Regulatory Policy


European Commission

EU guidance seeks to clarify role of AML/CFT compliance officers

2021-08-04T16:38:00+01:00By

The European Banking Authority is seeking comment on new draft guidelines that set clear expectations regarding the appointment, role, tasks, and responsibilities of anti-money laundering and countering the financing of terrorism compliance officers.

Treasury

Acting FinCEN head to step down; new search underway

2021-08-04T15:31:00+01:00By

The Treasury Department has launched a public search for a new permanent director of the Financial Crimes Enforcement Network after the acting head of the agency announced his intentions to step down.

Whistleblower

SEC to revisit Trump-era whistleblower changes

2021-08-03T17:30:00+01:00By

The Securities and Exchange Commission will review two Trump-era changes to the agency’s whistleblower program, with an eye toward encouraging individuals to report wrongdoing.

China scrutiny

SEC seeks more risk disclosures from China-based companies

2021-08-02T19:27:00+01:00By

The SEC will require China-based public companies listed on U.S. exchanges to make more disclosures about the financial risks posed by potential interference in their operations by the Chinese government.

Whistleblowers

Proposed bill seeks to broaden False Claims Act whistleblower protections

2021-07-27T16:12:00+01:00By

A bipartisan bill before Congress proposes tweaking the False Claims Act to extend anti-retaliation protections for whistleblowers who are not formally employed by the company or organization on which they blew the whistle.

ESGReporting

What companies (and the SEC) can learn from U.K. ESG reporting guidance

2021-07-26T16:39:00+01:00By

The U.K. Financial Reporting Council has proposed a series of measures from which companies—as well as other regulators like the SEC—could benefit as ESG disclosures receive closer scrutiny.

FTC Building

FTC vote reverses longtime ‘prior approval’ stance for mergers

2021-07-22T16:22:00+01:00By

The Federal Trade Commission voted to rescind a 1995 policy statement that allowed certain firms taking part in a merger to skirt prior approval requirements.

AML Euros

New agency Europe’s latest hope to curb AML struggles

2021-07-22T13:06:00+01:00By

The European Commission unveiled new plans to set up an agency specifically aimed at tackling the region’s spiraling problems with money laundering.

FTC

House passes bill to restore FTC’s disgorgement authority

2021-07-21T17:08:00+01:00By

The Federal Trade Commission will have its power to seek disgorgement of ill-gotten gains restored, if a bill that passed the House becomes law.

AI regulation

The debate over AI: Regulate the tech or its use?

2021-07-16T18:04:00+01:00By

Recent comments by Facebook’s top executive in charge of developing AI reignite the debate over whether regulators should be more focused on reining in the technology itself or just the way it is used.

Julia Brncic

Q&A: Cigna’s approach to SEC human capital disclosure requirements

2021-07-16T13:41:00+01:00By

Julia Brncic, senior vice president, chief counsel and corporate secretary at Cigna, shares how the global health insurance company is complying with new human capital disclosure requirements in Regulation S-K.

Bankatrisk

New bank guidance expands on advice for handling third parties

2021-07-14T20:10:00+01:00By

Three federal banking regulators are seeking public input on the first comprehensive update to risk management guidance for financial institutions entering into business relationships with third parties since 2013.

U.K. bribery

10 years of U.K. Bribery Act: Compliance enough to define law’s success?

2021-07-14T15:15:00+01:00By

The U.K. Bribery Act marked its 10th anniversary this month, but views are mixed about how the legislation and its enforcement have fared in the decade since it came into force.

Brasseur_opinion

New-look FTC to test compliance with aggressive approach?

2021-07-12T13:21:00+01:00By

The Federal Trade Commission under new Chair Lina Khan is wasting no time in restoring its power to reshape rulemaking and enforcement, but doing so without proper time for public input is an early cause for concern.

Whistle

New bill saves CFTC whistleblower program, but for how long?

2021-07-09T14:23:00+01:00By

A measure to save the whistleblower program at the CFTC was signed into law by President Joe Biden, providing enough funding to keep the program running through October 2022. What lies beyond the bill’s support?

Colorado capitol

Colorado third state to enact comprehensive privacy law

2021-07-08T14:16:00+01:00By

The Colorado Privacy Act largely mirrors its predecessors in California and Virginia but includes greater fines per violation of $20,000. The law is set to take effect July 1, 2023.

Letters

FinCEN eyes no-action letters as aid for FinTech rollouts

2021-07-06T17:49:00+01:00By

The Financial Crimes Enforcement Network will launch rulemaking for a no-action letter process that would give financial institutions another way to enter dialogue with the regulator about innovative and newly emerging technologies.

Dark money

FinCEN puts financial institutions on notice with first AML/CFT priorities

2021-06-30T17:59:00+01:00By

The Financial Crimes Enforcement Network tipped its hand at changes ahead for the Bank Secrecy Act in announcing the first government-wide list of priorities for anti-money laundering and countering the financing of terrorism.

