All Compliance Week articles in Web Issue – Page 698
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Blog
Fed Hands Big Banks New Risk-Based Capital Surcharges
The Board of Governors of the Federal Reserve has issued a final rule that establishes risk-based capital surcharges for financial institutions designated as “global systemically important bank holding companies.” JPMorgan was handed the largest surcharge among the nation’s eight largest banks, 4.5 percent of its risk-weighted assets. More inside.
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Blog
Domino's Names New Board Member
Fast-food chain Domino's has named Andy Ballard to its board of directors, effective as of July 15. Details inside.
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Blog
IMAX Names New Board Member
IMAX, a provider of entertainment technology, has appointed Dana Settle to its board of directors. She fills a vacancy on the company's board. Details inside.
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Blog
Legislation Seeks Curbs on Regulatory 'Revolving Door'
Newly proposed legislation, the Financial Services Conflict of Interest Act addresses the so-called “revolving door” that results when regulators draw talent from the private sector and those officials and staffers ultimately return to regulated entities after leaving an agency. To address perceived conflicts of interest, the bill would require ...
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Blog
Hertz Restatement Reveals Depth of Control Issues
Image: As Hertz investigated a handful of accounting anomalies that would lead to restatement, the list of accounting and internal control problems ballooned considerably—but that’s all in the past. The company has updated its SEC filings, correcting accounting errors dating back to 2011. “Today’s filings are an important step forward, ...
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Blog
Bryn Mawr Bank Names Interim Chief Accounting Officer
Bryn Mawr Bank, parent of The Bryn Mawr Trust Company, has appointed Marie Connolly as interim chief accounting officer. The company also announced the appointment of David Takats as interim chief financial officer, assuming the role from former CFO and Treasurer J. Duncan Smith, who has announced his resignation ...
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Blog
Louis Berger International to Pay $17.5 Million for FCPA Violations
U.S.-based construction management company Louis Berger International has reached a $17.1 million settlement with the Department of Justice to resolve charges that it violated the Foreign Corrupt Practices Act when it bribed foreign officials in Asia to secure government construction management contracts. Two of the company’s former executives also ...
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Blog
Committee Suggests New Rules for XBRL Filings
A self-appointed committee of XBRL advocates has developed guidance and rules that will help preparers roll out better quality XBRL filings. The Securities and Exchange Commission requires that companies provide data in XBRL, but has done little beyond occasional public remarks for companies to improve the quality of their XBRL ...
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Blog
Deloitte Acquires CIS to Expand Compliance Services for Life Sciences, Healthcare Industries
Deloitte this week announced that it has acquired Compliance Implementation Services (CIS), a life sciences compliance consulting firm. CIS will join Deloitte Advisory, a risk and financial advisory practice, as part of its regulatory compliance market offering. Effective immediately, the business will operate as “CIS by Deloitte." Details inside.
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Blog
New Mimecast Services Extend Spear-Phishing Protection
Mimecast has announced two new measures designed to protect against spear-phishing. The first measure, Attachment Protect, and user awareness enhancements reduce the threat from malware-laden attachments and help IT teams improve employee security awareness. The second measure, Mimecast Targeted Threat Protection – URL Protect, give customers a comprehensive line of ...
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Blog
FCPA Actions Down, Declinations Up
The Justice Department and Securities and Exchange Commission resolved eight Foreign Corrupt Practices Act enforcement actions so far in 2015—the lowest mid-year total in a decade, according to recent analysis from law firm Miller & Chevalier. “This slow-down seems to be attributable, in part, to a greater emphasis on declinations ...
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Blog
Martin Wheatley Resigns as FCA Chief Executive
The Financial Conduct Authority has announced that Martin Wheatley, its chief executive, will leave his post in September 2015. Wheatley was selected in 2013 to shepherd the creation of the U.K. regulator. His resignation was reportedly prompted by news that his contract would not be renewed next year. Director of ...
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Blog
SEC Issues Another Big Whistleblower Award
The SEC has awarded more than $3 million to a company insider whose information helped the SEC crack a complex fraud case—the third-highest award to date under the SEC’s whistleblower program. Since its inception in 2011, the program has paid more than $50 million to 18 whistleblowers, including a more ...
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Blog
SEC Alleges Loose Lips at Law Firm Led to Insider Trading
Yesterday, the SEC filed a second insider trading case alleging that non-public information was leaked by a legal assistant whose law firm was advising on a merger involving Harleysville Group, Inc.
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Resource
e-Book: New Rules: Revenue Recognition
Research shows that many companies have yet to fully wrap their arms around the new regulations affecting revenue recognition. To complicate the issue, the 700-page document of new accounting rules contains uncertainties that require compliance officers to be on point with their game.This e-Book, produced by Compliance Week in cooperation ...
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Blog
Exiger Adds Managing Director
EXIGER, a global regulatory and financial crime, risk and compliance firm, has appointed Christopher Prather as managing director at EXIGER Advisory, EXIGER’s specialized consulting division, which executes the firm’s monitoring assignments and delivers sustainable governance, risk management and regulatory compliance consulting services to financial institutions, government agencies, non-profit organizations and ...
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Blog
GM Names Corporate Secretary, Deputy General Counsel
General Motors has appointed Jill Sutton as corporate secretary and deputy general counsel for corporate, finance and strategic transactions, effective immediately. Sutton will report to Craig Glidden, executive vice president and general counsel. Details inside.
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Blog
Study Exposes Holes in Governance Performance
Image: Most companies are weak in their implementation of corporate governance processes, suggesting directors at the board level are not adequately involved, according to a global study out of Belgium. “The findings are a call to action for board members to take responsibility for ensuring that their organization’s information and ...
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Blog
Employee or Independent Contractor? Labor Department Weighs In
Image: The Labor Department issued new guidance on how companies should distinguish between employees and independent contractors. “The main difference between the new interpretation and the Labor Department’s prior enforcement policy is a greater emphasis on the ‘economic dependence’ of the workers on the business that has engaged their services,” ...