Regulatory Policy


SEC

SEC reopens comment period on Dodd-Frank pay vs. performance rule

2022-01-27T21:41:00+00:00By

The Securities and Exchange Commission reopened the comment period for its pay versus performance rule, a long-dormant provision contained in the Dodd-Frank Act that was never implemented.

Supreme Court

Supreme Court declines case on False Claims Act anti-retaliation provisions

2022-01-27T19:11:00+00:00By

The Supreme Court has declined to settle conflict between two federal court decisions on whether former employees are covered by whistleblower anti-retaliation protections contained in the False Claims Act.

SECcrop

SEC proposes expanded reporting requirements for private funds, trading platforms

2022-01-26T22:23:00+00:00By

The Securities and Exchange Commission issued a pair of proposals that would increase the volume and timeliness of information that certain segments of the market must disclose, in order to provide more transparency and a deeper understanding of potential risks.

Cybersecurity

Gensler says SEC to consider new rules for cybersecurity, data privacy disclosures

2022-01-25T22:27:00+00:00By

The Securities and Exchange Commission is kicking the tires on new cybersecurity and data privacy disclosure requirements for investment companies, investment advisers, broker-dealers, and public companies, according to agency Chair Gary Gensler.

File transfer

FinCEN seeking input on SARs-sharing program with foreign branches

2022-01-24T20:39:00+00:00By

The Financial Crimes Enforcement Network is requesting comment on a pilot program that would allow financial institutions to share suspicious activity reports with foreign branches, subsidiaries, and affiliates.

COVID vaccine

Without OSHA vaccine policy, companies at risk of undercutting corporate culture

2022-01-20T19:46:00+00:00By

The Supreme Court’s decision to block President Joe Biden’s Covid-19 vaccine-or-test policy for large businesses leaves a patchwork quilt of state, local, and city requirements that companies will have to follow as best they can, according to experts.

U.K. park

Bumps in road expected as U.K. strives to be climate risk leader

2022-01-20T12:13:00+00:00By

The United Kingdom has paved the way for companies to report on the future financial impact of climate risks, but the process is far from easy and rates of noncompliance—at least initially—could be high.

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CPE Webcast: Impact of privacy regulations on businesses

2022-01-18T14:00:00+00:00Provided by

As more states and individual countries create their own differing privacy laws, what will be the impact on companies trying to comply?

Federal Reserve

Biden nominates Sarah Bloom Raskin as Fed supervision head

2022-01-14T21:05:00+00:00By

President Joe Biden nominated Sarah Bloom Raskin, a former Treasury official, to serve as the Federal Reserve’s vice chair for supervision. Lisa Cook and Philip Jefferson were nominated to be Fed governors.

U.K. business

NSI Act reshapes U.K. acquisition landscape

2022-01-14T16:59:00+00:00By

The U.K. National Security and Investment Act might present “unforeseen” compliance problems for companies wanting to merge with or buy foreign businesses, according to legal experts.

Supreme Court

Supreme Court strikes down OSHA vaccine policy for large employers

2022-01-13T22:51:00+00:00By

The U.S. Supreme Court has blocked the Biden administration’s Covid-19 vaccine-or-test mandate for large businesses, striking down an emergency temporary standard from OSHA that had technically been in effect since Monday.

UK privacy

Difficult path ahead for new ICO head John Edwards

2022-01-12T19:16:00+00:00By

The United Kingdom’s newly appointed information commissioner, John Edwards, might find it hard to steer a successful path between ensuring citizens’ data rights are preserved while also trying to make U.K. laws more palatable for data-driven business.

PCAOB

Erica Williams sworn in as PCAOB chair

2022-01-11T20:32:00+00:00By

Erica Williams assumes leadership of a newly reconstituted Public Company Accounting Oversight Board that can count implementation of the Holding Foreign Companies Accountable Act among its top priorities.

ChinaCargoContainer

Supply chains brace for Uyghur Forced Labor Prevention Act

2022-01-06T19:19:00+00:00By

President Joe Biden signed into law a measure that introduces a U.S. import ban on goods mined, produced, or manufactured wholly or in part from the Xinjiang Uyghur Autonomous Region of China through forced labor.

FDIC

FDIC Chair Jelena McWilliams to resign after partisan feud

2022-01-04T16:37:00+00:00By

Jelena McWilliams will resign as chair of the Federal Deposit Insurance Corp. on Feb. 4, following a public clash with Democratic members of the board regarding bank mergers.

Roisman

SEC Commissioner Elad Roisman to resign by end of January

2021-12-20T21:01:00+00:00By

The Securities and Exchange Commission will be down a Republican commissioner next month following the planned resignation of Elad Roisman.

Vaccine

Court lifts hold on OSHA vaccine policy; testing compliance pushed to Feb. 9

2021-12-20T19:16:00+00:00By

The legal delay affecting the Biden administration’s COVID-19 vaccine rules for large employers has been lifted, with updated guidance from OSHA extending compliance deadlines for businesses who temporarily paused their vaccine policy rollouts to redouble their efforts.

