The banking sector is experiencing a “growing challenge” recruiting, retaining, and replacing compliance staff with the desired level of knowledge and experience, according to the Office of Comptroller of the Currency’s “Semiannual Risk Perspective” report, released June 23. Staffing struggles in the banking industry come at a time when compliance Read More
The Public Company Accounting Oversight Board (PCAOB) adopted amendments to its auditing standards on June 21 to improve lead auditors’ supervision of other auditor’s work. As companies increase their global presence, the use of additional audit firms has become more prevalent in the conduct of external audits. In 2021, 26 percent Read More
In a unanimous vote, the Senate confirmed Democrat Jaime Lizárraga and Republican Mark Uyeda this week to serve as the Securities and Exchange Commission’s newest Commissioners. President Joe Biden nominated the two as Commissioners in April. Lizárraga served most recently as a senior advisor to House Speaker Nancy Pelosi, (D-Calif.). Uyeda is Read More
Registered investment adviser A.G. Morgan Financial Advisors (AGM), its owner, and its former chief compliance officer each face charges by the Securities and Exchange Commission for violations of federal securities laws, the agency announced this week. According to the SEC’s complaint, AGM, owner Vincent Camarda, and AGM’s former Chief Compliance Read More
The Securities and Exchange Commission announced it has reopened the comment period on proposed rules related to listing standards for “recovery of erroneously awarded compensation,” known as “clawback rules.” In July 2015, the SEC proposed rules to implement Section 954 of the Dodd-Frank Act. The proposed clawback rules would, among Read More
The Commodity Futures Trading Commission is requesting public comment on climate-related financial risk “to better inform its understanding and oversight of climate-related financial risk as pertinent to the derivatives markets and underlying commodities markets,” the CFTC announced. On June 2, the CFTC unanimously voted to release its request for information Read More
For the third time in eight years, Merrill Lynch, Pierce, Fenner & Smith has been ordered by the Financial Industry Regulatory Authority (FINRA) to pay restitution to thousands of its customers who were charged more than necessary related to mutual fund shares. In this latest action, Merrill Lynch agreed to Read More
Tenaris, a Luxembourg-based global maker and supplier of steel pipe products, on Thursday reached a $78 million settlement with the Securities and Exchange Commission for violations of the Foreign Corrupt Practices Act (FCPA) related to an alleged bribery scheme involving its Brazilian subsidiary. According to the SEC’s order, the resolution Read More
A divided U.S. Supreme Court on Tuesday temporarily blocked a Texas law (HB20) that would ban social media platforms—like Facebook, Twitter, and YouTube—from moderating their content. The Texas law in question, HB20, in part, prohibits social media platforms from “censoring” the viewpoints posted by users. In effect, the law makes Read More
The Securities and Exchange Commission is investigating disclosures made by Elon Musk, CEO of Tesla Motors, concerning his plans to acquire Twitter Inc. and his accumulation of shares in the social media platform, the agency confirmed in a letter sent to Musk last month. The SEC filed the letter on Read More