OCC

Biden signs off on repeal of OCC’s ‘true lender’ rule

2021-06-25T18:03:00+01:00By

President Joe Biden has signed Congress’ repeal of the Office of the Comptroller of the Currency’s “true lender” rule issued last year in the waning months of the Trump administration.

UK cryptocurrency

AML compliance proving tall hurdle for U.K. crypto firms

2021-06-22T15:34:00+01:00By

The U.K.’s financial regulator has been forced to extend a registration deadline for cryptocurrency firms by nearly nine months because so few have been able to meet even basic anti-money laundering requirements.

Data privacy

New rules for SCCs: What you need to know

2021-06-17T16:28:00+01:00By

The latest set of standard contractual clauses for companies transferring data between the European Union and third countries, such as the United States, is meant to align more closely with the GDPR and root out government snooping.

Lina Khan

Lina Khan’s rise to FTC chair suggests aggressive antitrust enforcement

2021-06-16T15:53:00+01:00By

Lina Khan’s elevation to chair of the FTC on the same day her nomination was confirmed by the Senate signals the Biden administration’s intention to aggressively address antitrust issues.

SEC office

SEC rulemaking list 2021: ESG, cyber-risk governance among highlights

2021-06-14T18:55:00+01:00By

The SEC’s spring 2021 rulemaking list is brimming with proposed regulations that would enhance ESG-related disclosures for public companies in areas like climate change, board diversity, human capital management, and cyber-security risk governance.

Gary Gensler_FSOC

SEC’s Gary Gensler stumps for SOFR, shares concerns with Bloomberg rate

2021-06-14T18:32:00+01:00By

SEC Chair Gary Gensler expressed his support for the Fed-backed Secured Overnight Financing Rate over the Bloomberg Short-Term Bank Yield Index, which he believes has similarities to LIBOR that could be manipulated.

GameStop

SEC probing GameStop, others over ‘meme stocks’ craze

2021-06-10T19:41:00+01:00By

Video game retailer GameStop, whose market volatility earlier this year led the so-called “meme stocks” craze, disclosed it is cooperating with an investigation launched by the Securities and Exchange Commission.

riskonnect 300x200

CPE Webcast: Managing policy updates in a sea of regulatory change

2021-06-10T14:00:00+01:00Provided by

Updating corporate policies to correspond with an ever-changing, ever-growing list of regulations is putting pressure on already stretched corporate compliance functions. And the flood of new regulations will likely only increase going forward. Will you be able to keep up?

SECcrop

A decade later, Dodd-Frank remains unfinished. Will Gary Gensler’s SEC close it out?

2021-06-10T12:54:00+01:00By

When the Dodd-Frank Act passed in 2010, an urgency existed to enact its many provisions. A decade later, 11 of its rules remain unfinished. Will a change in leadership at the SEC get the law across the finish line?

Nicodemus_opinion

Hardball politics at play in leadership changes at PCAOB, CFPB

2021-06-08T19:48:00+01:00By

No federal agency is truly immune from politics—even the ones that are supposed to be independent. That is what’s playing out at the PCAOB and CFPB as Democrats utilize similar tactics coined by their Republican counterparts.

G7 2021

Tech giants support G7 global minimum corporate tax agreement

2021-06-08T19:42:00+01:00By

Finance ministers from the G7 reached an historic international tax agreement that will impose a new global minimum corporate tax. Among those expected to be most affected are technology giants, but they say they support the move.

archer300x200

CPE Webcast: Riding the waves of regulatory change

2021-06-08T14:00:00+01:00Provided by

With a constant influx of new and changing regulatory requirements with increased scrutiny and enforcement, organizations can quickly fall behind and be drawn into a churn of reactive activities that distract from business objectives and use up valuable resources.

White House

Biden memo establishes fighting corruption as national security priority

2021-06-04T17:57:00+01:00By

A new directive released by President Biden instructs U.S. federal agencies to make combating corruption a national security interest. Compliance practitioners in the financial services industry, particularly, may feel the ripple effect

Board table

SEC pauses proxy voting rule enforcement amid review

2021-06-03T21:10:00+01:00By

SEC Chairman Gary Gensler announced he is directing staff to consider whether to recommend further regulatory action regarding proxy voting advice, leading the agency to pause related enforcement activity.

Courthouse

NYC Bar framework seeks clarity on when CCOs face SEC charges

2021-06-03T20:40:00+01:00By

The New York City Bar Association has proposed a framework for regulators like the SEC to use when considering charging chief compliance officers for misconduct that occurs on their watch.

