliance

2022-06-23T22:08:00+01:00By

Final action by the Securities and Exchange Commission on its climate-related disclosure rule, whistleblower amendments, unimplemented elements of Dodd-Frank, and more could all take place by the end of the year, according to the agency’s spring agenda.

AuditAdvice

PCAOB adopts new requirements for use of multiple audit firms

2022-06-22T23:02:00+01:00By

The Public Company Accounting Oversight Board announced its approval of a rule creating a new audit standard and amending a handful of others regarding audits involving multiple audit firms, the culmination of a project first launched in 2016.

SECcrop

Senate confirms Jaime Lizárraga, Mark Uyeda as SEC commissioners

2022-06-17T16:20:00+01:00By

Democrat Jaime Lizárraga and Republican Mark Uyeda have been confirmed by the Senate to serve as commissioners on the Securities and Exchange Commission.

cohnreznick 300x200

CPE Webcast: How prepared is your organization for the SEC’s proposed climate-related disclosure rule?

2022-06-14T14:00:00+01:00Provided by

This webinar will reveal results of the recent Compliance Week and CohnReznick co-sponsored survey asking respondents how prepared they are for the SEC’s proposed rule requiring registrants to include certain climate-related disclosures in their registration statements and periodic reports.

Workiva logo 300x200

CPE Webcast: SEC climate disclosure proposed mandate: What you need to know

2022-06-09T14:00:00+01:00Provided by

What might the SEC’s proposed climate disclosure mandate mean as finance and sustainability teams begin implementing and maturing their programs to deliver both business and ESG value?

Auditcommunication

SEC acting chief accountant: Ethical culture key to auditor independence

2022-06-09T13:45:00+01:00By

Paul Munter, acting chief accountant at the Securities and Exchange Commission, released a statement acknowledging recurring issues agency staff have observed regarding auditor independence consultations.

CCPA

California privacy board moves forward with draft CPRA regulations

2022-06-08T22:17:00+01:00By

The California Privacy Protection Agency unveiled draft rules for the soon-to-be enacted California Privacy Rights Act at its board meeting.

Cryptocurrency wallet

Lummis-Gillibrand bill would regulate crypto for first time

2022-06-08T17:49:00+01:00By

The Responsible Financial Innovation Act, introduced by Sens. Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.), seeks to regulate digital assets, blockchain technology, and cryptocurrencies in the United States for the first time.

DOJ building

​DOJ recruits Hewlett Packard Enterprise CECO to lead Fraud Section

2022-06-08T13:52:00+01:00By

The Justice Department’s Criminal Division added another chief compliance officer to its ranks with the appointment of Glenn Leon to serve as chief of the Fraud Section.

Treasury Department

Treasury considering rule to address AML ‘loopholes’ in private investment

2022-06-07T22:05:00+01:00By

The Treasury Department is considering rulemaking that would seek to mitigate the growing risk sanctioned Russian oligarchs and politicians will attempt to use “hedge funds, private equity firms, and investment advisers to hide their assets.”

AuditInspectionFeature

Tepid reception to ‘half-hearted’ U.K. audit reform measures

2022-06-07T15:26:00+01:00By

The U.K. government’s confirmed plans to shake up the audit market and improve corporate governance for the country’s biggest companies has received mixed response, with some key stakeholders lamenting “missed” opportunities.

Congress

Bipartisan data privacy bill seeks to break through Congressional logjam

2022-06-06T18:09:00+01:00By

A bipartisan bill attempting to end the gridlock in Congress over crafting a federal data privacy law was introduced by a pair of Republicans and a Democrat.

FinCEN

FinCEN launches rulemaking on no-action letter process

2022-06-06T16:55:00+01:00By

The Financial Crimes Enforcement Network launched rulemaking for a no-action letter process, which the agency said might help spur innovation in financial services for anti-money laundering/countering the financing of terrorism and compliance functions.

CFTC

CFTC comment request gauging future action on climate-related risks

2022-06-03T13:44:00+01:00By

The Commodity Futures Trading Commission is seeking public comment on climate-related financial risks that could inform the agency’s future guidance, interpretations, policy statements, and/or rulemaking.

SEC

Investment advisers fret over SEC’s proposed ESG disclosure rule

2022-06-02T22:29:00+01:00By

Investment advisers and companies worry a recently proposed rule by the SEC that would require enhanced disclosures about funds that claim ESG strategies drive investment choices would have “substantial impact” without providing useful information to investors.

CW2022 Leadership Panel

Compliance leadership panel: Current state, future trends, more

2022-05-31T11:51:00+01:00By

Four senior compliance practitioners shared their insights on maintaining an ethical culture, embracing data analytics, determining compliance’s role in measuring ESG metrics, and more as part of a panel discussion at Compliance Week’s National Conference.

