The Securities and Exchange Commission has announced charges against five broker-dealers, three dually registered broker-dealers and investment advisers, and two investment advisers for widespread failures to maintain and preserve electronic communications and for off-channel communications. The firms admitted the facts set forth in their respective SEC orders and acknowledged that Read More
The Securities and Exchange Commission has filed charges against Clear Channel Outdoor Holdings Inc. for violations of the Foreign Corrupt Practices Act (FCPA). Clear Channel Outdoor agreed to pay more than $26 million to resolve the charges that it bribed Chinese government officials to obtain outdoor advertising contracts. The SEC’s Read More
The Consumer Financial Protection Bureau (CFPB) has issued guidance on legal requirements that lenders must adhere to when using artificial intelligence and other complex models to approve loans. The guidance describes how lenders must provide specific and accurate reasons when taking adverse actions against consumers. “Creditors cannot simply use CFPB Read More
The Securities and Exchange Commission has settled charges against CBRE Inc., a Dallas-based commercial real estate firm, for using an employee release that violated the SEC’s whistleblower protection rule. CBRE agreed to pay a civil penalty of $375,000 as part of the settlement. According to the SEC’s order, between 2011 Read More
The Public Company Accounting Oversight Board has proposed rule changes that would make it easier for the Board to hold individual auditors accountable for negligent behavior that contributes to violations at audit firms and that put investors at risk. The PCAOB proposal would amend Rule 3502, Responsibility Not to Knowingly Read More
California legislators have passed one of the most sweeping greenhouse gas emissions bills in the nation this week and Governor Gavin Newsom has announced his intention to sign it into law. If passed, the law would require companies with more than $1 billion in revenue and that operate in California Read More
The Irish Data Protection Commission (DPC) has fined social media giant TikTok €345 million ($368 million) for violating the privacy of children between the ages of 13 and 17 while processing their data. In its binding decision, the European Data Protection Board (EDPB) analyzed the design practices implemented by TikTok Read More
Compliance leaders are facing increased pressure to make the most of existing resources due to economic challenges and increased workload and complexity, according to a new report. The study, conducted by research and consulting firm Gartner, identifies three crucial compliance function trends playing out this year: tighter budgets, changing labor Read More
