The Office of the Comptroller of the Currency (OCC) announced in a final decision that it has “reluctantly” terminated its enforcement action against the former chief compliance officer of Rabobank N.A., the U.S.-based subsidiary of Netherlands-based Rabobank. As CCO, Laura Akahoshi was responsible for overseeing Rabobank’s Bank Secrecy Act and Read More
The European Commission announced that it has opened an in-depth investigation into Microsoft’s proposed acquisition of Activision Blizzard over anticompetition concerns. Both Microsoft and Activision Blizzard develop and publish games for PC game consoles and mobile devices, as well as distribute games for PCs. In addition, Microsoft also distributes games Read More
The Securities and Exchange Commission finalized its long-awaited so-called “clawback rule” on Wednesday, which would require public companies to recover “erroneously awarded incentive-based compensation” on a wide range of executive officers following a restatement due to misconduct. The SEC had reopened its comment period in June concerning the proposed clawback Read More
Seven directors among five companies have resigned from corporate board positions in response to concerns by the Department of Justice’s Antitrust Division that their roles potentially violated the Clayton Act, the agency announced. Section 8 of the Clayton Act prohibits directors and officers from serving simultaneously on the boards of Read More
The Financial Crimes Enforcement Network (FinCEN) has issued a final rule implementing a beneficial ownership information reporting requirement. The final rule, which implements the registration and reporting requirements of the Corporate Transparency Act (CTA), will require “tens of millions” of companies doing business in the United States to report information Read More
The Securities and Exchange Commission announced that it has reopened the public comment periods for 11 rulemaking releases and one request for comment due to a technological error resulting in numerous public comments submitted through the agency’s online comment form not being received. The SEC advised that all those who Read More
Sigma, a privately owned brokerage firm, has agreed to pay 531,000 pounds ($592,000) in a settlement with the U.K. Financial Conduct Authority (FCA) resulting from a failure to report certain required transactions. According to the FCA’s Oct. 6 final notice, many of Sigma’s failings resulted from inadequate governance and oversight Read More
The Public Company Accounting Oversight Board (PCAOB) has fined four audit firms for failing to file Form APs and, thus, failing to disclose who led specific audits for the firm and whether any other firms were involved in those audits. Failure to file Form APs in a timely manner is Read More
Wells Fargo will pay a total of $145 million in a settlement with the Department of Labor (DOL) to resolve allegations that Wells Fargo’s 401(k) plan overpaid for its own stock, the agency announced. In a settlement announced Sept. 12, Wells Fargo agreed to pay a $13.2 million penalty to Read More
Irish regulators have fined social networking platform Instagram 405 million euros (US$404 million) for failing to protect children’s personal data in violation of the EU’s General Data Protection Regulation (GDPR). As the Lead Supervisory Authority for Meta/Instagram, Ireland’s Data Protection Commission (DPC) began an investigation into Instagram in September 2020 Read More