SEC building

SEC rule proposal would order investment firms to back up ESG claims

2022-05-25T22:52:00+01:00By

The Securities and Exchange Commission proposed a new rule that would require registered investment advisers, investment companies, and business development companies to submit enhanced disclosures about funds that claim ESG strategies drive their investment choices.

GDPR gears

Four years of GDPR: New tech testing data privacy law’s longevity?

2022-05-25T15:52:00+01:00By

It has been four years since the European Union’s flagship data privacy legislation came into force, but concerns are already being raised about whether the General Data Protection Regulation is being outpaced by technological developments and their use of data.

Brasseur_opinion

Ten highlights from Compliance Week 2022

2022-05-23T11:30:00+01:00By

Editor In Chief Kyle Brasseur recaps the moments that stood out to him most from Compliance Week’s first in-person event since 2019.

CW2022 SEC commissioners

SEC commissioners address CCO liability, crypto regulation, more at CW2022

2022-05-17T17:15:00+01:00By

Two SEC commissioners from opposite sides of the political aisle took slightly different positions on how to assess the liability of poor performing chief compliance officers as part of the Day 2 opening keynote at Compliance Week’s National Conference.

Stack of books

From ‘Institutional Self-Regulation’: Slippery slope of bad habits

2022-05-16T16:00:00+01:00By Tamar Frankel, special to Compliance Week

Tamar Frankel, honored for Lifetime Achievement in Compliance at the 2022 Excellence in Compliance Awards, authorized CW to share excerpts from her book “Institutional Self-Regulation.” The following is a passage from the book’s chapter on institutional subversive culture, ethics, power, and behavior.

Stack of books

From ‘Institutional Self-Regulation’: Role of culture

2022-05-16T16:00:00+01:00By Tamar Frankel, special to Compliance Week

Tamar Frankel, honored for Lifetime Achievement in Compliance at the 2022 Excellence in Compliance Awards, authorized CW to share excerpts from her book “Institutional Self-Regulation.” The following is a passage from the book’s chapter on investigations to prevent violations of the law.

Stack of books

From ‘Institutional Self-Regulation’: Why compliance?

2022-05-16T16:00:00+01:00By Tamar Frankel, special to Compliance Week

Tamar Frankel, honored for Lifetime Achievement in Compliance at the 2022 Excellence in Compliance Awards, authorized CW to share excerpts from her book “Institutional Self-Regulation.” The following is a passage from the book’s chapter on compliance, governance, and self-regulation.

Tamar Frankel EIC 2022

Conviction, moral fortitude define Lifetime Achievement winner Tamar Frankel

2022-05-16T16:00:00+01:00By

Tamar Frankel’s 50-year career as a law professor at Boston University more than satisfies her being honored for Lifetime Achievement at the 2022 Excellence in Compliance Awards. Yet, to limit the scope of Frankel’s accomplishments to her academic career would be a massive oversight.

Connecticut State Capitol

Connecticut fifth state to pass comprehensive data privacy law

2022-05-13T19:22:00+01:00By

Connecticut has joined four other states in passing a comprehensive data privacy law that requires companies to provide consumers with information about the personal data they collect.

Powell

Fed Chair Jerome Powell confirmed to second term

2022-05-13T13:23:00+01:00By

Jerome Powell is set to begin his second term as chair of the Federal Reserve after receiving bipartisan support in a Senate confirmation vote.

FTC

FTC Democratic majority restored following Bedoya confirmation

2022-05-12T17:27:00+01:00By

Georgetown visiting law professor Alvaro Bedoya has been confirmed as a member of the Federal Trade Commission, following a Senate vote along party lines.

CFTC building

CFTC proposal furthers transition from LIBOR in swaps

2022-05-10T19:26:00+01:00By

The Commodity Futures Trading Commission proposed a rule that would replace certain swap rate clearing requirements pegged to the London Interbank Offered Rate with other alternative reference rates that are less susceptible to manipulation.

SEC office

SEC extends comment period on climate-related disclosure rule

2022-05-09T19:40:00+01:00By

The Securities and Exchange Commission has extended the comment period for its controversial climate-related disclosure rule to allow interested parties more time to consider the issues and share feedback.

Green reporting

Need to know: SEC climate-related disclosure attestation requirements

2022-05-09T18:29:00+01:00By

While the Securities and Exchange Commission’s proposed climate-related disclosure rule is being finalized, affected companies should begin considering new attestation requirements for accelerated and large accelerated filers regarding greenhouse gas emissions.

