All Compliance Week articles in Web Issue – Page 705
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Blog
SEC Charges CCO of SFX With Compliance Failures
The Securities and Exchange Commission last week brought fraud charges against the former president of SFX Financial Advisory Management Enterprises for stealing client funds. The firm and its chief compliance officer separately agreed to settle charges that they were responsible for related compliance failures and other violations. Details inside.
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SEC Weighs In on New Debt Cost Presentation Guidance
The SEC is signaling a solution to companies struggling with how to reflect certain debt issuance costs under new guidance from the Financial Accounting Standards Board. During a recent meeting, the Commission acknowledged that FASB’s update doesn’t provide guidance on costs related to debt arrangements. Details inside.
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India Attempts to Tackle the Supply Side of Bribery
India’s Union Cabinet recently approved amendments to the Prevention of Corruption Act (PoCA) that will expand the scope of the law to corporate executives. Currently the law prohibits corrupt acts by public servants and government officials, who have been at the center of enforcement actions. Over the years, government corruption ...
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NFP Advisor Services Appoints CCO
NFP Advisor Services, a provider of wealth management solutions, integrated technology, and business consulting, has promoted Mike Pedlow to chief compliance officer. In his new role, Pedlow is charged with supervising all compliance efforts and leading the compliance management team. Details inside.
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Wheeler Real Estate Investment Trust Names Chief Accounting Officer
Wheeler Real Estate Investment Trust, a commercial real estate investment company, has appointed Matthew Reddy as chief accounting officer. In this newly created position, Reddy will oversee all aspects of the company’s accounting department and will assist the chief financial officer in all aspects of accounting and regulatory compliance. ...
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Blog
Two More NPAs Reached Under Swiss Bank Program
The Department of Justice today announced that two more banks—Bank Linth (Bank Linth) and Bank Sparhafen Zurich AG (BSZ)—have reached a resolution under the Department’s Swiss Bank Program, which provides a means for Swiss banks to resolve potential criminal liabilities in the United States. Bank Linth will pay a $4.1 ...
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Blog
eFront Launches FrontESG to Manage and Report Non-Financial Data
eFront, a software provider of financial solutions for managing alternative investments, has announced the launch of FrontESG, a solution that facilitates efficient ESG information collection, reporting and analysis between limited partners, general partners, and portfolio companies. Details inside.
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Blog
Big 4 Make Big Gains in Consulting Services, Report Says
Image: According to a new report from Source Information Services, Big 4 accounting firms outperformed the U.S. market in 2014, growing 12.8 percent to $17.5 billion in revenue compared with 2.4 percent growth for the economy overall. The U.S. market for consulting grew 9 percent in 2014 to more than ...
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Akerman Launches New Data Law Practice
Law firm Akerman this week announced the launch of its newly created Data Law Practice, and the expansion of the firm's varied services in the increasingly business critical areas of information governance, e-discovery, and data privacy and security. Details inside.
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Blog
Colliers International Group Appoints New Board Member
Colliers International Group has appointed Katherine Lee to its board of directors. She also will serve both as a member of the audit and risk committee, as well as the executive compensation committee. Details inside.
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BRG Adds Latin America Practice Leader
Berkeley Research Group this week announced that the firm has hired Frank Holder to head its Latin America practice and continues to build a robust BRG presence throughout the region. Holder brings over 20 years of experience in investigations and security consulting assignments in Latin America and the United States. ...
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Blog
SEC in 1942: Everybody Into the Pool!
How did the SEC staff end up working at the bottom of a swimming pool in 1942? The SEC Historical Society has the answer.
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Blog
Deltic Timber Expands Board of Directors
Deltic Timber, a natural resources company, has expanded its board of directors and elected of two new members to fill the additional positions, effective as of June 18. Details inside.
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Blog
Poll Portends Big Changes in Executive Pay Disclosure
A recent poll by Towers Watson hints at big changes to come in disclosure of executive compensation, in the wake of the SEC’s proposed pay-for-performance rules. One-third of poll respondents said they expect to change their compensation disclosure significantly; 55 percent said they expect to provide additional information and analysis ...
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Blog
Companies Pause on New Discontinued Operations Rule
Image: Companies are hitting bumps as they attempt to apply FASB’s new approach to defining discontinued operations. The standard says a discontinued operation is a major strategic shift and has a major impact on the entity, although it doesn’t provide guidance on how to define those terms, says Beth Paul, ...
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Blog
Gallagher Uncorks on SEC Action Against CCOs
Image: SEC Commissioner Dan Gallagher, often a contrarian voice at the agency, spoke up again last week to denounce recent enforcement actions against compliance officers at investment advisory firms. Gallagher panned the SEC rule that dictates how investment advisers establish compliance procedures, and he railed that “the Commission seems to ...
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Blog
Same Old, Same Old With SEC Budget Process
On Wednesday, the House Appropriations Committee approved a fiscal year 2016 appropriations bill eerily similar to the bill Congress passed four years ago—both bills appropriate $222 million less than the SEC requested, freeze the SEC’s budget at the prior year’s level, and prohibit the SEC from drawing upon an important ...
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Blog
Sand Hill Exchange Founder Accepts Responsibility, Has Feedback for SEC
Despite a few outliers, most defendants in SEC settlements continue to settle cases "without admitting or denying" the allegations against them. While such language was also included in the Order memorializing the settlement of the SEC's recent administrative proceeding In the Matter of Sand Hill Exchange, et al., the settlement ...