All Compliance Week articles in Web Issue – Page 622
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Blog
SEC's Ceresney says more cybersecurity cases 'coming down the pike'
The SEC has begun to bring cybersecurity-related enforcement actions under Regulation S-P of the Securities Act of 1933, and Enforcement Director Andrew Ceresney stated this week that more such cases are now "coming down the pike."
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BlogNew rule targets incentive-based pay at financial institutions
Inching forward with one of the most-delayed—and controversial—mandates of the Dodd-Frank Act, the National Credit Union Administration has re-proposed a stalled 2011 rule proposal targeting incentive-based executive pay that encourages inappropriate risks at banks and credit unions. The proposed rules would impose clawback provisions and require executives and “significant risk ...
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Blog
PCAOB practice alert finds rash of doctored audit files
The PCAOB this week published a staff audit practice alert emphasizing that improperly altering audit documentation in connection with a PCAOB inspection or investigation violates PCAOB rules requiring cooperation with its oversight activities and can result in disciplinary actions with severe consequences. “Evidence identified in connection with certain recent oversight ...
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Blog
France introduces anti-corruption bill
France’s Finance Minister Michel Sapin introduced a proposed anti-corruption bill, Sapin II, to the French government last month that in many respects is inspired by anti-corruption laws already in place in the United States and United Kingdom. The bill, for example, “provides for the offense of corruptly influencing a foreign ...
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Blog
Newmont Mining discloses FCPA investigation
Newmont Mining said this week in a securities filing that it is conducting an investigation relating to certain business activities of the company, its affiliates, and contractors in countries outside the United States. The gold mining company added that the investigation includes a review of compliance with the U.S. Foreign ...
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Blog
Sen. Warren not mad at SEC, just disappointed
There are some basic certainties in life. Death. Taxes. The fact that "haters gonna hate." And to this list I think we can add that Sen. Elizabeth Warren will be "disappointed" in the SEC.
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Blog
FSOC turns focus to asset management
Bringing a measure of transparency to its often secretive deliberations, the Financial Stability Oversight Council has released a public update on its review of potential risks to U.S. financial stability. Topping that list, beyond its controversial designations of banks and nonbanks as systemically important, are concerns about asset management products ...
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Blog
PCAOB previews improvements from 2015 inspection cycle
A staff inspection brief issued this month by the PCAOB showed that preliminary counts from inspections performed in 2015 suggest the number of audit deficiencies for the largest firms has fallen, while deficiencies at smaller firms is, overall, high. The PCAOB brief stated that inspectors observed “indications of improved audit ...
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Blog
Greater scrutiny of merger activity in the defense industry on the way?
The Justice Department and FTC this month issued a joint statement reaffirming the importance of preserving competition in the defense industry. The statement may have been prompted by threats made by the Department of Defense to seek legislation to expand its role in the review of mergers and acquisitions in ...
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Blog
Theranos and compliance
One of the most compelling business stories over the past 18 months or so has been that of the Theranos, the developer of a perhaps revolutionary blood testing system, which allegedly allow testing of blood with such a small amount a person would only need their finger pricked. No longer ...
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Blog
SEC resolves two financial fraud cases
The SEC this week announced financial fraud cases against a pair of companies and their former executives accused of various accounting failures that left investors without accurate depictions of company finances. “We are intensely focused on whether companies and their officers evaluate judgmental accounting issues in good faith and based ...
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Event
GCOR X: RMA's Governance, Compliance, and Operational Risk Conference
CambridgeCambridge, MA 11111United States
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Article
Carrots and sticks: A closer look at the FCPA Pilot Program
The Department of Justice has churned out a brief, but valuable, piece of guidance setting forth the details of a one-year FCPA enforcement pilot program, providing companies with much needed and long-awaited transparency into how the Criminal Division’s Fraud Section measures and credits voluntary self-disclosure and cooperation in FCPA investigations. ...
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Article
Is the French governance code about to become more shareholder-friendly?
Image: French financial markets regulator Autorité des Marchés Financiers has issued a report comparing countries’ various corporate governance codes, and it looks as if France has some work to do. While the AMF won’t be rewriting France’s code, says spokeswoman Christèle Fradin, it would like their suggestions taken into account, ...
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Blog
Accounting class actions rise again in 2015, analysis shows
Accounting-related class-action settlements jumped to $2.6 billion in 2015, with 86 percent of the cases involving allegations of internal control weaknesses, according to the latest analysis by Cornerstone Research. The largest increase in settled cases in 2015 involved cases where investors raised allegations of internal control weaknesses but the company ...
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Article
Market shifts, SEC priorities spark debate of FINRA’s future
Changes may be afoot at the Financial Industry Regulatory Authority as Congress and others ponder whether its duties should expand, compress, or just be folded into the Securities and Exchange Commission. Amid the debates one thing is clear: FINRA is doubling down on its enforcement efforts.
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Blog
Seven myths of boards of directors
Various myths surround corporate governance, especially when it comes to the accusations levied by institutional investors and others on the governance scene. CW columnist Rick Steinberg examines three such myths in the first of a two-part series, as he addresses to what degree accusers are seeking to hold boards to ...
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Article
To be a great internal auditor, be a great communicator
For internal audit leaders to deliver the most value to their audit committees, they need to develop a suite of skills that are not always stressed as being part of the audit profession. But without great communication and presentation skills to present their findings, auditors can’t be truly great at ...
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Blog
The other cleat drops in the FIFA corruption probe
Image: The FIFA corruption probe has shifted to U.S. corporations that did business with FIFA, regional soccer federations, and national soccer organizations, prompting some companies, including Nike, DirectTV, and Standard Chartered, to start their own internal investigations. The message is quite clear for those U.S. companies with affiliations to soccer ...