Regulatory Policy

Pollution spoon feed

Why OCC ‘Fair Access’ proposed rule is a win-lose


How can true cooperation be achieved when the solution being proposed is essentially to pit high-risk, controversial banking customers against the banks with which they want to do business, wonders Jaclyn Jaeger.


​PCAOB to adopt SEC auditor independence updates


The Public Company Accounting Oversight Board will adopt amendments to its independence standards to align with recent updates initiated by the Securities and Exchange Commission.


OCIE director’s warning: Insufficient CCO support won’t fly


In a year turned upside down by the coronavirus pandemic, one thing hasn’t changed in the eyes of the SEC: The best compliance programs are supported by senior management and have adequate staffing, technology, and training.


OECD praises U.S. global anti-bribery enforcement efforts


In its 10-year check-in report, the Organisation for Economic Co-operation and Development lauded U.S. enforcement authorities for continuing to be at the forefront in the global fight against corruption and offered only minor suggestions for improvements.


Analysis: With Clayton leaving, SEC likely to target financial institutions


SEC Chairman Jay Clayton will step down from his post at the end of the year, allowing the Biden administration to choose his successor immediately upon taking over the White House.

Wall Street

Even with divided Congress, Wall Street should brace for Biden presidency


Should Republicans hold on to their majority in the Senate, President-elect Joe Biden could still find ways to pass sweeping economic legislation during his first term.


SEC enforcement priorities under Biden: Reading the tea leaves


Careful consideration as to what new tone, direction, and priorities the SEC’s Division of Enforcement will take under Joe Biden can help you reduce compliance risk.


More data, more problems with FinCEN international transfer proposal?


A recent international wire transfer rule change proposed by U.S. regulators could go a long way toward combatting terrorist financing, but the increased transaction reporting may overwhelm an already taxed system, writes Martin Woods.


CFPB under Biden will likely get new director, new direction


The Consumer Financial Protection Bureau is likely to revert to its more aggressive, Obama-era version of itself under a Biden administration.


California voters approve creation of new state agency to enforce CCPA


California voters approved a ballot measure that will add new layers of responsibility for businesses attempting to comply with the state’s first-in-the-nation data privacy law, the California Consumer Privacy Act.


CFTC guidance details path to reduced enforcement penalties


The CFTC issued guidance that spells out how companies that self-report violations, cooperate with investigators, and remediate their issues can qualify for a “substantially reduced penalty” on any subsequent enforcement action.

Bank loan

OCC deems ‘true lenders’ responsible for actions of third-party partners


The Office of the Comptroller of the Currency’s finalized “true lender” rule clarifies how banks are responsible for the compliance obligations and actions of their third-party lending partners.


U.K.’s SFO lays out expectations in new DPA guidance


The U.K. Serious Fraud Office has published its latest internal guidance on the threshold companies must meet before they are offered a deferred prosecution agreement.


Training, conflict of interest early pain points of Reg BI compliance


Financial institutions complying with the SEC’s new Regulation Best Interest standard have particularly struggled with training staff and how to identify and eliminate potential conflicts of interest, regulators said during an online forum.

Data globe

BSA update proposal seeks more data on international transactions


FinCEN and the Federal Reserve Board have proposed lowering the threshold at which financial institutions must collect, retain, and transmit information on overseas transfers under the Bank Secrecy Act.


SEC Commissioner Hester Peirce mulling CCO liability framework


SEC Commissioner Hester Peirce revealed in a recent speech that she is considering developing a draft framework that would aim to clarify when the Commission may seek personal liability in compliance cases.

Trump vs. Biden

What would a Democratic regulatory agenda look like under Biden?


Democratic presidential nominee Joe Biden is no lock to win the presidency on Nov. 3. But it’s worth examining what compliance-related regulatory policies he’d support if he wins.


CPE Webcast: 5 reasons why your compliance program doesn’t meet DOJ guidance

2020-10-20T14:00:00+01:00Provided by

In a world where most compliance solutions claim to be compliant with the latest DOJ guidance, let’s take a closer look at the framework designed for evaluating corporate compliance programs, how that has evolved over the years, and critical questions you should be asking.


Split SEC loosens conflict-of-interest rules for independent auditors


The Securities and Exchange Commission has moved forward with relaxing its conflict-of-interest rules for independent auditors by a 3-2 vote.

Political donations

SEC ‘pay-to-play’ enforcement surge projected in 2021


More donations in a high-stakes election year means more chances that the Securities and Exchange Commission will pursue investigations related to its often overlooked “pay-to-play” rule.


DOJ official: ‘Inability to pay’ playing more prominent role in criminal cases


Revenue constraints faced by companies due to the coronavirus pandemic are factoring more prominently into settlement discussions with the Department of Justice, according to acting Criminal Division head Brian Rabbitt.


Increased award volume breathes new life into SEC whistleblower program


The record amount of whistleblower payouts by the SEC in fiscal year 2020 ($175M) happened because the agency made quickening the pace of awards a priority, whistleblower advocates say.


Climate-related risk disclosures reach global boiling point


From local governments around the world to U.S. regulators to activist investors, the debate over corporate climate-related risk disclosures is approaching a boiling point.


Whistleblower advocates up in arms over changes to SEC program


More than two years after proposing them, the Securities and Exchange Commission approved a series of controversial amendments to its whistleblower program designed to make the issuance of awards more streamlined and efficient.

Roger Wicker

Déjà vu: Senate committee revisits need for federal privacy law


Nearly a year since their last hearing to discuss the urgent need for a federal privacy law in the United States, the Senate Committee on Commerce, Science, and Transportation largely remains stuck in neutral.