Microsoft 365

EU probes of Microsoft, Amazon reignite calls for new Privacy Shield

2021-06-03T18:05:00+01:00By

European investigations into whether Amazon and Microsoft’s cloud-based services infringe EU privacy rules have once again shone a spotlight on how—and when—the United States and the European Union intend to come up with a new Privacy Shield.

CFTC

Senate steps in to save CFTC’s whistleblower program

2021-06-02T18:29:00+01:00By

In an attempt to save the whistleblower program at the CFTC, the Senate approved a bill to create a separate fund to pay whistleblowers rather than having the office draw on penalties levied against wrongdoers.

GDPR

GDPR’s future: Fine amounts, transparency among top points of contention

2021-05-26T18:08:00+01:00By

Experts believe the GDPR is largely “future-proof,” though fine decisions that vary considerably from one EU country to the next and lack of transparency remain areas of concern for the privacy law three years in.

ESG

ESG materiality, disclosures spur opposing views at SEC

2021-05-26T14:30:00+01:00By

The SEC has taken numerous steps indicating its intention to require public companies to disclose ESG risks, but the question of how such disclosures will work in practice is still very much unanswered.

GDPRgavel

Three years of GDPR: Many milestones, but calls for change increase

2021-05-25T19:19:00+01:00By

Despite its achievements, the General Data Protection Regulation’s flaws have become evident. Some are already questioning whether the regulation—and the way it is regulated—are fit for purpose and whether the law needs to be changed.

Cloud data

Survey: Data access further complicated by emerging privacy laws

2021-05-21T16:50:00+01:00By

A recent survey of 100 executives from Fortune 500 companies found more than half are struggling to balance easy access to company data with privacy and security compliance under laws like the GDPR and CCPA.

ESG_corrected

Compliance ‘well-situated’ to handle increasing ESG scrutiny

2021-05-19T15:30:00+01:00By

An expert panel at CW’s 2021 National Conference agreed that compliance is uniquely positioned to help companies in their ESG initiatives. The CCO and chief sustainability officer at FedEx share how this may look in practice.

German parliament

German supply chain draft legislation expected to have far-reaching effect

2021-05-18T17:26:00+01:00By

Companies of a certain size with ties to Germany must soon establish robust due diligence procedures to prevent human rights and environmental abuses both within the course of their own business activities and within their global supply chains.

Whistleblower vector

EU Whistleblowing Directive a ‘potential minefield’ for compliance

2021-05-10T15:57:00+01:00By

An EU directive designed to harmonize whistleblower protections could produce complexity as lawyers warn there are likely to be wide variations in the level of security each country’s national law will offer.

Gensler_May 6

GameStop fallout: SEC’s Gary Gensler eyes reducing stock settlement period

2021-05-06T18:39:00+01:00By

New SEC Chairman Gary Gensler discussed shortening the settlement period for trades and requiring new disclosures by broker-dealers as part of testimony before Congress regarding this year’s GameStop stock surge.

Data lawsuit

Private right of action proving problematic for state privacy laws

2021-05-05T19:40:00+01:00By

An enforcement provision allowing customers to sue businesses that misuse their personal data is a key stumbling point for state-level data privacy legislation.

Sanctions

Tips for keeping pace with ever-evolving sanctions

2021-05-05T15:27:00+01:00By Teodora Harrop, International Compliance Association

The constantly changing sanctions landscape is much easier to navigate with a proper understanding of risk exposure. Here’s where firms can get started.

AI

What you need to know about proposed EU rules for trustworthy AI

2021-04-29T18:27:00+01:00By

With various levels of defined risk and the potential for steep fines for offenders, the European Commission’s recent proposal to ensure trust in the use of artificial intelligence should receive urgent attention from industries beyond Big Tech.

GDPR

GDPR one-stop shop ‘unsustainable,’ says key regulators

2021-04-27T19:07:00+01:00By

Irish Data Protection Commissioner Helen Dixon and European Data Protection Supervisor Wojciech Wiewiórowski are among those who believe the one-stop shop provision of the GDPR needs to be reformed for the long term.

Londoncrop

U.K. rolls out new anti-corruption sanctions regime

2021-04-27T17:13:00+01:00By

The United Kingdom has in place a new global anti-corruption sanctions regime, and the government is wasting no time enforcing it, imposing its first wave of sanctions against 22 individuals.

Regulator Status Check 1

Regulatory leadership status check: FTC nominee key to relieving backlog

2021-04-22T16:00:00+01:00By

With President Joe Biden’s picks to lead the Justice Department, Treasury Department, and SEC confirmed and sworn in, we check in on where other key regulatory agencies stand.

AIdata

Regulators want answers from financial services on AI/ML tools

2021-04-21T20:23:00+01:00By

The financial services industry is at the cutting edge of the utilization of artificial intelligence and machine learning tools. Regulators have recently requested to understand how these technologies are being used—or misused.