All Compliance Week articles in Web Issue – Page 716
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Blog
SEC Approves Tick-Size Pilot Program
The SEC has approved a proposal by the national securities exchanges and the Financial Industry Regulatory Authority for a two-year pilot program that will widen the minimum quoting and trading increments, known as tick sizes, for stocks of some smaller companies. The program—to begin May 6, 2016—will include stocks of ...
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Blog
New Conflict Minerals Reporting Template Available
The Conflict-Free Sourcing Initiative has published an update to its Conflict Minerals Reporting Template, a tool for tracing the use of conflict minerals in a company’s supply chain and validating smelters. CMRT 4.0, a free reporting template, expedites the identification of new smelters and refiners that may undergo an audit ...
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Blog
Intertek Names VP, Compliance and Risk for North America
Intertek, a provider of quality and safety services to a wide range of industries around the world, has appointed Q VanBenschoten as vice president, compliance and risk for North America. Details inside.
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Blog
Dun & Bradstreet Discloses FCPA Investigation Costs
Dun & Bradstreet, a commercial data and analytics provider, disclosed in a recent securities filing that it spent slightly more this time around than the same period last year on costs associated with its China investigation into possible violations of the Foreign Corrupt Practices Act. Details inside.
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Blog
Carestream Names Chief Compliance Officer
Carestream Health, a medical film and digital imaging solutions provider, has appointed Jim Nortz as chief compliance officer. Nortz joined Carestream in April from Sutherland Global Service, where he served as corporate compliance director. Details inside.
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Blog
SEC Gives Views on Courts vs. Administrative Hearings
News sure to please corporate compliance and legal officers everywhere: The SEC has finally published guidance on how it decides whether to bring enforcement matters to court or in-agency administrative proceedings. The SEC has been bringing more actions against companies as administrative proceedings, sparking complaints that targets’ due process rights ...
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Blog
SFO: Alstom to Face More Criminal Charges
The U.K. Serious Fraud Office recently announced that it has brought fresh charges against Alstom Network U.K. and an Alstom employee in phase three of its ongoing investigation. The latest charges concern allegations of corruption for the supply of trains to the Budapest Metro. Details inside.
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Blog
New Alliance to Serve Specialty Pharmacy Industry
CohnReznick, an accounting, tax, and advisory firm, has created a collaborative market solution with healthcare law firm Frier & Levitt and specialty pharmacy consulting firm CSI Specialty Group. The alliance will provide a comprehensive array of services tailored to the specialty pharmacy industry. Details inside.
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Resource
2015 Survey of State Tax Departments
Now in its 15th year, Bloomberg BNA’s 2015 Survey of State Tax Departments clarifies each state’s position on the gray areas of corporate income tax and sales and use tax administration, with an emphasis on nexus policies.New portions of the survey this year address income and sales tax nexus for ...
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Blog
PayPal Names General Counsel
PayPal has appointed Louise Pentland as general counsel, during a time when the online payment systems company prepares to separate from eBay and become an independent, publicly-traded company later this year. He will join the company on April 27. Details inside.
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Blog
Alcoa Rejiggers Its Board of Directors
Judith Gueron, an Alcoa director since 1988 and its lead director since 2010, who did not stand for re-election when her term expired at the annual meeting, retired from the board. Succeeding Gueron as lead director is Patricia Russo, who has been a member of the Alcoa board since 2008. ...
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Xenia Hotels & Resorts Names Chief Accounting Officer
Xenia Hotels & Resorts, a self-advised and self-administered real estate investment trust, has appointed Joseph Johnson as chief accounting officer.
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Blog
SEC's White Squares Off With Senate Committee Over FY 2016 Budget
This week, SEC Chair Mary Jo White appeared before a skeptical Senate Appropriations Committee in support of the agency's request for $1.722 billion in FY 2016 -- a 15 percent increase over the SEC's budget in FY 2015.
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Blog
Canadian Court Shifts Corporate Liability to Managers
A recent decision by the Quebec Superior Court found that Canadian companies can be held criminally liable for the wrongful actions of their middle managers, even when the head office has no knowledge of the misconduct. The decision “mark[s] a fundamental change, if not a revolution, in the law of ...
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Blog
SEC Chief Accountant Retreats From IFRS Filing Idea
Image: SEC chief accountant James Schnurr is distancing himself from an idea he floated last year that the Commission might allow U.S. companies an option to report under International Financial Reporting Standards. Schnurr says staff outreach revealed “little support” for that idea, essentially leaving convergence to standard setters. Details inside.
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Blog
JPMorgan’s Laundry List of Government Probes
JPMorgan disclosed last week in a quarterly filing with the Securities and Exchange Commission that it is under several investigations concerning a wide variety of claims, including violations of the Foreign Corrupt Practices Act, foreign exchange sales, LIBOR, and much more. “Investigations involve both formal and informal proceedings by both ...
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Blog
FinCEN Fines First Virtual Currency Exchanger
The Financial Crimes Enforcement Network fined Ripple Labs and its subsidiary, XRP II, $700,000 for violations of the Bank Secrecy Act while engaging in the exchange of virtual currency and for failing to establish and maintain an appropriate anti-money laundering program—the first civil enforcement action against a virtual currency exchanger. ...
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Blog
PCAOB Gives Audit Committees Oversight Cheat Sheet
As inspectors begin looking at 2014 public company audit files, they will be tuning in to emerging market risks around mergers and acquisitions, falling oil prices, undistributed foreign earnings, and the quality of audit work as firms grow other business lines. The PCAOB published a new paper reaching out to ...
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Blog
TrialCard Names Chief Compliance Officer
TrialCard, a company that provides product access, medication adherence, and patient support services on behalf of pharmaceutical manufacturers, has hired Michele Atchison to its corporate legal team in the role of chief compliance officer. One of Atchison’s primary areas of focus in her new role will be overseeing TrialCard’s government ...
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Resource
e-Book: The Nuts and Bolts of T&E Policies
The risks lurking within the travel and entertainment account—bribery, accounting fraud, excessive spending, and much more—make proper oversight of T&E an urgent job for compliance and audit executives. Worse, even when you have a strong T&E policy, the ingenuity of employees trying to evade it knows few boundaries. And problems ...