What CCPA-affected businesses need to know about California’s next privacy initiative


Businesses with operations in California should expect their data privacy compliance obligations to get a lot more complicated next year with the California Privacy Rights Act expected to pass in November.


FinCEN seeking comment on AML program overhaul


The Financial Crimes Enforcement Network has proposed a plan to issue AML guidance every two years to encourage financial institutions to align their Bank Secrecy Act compliance programs with the agency’s enforcement priorities.


A step toward managing climate risk in U.S. financial system


A nearly 200-page report on managing climate risk in the U.S. financial system is comprehensively assembled by a group spearheaded by CFTC Commissioner Rostin Behnam, but the real work comes in its implementation.


OFAC-Delaware sanctions pact more than meets the eye


As the state home to nearly 70 percent of Fortune 500 companies, the Delaware Department of Justice’s Memorandum of Understanding with OFAC represents a significant milestone for U.S. sanctions enforcement.


CFTC issues own guidance on evaluating compliance programs


Like the Department of Justice before it, the Commodity Futures Trading Commission has issued guidance to companies on how it will evaluate compliance programs in connection with enforcement matters.

Privacy Shield

More Privacy Shield fallout: Swiss-U.S. pact ruled inadequate


The Swiss Federal Data Protection and Information Commissioner believes the Swiss-U.S. Privacy Shield “does not provide an adequate level of protection for data transfer from Switzerland to the US.”

EU US privacy

European Commission: No Privacy Shield replacement in sight


The European Commission this week warned there will be “no quick fix” to replace the now-invalidated Privacy Shield, which governed data transfers between the European Union and United Sates.


Credit social media giants for prepping for election chaos

2020-09-03T18:12:00+01:00By Compliance Week

Silicon Valley’s social media heavyweights deserve a nod for “war-gaming” potential misinformation scenarios in advance of November’s elections, while McDonald’s again finds itself on our “Not Lovin’ It” list.

California State House

With CFPB in ‘retreat,’ California eyes state consumer finance agency


California wants to create its own state consumer finance protection agency because the federal Consumer Financial Protection Bureau is in “retreat,” Democratic Gov. Gavin Newsom says.

Money laundering

FCA proposes expanding scope of financial crime reporting obligations


The U.K. Financial Conduct Authority seeks comment on a new proposal that would widen the scope of its annual financial crime reporting obligations to include firms whose regulated activities potentially pose a higher money laundering risk.


SEC to consider limiting large whistleblower awards, weakening retaliation rule


The SEC had scheduled a Sept. 2 vote on controversial changes to its whistleblower program that, if passed, could weaken the agency’s prohibition of retaliation against whistleblowers and limit large rewards. The meeting has been canceled.

Privacy Shield

EU data authorities take different approaches to Privacy Shield ruling


It appears Europe’s data authorities are prepared to interpret a key court judgement as they see fit in the absence of definitive guidance from the bloc’s primary privacy regulator.


China proposes joint audit to end dispute with U.S. regulators


In an attempt to end the stalemate over audits of publicly traded Chinese companies listed on U.S. exchanges, China has reportedly proposed to allow U.S. regulators to conduct a trial joint inspection of a state-owned enterprise.


SEC loosens risk disclosure requirements for public companies


In a split decision, the Securities and Exchange Commission has loosened requirements public companies must follow when they describe risk factors and legal proceedings in their financial statements.


SEC wants to curb sensitive data contained in CAT submissions, EDGAR filings


Rule changes proposed by the SEC seek to limit the amount of personally identifiable information required in data submitted to the Consolidated Audit Trail and for public company filings.


New DOJ office to monitor, evaluate compliance with antitrust judgments


A new office within the Antitrust Division will be tasked with monitoring corporate compliance initiatives connected with DOJ antitrust judgments, as well as evaluating whistleblower complaints regarding those judgments.


SEC names Berger deputy director of Enforcement


The Securities and Exchange Commission named Marc Berger deputy director of the Division of Enforcement, also promoting Richard Best to take over for Berger as director of the New York Regional Office.

columnist icons - kyle

Trump’s TikTok crusade a hollow win for privacy


There’s no questioning the need to protect the data of U.S. citizens from China, but it’s naïve to think pressuring TikTok to take up a U.S. owner is anything more than a hollow victory given our lack of federal oversight in the area of privacy.


Analysis: What to make of the DOJ’s rare FCPA opinion


The Department of Justice last week issued its first FCPA opinion procedure in six years. Experts weigh in on the ruling, the gap between opinions, and more.


Crenshaw, Peirce sworn in as SEC commissioners


The Securities and Exchange Commission has a female majority board with the swearing in of Commissioners Caroline Crenshaw and Hester Peirce.

Federal Reserve

Federal banking regs clarify BSA/AML compliance violation response


Two strikes and you’re out, say four federal agencies to repeat violators of Bank Secrecy Act/anti-money laundering compliance requirements.


Without guidance, U.S. companies in limbo after Privacy Shield scrapped


Despite a recent court ruling to scrap the EU-U.S. Privacy Shield, the program is apparently still alive and well in the United States. It’s time to move on, writes Aaron Nicodemus.


Survey: Companies say lack of guidance, budget restrictions hamper compliance with CCPA


Complying with provisions of the California Consumer Privacy Act continues to be difficult for many companies, according to a new survey from Compliance Week and OpenText.


Canadian market regulator floats flexible firm CCO models


The Canadian Securities Administrators has published guidance that effectively gives registered firms in Canada more flexibility in satisfying chief compliance officer staffing requirements through three optional models.

coronavirus office

Don’t wait for Congress to save your firm from coronavirus liability


If you are an employer hoping Congress will pass a “coronavirus liability shield” bill to help your company deflect COVID-19 lawsuits, consider this: No such “shield” will do much good unless you’ve already taken action to create a safe workplace.