All Compliance Week articles in Web Issue – Page 273
-
Article
U.K. firm BlueCrest fined $170M for violating U.S. securities laws
U.K.-based investment fund BlueCrest Capital Management has agreed to pay $170 million as part of a settlement with the SEC for allegedly violating anti-fraud provisions of U.S. securities laws.
-
ArticlePaul Sarbanes, co-author of SOX accounting law, dies at 87
Paul Sarbanes, the five-term U.S. Senator whose landmark law, the 2002 Sarbanes-Oxley Act, required more transparency in corporate financial reporting, died Sunday at age 87.
-
ArticlePreparation, monitoring key to combating third-party cyber-security risk
A spate of recent cyber-security breaches occurring via third parties is a reminder of the importance for companies to stay on top of risk management. Regulators have shown to not take kindly to finger-pointing.
-
ArticleNorway’s DNB facing potential $45M AML fine
DNB ASA, Norway’s largest financial services group, is facing a potential fine of NOK 400 million (U.S. $45.4 million) for inadequate compliance with the Norwegian Anti-Money Laundering Act.
-
ArticleEnergy trader Vitol to pay $164M in FCPA case
The U.S. affiliate of global energy and commodity trading company Vitol will pay approximately $164 million to settle charges of bribery, corruption, and manipulative and deceptive conduct levied by multiple regulators, including historic involvement by the CFTC.
-
VideoVideo: Praise for Nasdaq diversity push; Vodafone’s GDPR woes prove costly
In our inaugural video edition of Nailed It or Failed It, Dave Lefort praises Nasdaq’s efforts to get the SEC to require board diversity disclosures, while Kyle Brasseur critiques Vodafone’s numerous run-ins with the GDPR.
-
ArticleBiden’s SEC set to require disclosure of ESG, climate change risk
The SEC under President-elect Joe Biden will push ESG and climate change-related risk alerts, guidance, and rulemaking that will likely require companies to disclose how these risks affect their bottom line.
-
Article
Ex-KPMG exec avoids prison in final cheating scandal sentencing
Former KPMG inspections leader Thomas Whittle was sentenced to two years of supervised release for his role in the Big Four firm’s cheating scandal that saw three of his colleagues and co-conspirators receive time behind bars.
-
ArticleCongress passes bill forcing Chinese companies to comply with U.S. audit rules
In a bipartisan and unanimous vote, the House passed a bill Wednesday that could kick publicly traded Chinese-based companies off U.S. exchanges.
-
ArticleGartner report: How coronavirus has altered audit risks for 2021
The coronavirus pandemic has dramatically altered the risk landscape for chief audit executives and audit departments by exacerbating long-standing risks while giving rise to new ones, a new report by research and advisory firm Gartner finds.
-
ArticleReport shows Big Four stranglehold in U.K. near unavoidable
A review by the U.K. Financial Reporting Council found large companies will instinctively hire a Big Four firm as auditor, despite efforts by the regulator to break their dominance and open up the country’s audit market to smaller competitors.
-
ArticleFight against corruption must go on, even if the point is undermined
The recent decision by the Department of Justice to release from custody a dangerous Mexican general must not discourage the greater efforts of the anti-corruption community, writes Martin Woods.
-
ArticleU.K. corporate watchdog rips company reporting as ‘box-ticking exercise’
Not for the first time, the U.K.’s corporate governance regulator has said it is disappointed to see company reporting “does not demonstrate the high quality of governance” it expects.
-
ArticleNasdaq to SEC: Adopt listing rules requiring board diversity disclosures
Nasdaq has filed a proposal with the Securities and Exchange Commission to adopt new listing rules that would impose board diversity disclosure requirements.
-
ArticleSBM Offshore FCPA case ends, Swiss investigation begins
SBM Offshore confirmed it has reached the end of its three-year deferred prosecution agreement with the Department of Justice for FCPA violations, but the oil and gas services company is now facing a fresh corruption investigation from Swiss enforcement authorities.
-
ArticleTrio of U.K. fines expose third-party risks under GDPR
Recent GDPR fines against British Airways, Marriott, and Ticketmaster by the U.K. Information Commissioner’s Office each saw the regulator dismiss claims by the companies that third parties were primarily responsible for the data breaches in question.
-
ArticleCompliance should consider a well-balanced information diet
In comparing information to food, the outcome might be considered to be the same when too much is consumed, writes Martin Woods.
-
ArticleLookers discloses $60.5M loss following accounting fraud probe
After delaying for eight months its 2019 audited financial statements, U.K. car dealership chain Lookers has disclosed a £45.5 million (U.S. $60.5 million) loss following discovery of accounting fraud by a former employee.
-
ArticleAsia corruption report cites government issues, bribery prevalence
Transparency International’s latest look at corruption and bribery trends in Asia reveals issues at the highest ranks of government, particularly at the parliamentary and senate level.
-
ArticleU.S. regs urge banks to transition from LIBOR ‘as soon as practicable’
U.S. banking regulators are encouraging financial institutions to stop entering into new contracts that use the U.S. dollar LIBOR as a reference rate ahead of its slated expiration at the end of 2021.