Regulatory Policy

Whistleblower vector

EU Whistleblowing Directive a ‘potential minefield’ for compliance


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


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


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


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.


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


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 one-stop shop ‘unsustainable,’ says key regulators


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.


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


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


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.


Regulators want answers from financial services on AI/ML tools


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.


Senate extends Gary Gensler’s SEC term to 2026


The Senate voted Tuesday to extend Gary Gensler’s term as chair of the Securities and Exchange Commission through 2026, cementing his control of the top regulator of U.S. financial markets.

Gary Gensler hearing

Senate confirms Gary Gensler as SEC chairman


The Senate on Wednesday confirmed the nomination of Gary Gensler to replace Jay Clayton as chairman of the Securities and Exchange Commission. Aaron Nicodemus explores what it means for ESG, cryptocurrency, and more.


FTC gearing up for aggressive oversight of antitrust, M&A


With a changing of the guard, the Federal Trade Commission is undergoing some major restructuring on the antitrust front. All told, it’s not just Big Tech and pharmaceutical companies that should be on alert.

New York Capitol

New York law provides LIBOR fallbacks as rate nears end


A new law in New York provides contracts that reference LIBOR with a fallback provision and safe harbor once the benchmark interest rate permanently ceases to be published at the end of the year.

FinCEN logo 300x200

FinCEN Director Kenneth Blanco to step down


FinCEN Director Kenneth Blanco, who has served in the position since December 2017, will step down April 9, and Michael Mosier, formerly the deputy director of FinCEN, will return to the agency as acting director.


Video: More scrutiny coming to data breach disclosures?

2021-04-01T19:50:00+01:00By Compliance Week

Aly McDevitt assesses controversial data breach disclosures from U.K. retailer FatFace and technology vendor Ubiquiti in light of a report Congress is considering stricter requirements for reporting data breaches.


FinCEN launches rulemaking on beneficial ownership


The Financial Crimes Enforcement Network has launched its rulemaking process that will require corporations report the individual or individuals who own and control them, part of an initiative to help U.S. law enforcement fight financial crime.

Daniel Kahn

DOJ’s Daniel Kahn talks FCPA, evaluation of compliance, more


Daniel Kahn, acting chief of the Department of Justice’s Fraud Section, discussed the Foreign Corrupt Practices Act, evaluating companies’ investments in compliance, and more at Compliance Week’s Financial Crimes virtual event.


SEC seeking comment on new foreign audit oversight rules


The SEC is seeking comment on new submission and disclosure rules related to foreign public companies that are not allowing U.S.-based auditors to review their financial statements.

Risk reward

SPACs are big-risk, big-reward investments that can give compliance fits


Once a moribund and little-used method to bring a private company public, SPACs dominated the market in 2020 and the first three months of this year. With the trend have come new risks for compliance.


Board members named to California’s first-in-the-nation data privacy board


The California Privacy Protection Agency, tasked with enforcing the state’s groundbreaking data privacy laws, now has a five-member board of directors.


CFTC joins SEC in climate risk push


The Commodity Futures Trading Commission announced the formation of a “Climate Risk Unit” to support the agency’s efforts to determine the role of derivatives in addressing climate-related risks.

United Kingdom

U.K. government proposals spell out Big Four breakup, new audit responsibilities


The U.K. government has unveiled proposals designed to end the Big Four accounting firms’ dominance of the region’s audit market while also making companies and executives more directly accountable—and liable—for failures in corporate reporting.


CFPB flips on Trump-era abusive acts stance


The Consumer Financial Protection Bureau reversed a Trump administration policy on how it assesses and punishes abusive practices in the financial services industry.


SEC’s Crenshaw throws down gauntlet: Large fines are good fines


The tide has officially turned, corporate America. The SEC is returning to a previous position of measuring the agency’s success by the size and number of the fines it levies. Time to get your houses in order.

Rohit Chopra hearing

Gary Gensler (SEC), Rohit Chopra (CFPB) nominations forwarded to Senate


A Senate committee Wednesday voted in favor of President Joe Biden’s nomination of Gary Gensler to lead the SEC but deadlocked on his choice of Rohit Chopra (pictured) to helm the CFPB.

Merrick Garland

Senate confirms Merrick Garland as Attorney General


President Joe Biden’s nomination of Merrick Garland to be the Attorney General of the United States was confirmed by a 70-30 Senate vote Wednesday.

Roberts Ask a CCO

Ask a CCO: Are you in favor of federal data privacy legislation?

2021-03-09T21:30:00+00:00By Compliance Week

It’s a clean sweep: All five CCOs we spoke with are in favor of U.S. federal data privacy legislation. Read on for the reasoning behind their answers.


SEC task force will scrutinize climate and ESG disclosures


OK, OK, Securities and Exchange Commission. We get the message. Climate and ESG-related disclosures will be under increased scrutiny in 2021.

Kortney Nordrum quote

Ask a CCO: How has your company prioritized data privacy compliance?

2021-03-05T13:44:00+00:00By Compliance Week

Five senior compliance practitioners tell us how their companies have reacted to recent privacy legislation like the GDPR, CCPA, and other state regulations in the pipeline.