Russia Ukraine economy

SEC: Companies must adequately disclose financial impact of Russia’s war on Ukraine

2022-05-05T18:50:00+01:00By

The Securities and Exchange Commission is warning public companies they must accurately and adequately disclose the material impact on their business caused by Russia’s war against Ukraine.

Dark street

FRC report findings suggest overhaul needed for Modern Slavery Act

2022-05-03T12:06:00+01:00By

The U.K. Modern Slavery Act has often been described as “world leading,” yet companies are still failing to meet requirements by providing a statement outlining what they are doing to prevent modern slavery in their businesses and supply chains.

SEC

SEC risk alert flags deficiencies in handling nonpublic information

2022-05-02T20:08:00+01:00By

A risk alert issued by the Division of Examinations at the Securities and Exchange Commission highlighted “notable deficiencies” in the handling of material nonpublic information by investment advisers, investors, and other market participants.

CFPB

CFPB targets fintechs with examination policy shift

2022-04-25T19:13:00+01:00By

The Consumer Financial Protection Bureau will begin conducting supervisory examinations on nonbank financial companies the agency believes “pose risks to consumers.”

Janet Yellen

Yellen calls China to the carpet on Russia-Ukraine war

2022-04-15T19:15:00+01:00By

U.S. Treasury Secretary Janet Yellen warned countries that are unified in their sanctions against Russia “will not be indifferent to actions that undermine the sanctions we’ve put in place.”

Federal Reserve

Biden to nominate Michael Barr as Fed supervision head

2022-04-15T17:02:00+01:00By

President Joe Biden announced his intent to nominate Michael Barr, a key architect of the Dodd-Frank Act and former Treasury Department assistant secretary, to serve as the Federal Reserve’s vice chair for supervision.

FTC building

FTC chair: Agency reassessing rules amid current U.S. privacy landscape

2022-04-14T14:28:00+01:00By

The Federal Trade Commission is considering new rulemaking around commercial surveillance and lax data security practices while assessing whether other laws in place need to be updated, agency Chair Lina Khan said in a recent speech.

SEC

Biden to nominate two for SEC commissioner openings

2022-04-07T14:21:00+01:00By

President Joe Biden announced his intention to nominate Jaime Lizárraga and Mark Uyeda for the Democratic and Republican commissioner openings, respectively, at the Securities and Exchange Commission.

SECcrop

SEC proposes Dodd-Frank rule requiring security-based swaps to hire CCOs

2022-04-06T20:24:00+01:00By

The Securities and Exchange Commission proposed a regulatory framework for security-based swap execution facilities that will require these entities to hire a chief compliance officer to oversee compliance with new rules.

California flag

California judge strikes down state’s board diversity law

2022-04-06T16:59:00+01:00By

A California state superior court judge struck down a diversity mandate that ordered public companies in the state to have at least one minority board member by the end of 2021.

Whistle

New bill seeks shorter wait for SEC whistleblower awards

2022-04-01T16:42:00+01:00By

The “SEC Whistleblower Reform Act of 2022” proposes to shorten the wait time for a whistleblower to receive a payout by requiring the Securities and Exchange Commission to issue an initial ruling on a claim within one year of the deadline to file the claim.

DiMauro_opinion

Q1 roundup: SEC tackles climate disclosures, businesses navigate Russia restrictions, more

2022-04-01T12:00:00+01:00By

Regulation and guidance from U.S. agencies and the White House, plus compliance challenges stemming from a two-year global pandemic and Russia’s ongoing invasion of Ukraine, made the first quarter of 2022 a novel risk environment for regulated businesses.

SEC

SEC 2022 exam priorities stress compliance ‘must be empowered’

2022-03-31T18:46:00+01:00By

The Securities and Exchange Commission released its 2022 examination priorities, providing investment firms, broker-dealers, and other registrants a breakdown of what issues the Division of Examinations will focus on this year.

Treasury Department

Senators call for close of private investment AML/CFT loophole

2022-03-31T17:29:00+01:00By

Sens. Sheldon Whitehouse (D-R.I.) and Elizabeth Warren (D-Mass.) called on the Treasury Department and SEC to close a “disconcerting loophole” that exempts hedge funds and other private investment firms from reporting suspicious activity within their transactions to authorities.

complysci 300x200

CPE Webcast: Signals from the SEC on critical rule and regulation changes

2022-03-31T14:00:00+01:00Provided by

This webinar will dive into predictions for the upcoming SEC agenda and ancillary regulatory changes, giving attendees a look into the implications for their compliance teams and how they can prepare for whatever comes next.