Climate globe

OCC guidance: Six principles for large banks managing climate risks

2021-12-20T14:23:00+00:00By

The Office of the Comptroller of the Currency published draft guidance for large banks to identify, measure, monitor, and control climate-related risks to ensure the safety and soundness of their institutions and the market.

SEC office

SEC rulemaking frenzy: New proposals for security-based swaps, mutual funds, share buybacks

2021-12-16T21:38:00+00:00By

The SEC and its Democratic majority ushered in a slew of rulemaking proposals Wednesday that include new disclosure requirements for the security-based swaps market, mutual funds, and share buyback arrangements.

CFTC

​Senate approves Rostin Behnam as CFTC chair; Biden nominates 2 commissioners

2021-12-16T20:18:00+00:00By

The Senate on Wednesday confirmed Rostin Behnam to be chairman of the CFTC, the same day President Joe Biden announced his intention to nominate two to Republican commissioner openings at the agency.

Sustainability measures

TCFD recommendations more than building block for SEC climate disclosure rules?

2021-12-16T17:39:00+00:00By

SEC Chair Gary Gensler has hinted the agency’s highly anticipated climate-related disclosure rules will likely be pegged to an international framework, specifically mentioning the Task Force on Climate-Related Financial Disclosures. How can the TCFD help companies prepare for what’s ahead?

Comment letter

FinCEN seeking feedback on AML/CFT regime ahead of report to Congress

2021-12-15T19:43:00+00:00By

The Financial Crimes Enforcement Network has issued a request for information on ways to modernize the Bank Secrecy Act ahead of a report Treasury Secretary Janet Yellen must provide Congress by Jan. 1, 2022.

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SEC fall rulemaking list draws Republican commissioner criticism over priorities

2021-12-15T18:16:00+00:00By

The SEC’s updated fall rulemaking list suggests the agency will push forward with an aggressive agenda in 2022 that will include mandated ESG disclosures and further attempts to walk back rule changes implemented under Republican control.

Nirvana Patel

CCO Q&A: How Prime Trust is managing compliance in evolving crypto space

2021-12-15T13:00:00+00:00By

Compliance Week discusses with Nirvana Patel, chief compliance officer and BSA officer at Prime Trust, the unique challenges of practicing compliance in the cryptocurrency industry and his thoughts on the regulatory landscape moving forward.

CFTC

CFTC’s Dawn DeBerry Stump to not seek second term

2021-12-10T17:25:00+00:00By

Dawn DeBerry Stump, one of only two active commissioners at the Commodity Futures Trading Commission, announced she will not seek another five-year appointment when her current term ends in April 2022.

Brasseur_opinion

Ten things I’d like to see happen in 2022 (2021 in review)

2021-12-10T14:00:00+00:00By

ESG and cryptocurrency figure to be key topics in 2022, but we’re also keeping an eye on President Biden’s anti-corruption efforts, details on Amazon’s record GDPR fine, the status of Facebook’s first CCO, and more.

SEC

SEC 2022 rulemaking preview: Clarity to come on ESG, crypto?

2021-12-09T13:00:00+00:00By

In his first year leading the Securities and Exchange Commission, Gary Gensler has tipped his hand regarding stricter oversight of companies’ environmental disclosures and the cryptocurrency industry. Year 2 will likely see words turn to actions.

Capital One

Five compliance triumphs from 2021

2021-12-08T13:00:00+00:00By

A key CCO appointment, a company committed to transparency, and a bank that spent big on improving its AML controls highlight CW’s annual list of laudable ethics and compliance moments.

Treasury

FinCEN beneficial ownership registry takes shape in proposed rule

2021-12-07T22:21:00+00:00By

FinCEN’s proposed rule for a new beneficial ownership registry was released as part of the U.S. government’s efforts to pull back the veil on anonymous shell companies used to launder illicit profits from corruption, money laundering, and other financial crime activities.

Joe Biden

Compliance takeaways from Biden strategy on countering corruption

2021-12-06T20:50:00+00:00By

President Joe Biden’s sweeping anti-corruption initiative includes developments in two key areas of interest for the compliance profession: the U.S. beneficial ownership registry and a new proposal to expand reporting requirements on cash real estate transactions.

Cryptocurrency wallet

Banking regulators pledge to examine crypto asset risks in 2022

2021-11-24T16:06:00+00:00By

Determining whether crypto assets are legal, safe, and provide consumers with adequate protection from fraud are three areas of concern federal banking regulators say they will examine in 2022.

Federal Reserve

Biden to nominate Jerome Powell for second term as Fed chair

2021-11-22T16:12:00+00:00By

President Joe Biden announced his intention to nominate Jerome Powell to serve a second term as chair of the Federal Reserve and Lael Brainard to serve as vice chair.

Cybersecurity offices

Rule requires banks report significant ‘computer-security incidents’ within 36 hours

2021-11-19T21:15:00+00:00By

Federal banking regulators issued a rule that requires financial institutions to notify their regulator within 36 hours of a “computer-security incident” that materially affects their operation, ability to deliver services, or the stability of the financial sector.