Biden influence apparent in SEC 2021 examination priorities


The long-awaited 2021 examination priorities of the Securities and Exchange Commission were released Wednesday, with climate- and ESG-related risks unsurprisingly among areas that will receive enhanced focus.

Virginia Capitol

More than a CCPA clone? Virginia passes nation’s second comprehensive privacy law


In what might be a sign of things to come for data privacy legislation nationwide, Virginia passed the country’s second comprehensive data privacy law. How does it stack up to its peer in California?

Gary Gensler

Gary Gensler (SEC), Rohit Chopra (CFPB) play it safe at confirmation hearing


There were few surprises Tuesday during the Senate confirmation hearing for President Joe Biden’s nominations to lead the SEC (Gary Gensler, pictured) and CFPB (Rohit Chopra).

GameStop stocks

SEC halt on ‘meme stocks’ just the beginning of GameStop fallout?


The SEC over the last month has suspended trading on securities offered by 21 companies in reaction to market volatility caused by “apparent social media attempts to artificially inflate their stock price.” Could the trend lead to further regulation?


Video: SEC on right path with climate disclosures; alleged privacy lapses at Amazon troubling

2021-02-25T22:39:00+00:00By Compliance Week

Aaron Nicodemus applauds the SEC for taking steps to clarify how companies should disclose economic risks posed by climate change, while Dave Lefort is critical of alleged lapses in data security at Amazon.


SEC takes first step toward new framework for climate-related disclosures


If there were any doubts the SEC under the Biden administration will increase its expectations of public companies to assess and disclose climate change-related risks, they were laid to rest Wednesday.

Rohit Chopra

Gary Gensler (SEC), Rohit Chopra (CFPB) set for confirmation hearings March 2


President Joe Biden’s nominees to lead two key regulators—Gary Gensler at the SEC and Rohit Chopra (pictured) at the CFPB—will face Senate confirmation hearings early next month.


OSHA will handle antitrust, AML retaliation claims from whistleblowers


The Occupational Safety and Health Administration will oversee worker retaliation claims for two new categories of whistleblowers—antitrust and anti-money laundering.


SEC policy reversal puts settlement/waiver pairing back in spotlight


Acting SEC Chair Allison Herren Lee announced the Enforcement Division will no longer recommend to the Commission a settlement offer that is conditioned on granting a waiver, abruptly ending a policy that began under former Chairman Jay Clayton.


CPE Webcast: Be prepared for regulatory expectations and evolving trends in 2021

2021-02-17T15:00:00+00:00By Compliance Week

Join an expert panel for an interactive discussion on what registered investment adviser firms can expect this year in terms of requirements targeted to the financial services industry under the Biden administration.


Companies not reporting ESG initiatives are in the minority


Several reports highlight the growing trend of companies recognizing the value of aligning their business models with ESG concerns, acceding to the demands of shareholders, activists, the market, and the public.


SEC expands number of staffers authorized to launch investigations


The acting head of the Securities and Exchange Commission has expanded the number of staff authorized to issue a formal order of investigation, perhaps a sign the agency intends to launch more cases under President Joe Biden.

Margaret Richardson

Q&A: Global Widget CCO says CBD industry at regulatory ‘tipping point’


Global Widget Chief Compliance and Legal Officer Margaret Richardson talks with Compliance Week about how the company’s focus on federal and state compliance lends to leading the way in the currently unregulated cannabidiol industry.


U.K.’s SFO slapped down over attempts to flout jurisdiction rules


In another blow to the agency’s credibility, the U.K.’s Serious Fraud Office cannot attempt to force foreign companies to hand over evidence held overseas, according to a recent court ruling.

GameStop stocks

Yellen, regulators say market withstood pressure from GameStop surge


A key meeting of regulators has determined the recent spike caused by Reddit users for normally tame stocks like GameStop and AMC Entertainment has not had a significant impact on the market, which Treasury Secretary Janet Yellen termed “resilient.”


Europe handcuffed by current corporate liability laws; is change coming?


European countries have begun to question whether their laws around corporate liability need to be reformed. However, change may not be as rapid as first thought.


Treasury head Yellen calls regulators together to discuss market volatility


Treasury Secretary Janet Yellen will meet with the heads of several regulatory agencies to discuss potential responses to the wild swings in value of GameStop and several other stocks.

Global currency

Anti-corruption developments in 2020: China, India make strides


A global panel of experts with law firm Gibson Dunn share insights around recent anti-corruption developments in some of the world’s largest regions, including China, India, Latin America, and Africa.


New SEC senior advisor will specialize in climate change, ESG


The acting chair of the Securities and Exchange Commission has created a new senior policy advisor position on climate change and ESG, another signal the agency will prioritize both areas under a Biden administration.


More Wirecard fallout: Top brass out at German finance regulator


Continuing fallout from the Wirecard scandal has led Germany’s finance minister to oust the top two officials at the country’s financial regulator, the Federal Financial Supervisory Authority (BaFin).

GameStop stocks

Compliance lessons from GameStop market insanity


Wall Street has been consumed this week watching a real-time battle unfold between retail investors and hedge funds over formerly moribund stocks like GameStop, AMC Entertainment, and BlackBerry. The compliance lessons lie in the levels of risk.