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Tag >> compliance
Sep 29

Regulations hit small companies hardest

Posted by annearf in small businessregulationscompliancecompetitiveness


If you've suspected that complying with federal regulations is particularly onerous for small businesses,  a new report from none other than the US Small Business Administration will provide you with plenty of new ammunition.

The report, called the Impact of Regulatory Costs on Small Firms and written by  the SBA's Office of Advocacy, estimates just how much it costs very small, smallish and big companies to follow the rules. The conclusion is that businesses with under 20 employees pay the most per worker--$10,585 per employee each year. The cost for businesses with 20 to 499 employees is $7,454 and for firms with 500 and more employees, $7,755. 

Sep 28

Nearly 200 potential proxy access targets in 2011

Posted by Stephen Taub in proxy accessFactSet SharkWatchFactSet Research SystemsDealscomplianceactivist investors

Stephen Taub

Nearly 200 companies could become targets of activist shareholders under the new proxy access rules, according to data crunching by FactSet SharkWatch.

Among the potential targets: Dell, YUM! Brands, Motorola, Biogen Idec and Chesapeake Energy.

Sep 23

Ex-Delphi treasurer settles accounting fraud charges

Posted by Stephen Taub in Securities and Exchange Commissioncomplianceaccounting fraudAccounting

Stephen Taub

The former treasurer of Delphi has settled civil accounting fraud charges in the Securities and Exchange Commission's four-year case.

John Blahnik, who served as Treasurer and Vice President of Treasury, Mergers and Acquisitions of the auto parts giant from 1998 to 2005, agreed to pay $100,000 in disgorgement and civil penalties. He also agreed to a five-year bar from serving as an officer or director of a public company.

Sep 23

What are companies outsourcing in international trade?

Posted by dbedell in trade financetradesupply chainRiskoutsourcingletter of creditfactoringcomplianceCash


Outsourcing part or all of the trade finance function—and the supply chain—can provide great reward to the average corporate. Most big banks, along with many smaller service providers and trade-related market players, offer such services for corporates.

Companies are increasingly looking to hand off the parts of this function that are not essentially held in-house.

Sep 20

Virtual annual meetings upset activists

Posted by Stephen Taub in virtual-only annual meetingsRisk Metricscomplianceannual meetingsactivist investors

Stephen Taub

Activist investors have a new villain to justify their existence-the virtual annual meeting.

Seems they are upset about Symantec's plan to hold a virtual-only annual meeting on Monday.

So, the US Proxy Exchange, a shareholder rights group, launched a letter writing campaign urging investors to tell the tech company to instead hold a hybrid meeting-meaning it would be held both live with real people and electronically.

Sep 18

Europe follows US path on derivatives clearing

Posted by nicklord in RiskeuropeDodd-Frankderivativescompliance


Companies in Europe have been largely spared being forced to clear all their derivative contracts on centralized exchanges. New regulations announced last week by the European Commission on OTC derivatives, central counterparties and trade repositories largely focused on financial firms. But there was a significant space devoted to corporate users of derivatives.

The new regulations will create three categories of non-financial derivatives user: those who do not need to inform the authorities about their derivatives exposure; those that will have to inform the authorities but can still clear their trades OTC; and those who are such heavy users of derivatives that they will have to behave like banks and trade them on exchanges and have the contracts centrally cleared.

Sep 17

Countrywide lawsuit cleared for trial

Posted by Stephen Taub in sub-primeSecurities and Exchange CommissionsecmortgagesCountrywide Financialcompliance

Stephen Taub

One of the most high profile players in the subprime lending crisis is going to trial in October.

A US District Judge in Los Angeles denied a motion to dismiss the civil charges against three former top executives at Countrywide Financial Corp.--Chief Executive Officer Angelo Mozilo, chief operating officer and president David Sambol and chief financial officer Eric Sieracki.

Sep 14

Proxy Access lawsuits are likely

Posted by Stephen Taub in US Chamber of CommerceriskMetricsproxy accesslitigationlawsuitscompliance

Stephen Taub
Here come the lawsuits.

The folks at RiskMetrics Group expect a slew of lawsuits from business interests designed to head off the implementation of Proxy Access.

In fact, it points out even SEC commissioner Kathleen Casey anticipates a legal challenge to Rule 14a-11, which permits certain shareholders to nominate directors under certain conditions.  "I believe the rule is so fundamentally and fatally flawed that it will have great difficulty surviving judicial scrutiny," Casey reportedly stated during the Commission's debate over the rule, which passed 3-2.

Sep 06

Impact of Hacking on Financial Systems. What every CFO Should Know.

Posted by sseawright in SOXethical hackingdata security; securing finanical systemscompliance


BT Global Services would like to invite you to attend a FREE one hour webinar with Konstantinos Karagiannis. As a recognized industry expert, Konstantinos consults Wall Street executives on effective ways to mitigate potential loss of assets and brand reputation by exposing how Hackers do what they do.  Specializing in web hacking of financial applications, Konstantinos literally goes where the money is.
Don't miss this rare opportunity to listen to Konstantinos as he shares valuable information on financial application hacking and how to recognize your company’s vulnerabilities from an attacker’s point of view.

Konstantinos is a subject matter expert with BT’s Ethical Hacking Center of Excellence (EHCOE).  He has been involved in dozens of engagements with major clientele in Fortune 500 global financial sector. He is a recognized expert in the field of hacking financial applications, giving talks on the subject throughout the year at various industry shows. Prior to joining BT, Mr. Karagiannis was the lead security analyst at PC Magazine Labs, where he reviewed hundreds of security products, ranging from consumer focused products to enterprise class solutions.  He’s created new methodologies for black box testing of products, including a methodology for testing corporate anti-spyware products still in use today.

During the Webinar, participants will have the opportunity to present their security questions to Konstantinos. Please join us for this enlightening presentation to gain insight into the potential risks your company may be facing and how they can impact the way your organization does business.
Register now!

Sep 02

KB Home cleared of accounting charges

Posted by Stephen Taub in stock optionsSecurities and Exchange CommissionseccompliancebackdatingAccounting

Stephen Taub

Finally some good news for KB Home.

The homebuilder said the Securities and Exchange Commission has concluded its investigation into the company's accounting and disclosures and does not plan to recommend any enforcement action. The letter from the regulator concludes the SEC's investigation, which began in October 2009.

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