Saule Omarova

Senate grills Comptroller candidate Saule Omarova on writings, past

2021-11-19T12:53:00+00:00By

Saule Omarova faced extraordinary questioning from Republicans on her background and previously expressed views during her nomination hearing to be the next Comptroller of the Currency.

COVID vaccine

OSHA halts implementation of Biden vaccine policy

2021-11-17T18:40:00+00:00By

The Occupational Safety and Health Administration has suspended implementation and enforcement of its guidance ordering companies with more than 100 employees to develop a COVID-19 vaccine policy by Jan. 4.

CWE2021 Whistleblowing

CWE panel: EU Whistleblowing Directive a test for company procedures

2021-11-17T13:08:00+00:00By

Multiple weak points identified with the upcoming EU Whistleblowing Directive could put the burden on companies to determine how to best implement the law, experts discussed during CW’s virtual Europe event.

China stocks

SEC approves rule establishing process for delisting foreign companies

2021-11-08T17:57:00+00:00By

The SEC approved a rule establishing the process for delisting foreign companies from U.S-based exchanges if they do not allow U.S. regulators to examine their finances.

Cyber-security

Roisman: SEC should consider stricter cyber reporting for public companies, advisers

2021-11-02T20:38:00+00:00By

SEC Commissioner Elad Roisman says the agency should mull over whether to require public companies and investment advisers to perform the same kind of reporting, preparation, and planning for cyber incidents that FINRA requires of registered broker-dealers.

DOJ wall

DOJ vows stricter white-collar enforcement, increased risk of monitors

2021-10-29T19:12:00+01:00By

Deputy Attorney General Lisa Monaco shares actions the Department of Justice will be taking to strengthen its response to corporate crime and what areas it will be looking at moving forward.

CFPB

Rohit Chopra-led CFPB cracking down early on data, automation

2021-10-28T19:40:00+01:00By

Rohit Chopra has led the Consumer Financial Protection Bureau for less than a month, but one area of examination and enforcement priority is already coming into focus: data.

FTC

FTC marks revived ‘prior approval’ merger stance with proposed limits on DaVita

2021-10-26T19:52:00+01:00By

The Federal Trade Commission proposed 10-year acquisition restrictions on dialysis service provider DaVita under the agency’s newly reinstated “prior approval” policy aimed at curbing anticompetitive mergers.

Executive clawbacks

SEC executive pay clawback rule primed for ‘significant opposition’

2021-10-25T21:05:00+01:00By

The SEC is poised to pass an executive compensation rule that would require public companies to claw back incentive-based compensation if their finances are restated within the previous three years. Experts expect pushback to the proposed mandate.

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Compliance Week National Conference is going back in person in May

2021-10-25T12:00:00+01:00By

Mark your calendars: Compliance Week’s National Conference in Washington, D.C. will be held in person for the first time in nearly three years from May 16-18, 2022.

Climate

FSOC report: Climate change ‘increasing threat’ to U.S. financial stability

2021-10-22T19:23:00+01:00By

In a report ordered by President Joe Biden, the Financial Stability Oversight Council urged market participants, public companies, and regulators to develop a common agenda to respond to climate change-related financial risk.

Data privacy

Global Privacy Assembly takeaways: ‘Time to get real’ on cross-border cooperation

2021-10-21T18:02:00+01:00By

Privacy regulators believe there must be a push toward greater international cooperation and enforcement if failure to ensure data protection is to be taken as seriously as other corporate offenses.

U.S. sanctions

Treasury issues 5 recommendations for modernizing U.S. sanctions

2021-10-19T16:49:00+01:00By

The U.S. Department of the Treasury issued a series of recommendations as to how to “adapt and modernize” the government’s use of sanctions to enhance their effectiveness in supporting national security objectives.

Stocks on phone

SEC investor advocate: ‘Gamification’ exposes holes in Reg BI

2021-10-14T16:16:00+01:00By

SEC Investor Advocate Rick Fleming said online platforms designed to make stock trading more easily accessible and exciting “expose what may be a significant flaw in Reg BI” regarding unsolicited transactions.

Crypto

SEC commissioners clash on cryptocurrency securities debate

2021-10-13T17:56:00+01:00By

SEC Commissioners Caroline Crenshaw and Hester Peirce used recent speeches to stake opposite sides on the central debate of whether all cryptocurrencies are securities.

Whistle

Late surge expected to comply with EU Whistleblowing Directive

2021-10-12T15:26:00+01:00By

European companies are expected to rush to comply with new whistleblower protection rules only when they take effect in December, meaning workers are not adequately protected for any disclosures they make in the meantime.

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CPE Webcast: Technology best practices to future-proof your regulatory compliance strategy

2021-10-12T11:00:00+01:00Provided by

Organizations are facing both increased regulation and increased volumes of organizational data, making it ever more challenging to ensure they can stay compliant as new regulations take effect.