All Compliance Week articles in Web Issue – Page 701
-
Blog
Excel Investment Counsel Names Chief Compliance Officer
Excel Funds Management has promoted Christine Tan to senior portfolio manager and chief compliance officer at Excel Investment Counsel, a subsidiary of Excel Funds. Details inside.
-
Blog
More Disclosures Needed From Public Officials, Says OECD
Image: The pursuit of good governance is never easy. According to a recent Organization for Economic Cooperation and Development survey, inadequate disclosures, lack of whistleblower protection laws, and concerns about integrity have caused many citizens of advanced countries to lose trust in national governments. More inside.
-
Blog
IMF: U.S. Must Tackle Shell Companies, Beneficial Ownership
A new report from the IMF faults the United States for turning a blind eye to shell companies and unclear beneficial ownership—that is, the parties that really control a company or its related bank accounts, even if they do so behind the scenes. That loose approach, the report says, “creates ...
-
Article
U.S. Failures to Track Beneficial Owners Create AML Headaches Internationally
Image: Despite the forward march in Europe and elsewhere to fight money laundering, a problem remains: Here at the largest economy in the world, state incorporation laws in the United States create a massive loophole that bad actors can exploit. “It’s a huge problem not just for the United States ...
-
Blog
IMF: Regulators Must Focus on Mutual Funds, Insurance Companies
The thesis of a new report from the International Monetary Fund is hardly shocking. Despite progress, the U.S. must finish the work begun on financial reforms, it concludes. More telling is an assessment of what new areas systemic risk has bubbled into and how regulators should respond. Greater attention ...
-
Article
Rule Change to Ease Export Controls in the Cloud
Image: Good news: U.S. export control regulations may finally be catching up to modern cloud computing technology, with new rules to focus on keeping sensitive data secure rather than on where the data is stored. Defense and tech companies are likely to be beneficiaries, as they could now use cloud ...
-
Article
EU AML Directive Fires Starting Pistol on Beneficial Owners Reform
European financial firms are preparing to implement new anti-money laundering rules that will require reporting about the real owners of the businesses they work with. The rules, intended to help EU governments pursue tax crimes and terrorist financing, “will increase the level of transparency across all transactions,” says Ambrose Loughlin ...
-
Article
PCAOB, SEC Redouble Efforts on Audit Quality
Image: The SEC and PCAOB are pushing this summer to clarify and improve “audit quality.” That might be a proposal to name the engagement partner working on corporate audits (PCAOB idea), or an exploration of new disclosure requirements for audit committees (SEC idea), or both. “I would urge commenters to ...
-
Blog
Director-Investor Communication Is Coming. Here’s How to Do It
One trend to emerge from the 2015 proxy season is a push to bring investor groups and boards of directors into closer contact—perhaps even into direct communication. Yes, columnists Stephen Davis and Jon Lukomnik say, you can make such interactions work, and work effectively. Inside are their thoughts on how ...
-
Blog
ACLA and ACC Unite; Offer Expanded Benefits to Members
The Australian Corporate Lawyers Association this month announced a new brand identity, ACC Australia (ACLA), as it officially joins forces with the Association of Corporate Counsel. The alliance expands global benefits and connectivity to members while also retaining local focus and content in programming. Details inside.
-
Blog
JPMorgan Chase Names New General Counsel
Global financial services giant JPMorgan Chase this week appointed Stacey Friedman, currently general counsel of the company's corporate and investment bank, as general counsel of the firm. She will assume this role from Steve Cutler early next year, when he will be appointed vice chairman of the firm. Details inside.
-
Article
All the Questions Confronting Clawback Policy
The SEC has proposed a new rule that publicly traded companies adopt a clawback policy to recoup incentive-based compensation from executives that later turns out to be based on faulty financial statements. How hard can that be? Well, pretty hard, many compensation experts say. Inside, we have the run-down on ...
-
Blog
Matador Resources Appoints Chief Accounting Officer
Matador Resources, an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources, has appointed Robert Macalik as chief accounting officer, effective as of July 6. Details inside.
-
Blog
British Watchdog Sets New Accountability Standards
Image: Britain’s Financial Conduct Authority has released new rules for its Senior Managers Regime, a compliance standard that will hold senior managers at financial firms personally accountable for corporate misconduct. “We have given clarity on rules that will embed personal accountability into the culture of the city,” Martin Wheatley, FCA ...
-
Blog
North America Soccer Groups Push Reforms After FIFA Scandal
The governing bodies for professional soccer in North America and the Caribbean are overhauling their governance frameworks, amid increasing scrutiny of the sport worldwide since U.S. officials charged a slew of FIFA officials with corruption last month. The group, known as CONCACAF, says the changes are “an additional step … ...
-
Blog
Internal Auditors Get Revised Global Framework to Govern Practice
Image: The Institute of Internal Auditors has unveiled the latest enhancements to its nearly 70-year-old framework that governs the internal audit profession globally. Larry Harrington, senior vice chairman of the IIA’s global board, says the updates are intended to strengthen the position of internal audit as a key player in ...
-
Blog
Mid-Year Look at Corporate Compliance in 2015
Image: Six months ago Compliance Week Editor Matt Kelly picked six events to watch in corporate compliance for 2015: political risk, Republican activism, confusion over revenue recognition, and more. With the year half over—and in the interests of holding people accountable, including Compliance Week editors—now seems a good time to ...
-
Blog
EY Americas Makes Leadership Changes
EY has appointed Michael Inserra as EY Americas vice chair. Anthony Caterino will succeed Inserra as Ernst & Young vice chair and regional managing partner of the Financial Services Organization. Details inside.
-
Blog
Former Attorney General Eric Holder Rejoins Covington
Former U.S. Attorney General Eric Holder is returning to Covington as a partner after more than six years of service as the nation’s top law enforcement officer. Holder will focus on complex investigations and litigation matters, including matters that are international in scope and raise significant regulatory enforcement issues and ...