Compliance: Page 28
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17 states back court challenge to Nasdaq board diversity rule
A Nasdaq rule endorsed by the SEC and aimed at promoting diversity on corporate boards is a “crude and odious” example of discrimination, state attorneys general said.
By Jim Tyson • Jan. 4, 2022 -
Courtesy of Nicola
Nikola fined $125M for founder's exaggerations
Former CEO and Chair Trevor Milton is subject to a separate action that coud result in millions of dollars in disgorgment and penalties if claims succeed.
By Robert Freedman • Dec. 21, 2021 -
Dan Kitwood via Getty Images
Regulators warn of legal risks to companies that botch LIBOR transition
“More work remains to be done” on the imminent phase-out of LIBOR to reduce the risk of market instability, Treasury Secretary Janet Yellen said.
By Jim Tyson • Dec. 17, 2021 -
SEC proposes enhanced buyback disclosures
Companies must let investors know why they’re executing a repurchase program and how they determined the amount of shares involved, among other things.
By Robert Freedman • Dec. 15, 2021 -
SPACs could face more restatements because of equity classification
In a high-profile case, the sponsor of WeWork, BowX, is restating its past year’s financials to correct for classifying a portion of its shareholder equity as permanent, rather than as temporary.
By Robert Freedman • Dec. 10, 2021 -
Finance execs said to manipulate 'topsides' to inflate revenue
American Renal Associates’ former CFO, CAO and controller reconciled estimated vs. actual revenue based on performance goals, not patient-level data, the Securities and Exchange Commission charged.
By Robert Freedman • Dec. 7, 2021 -
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Tax teams face year-end 1099 reporting changes
Reporting on non-employee compensation must be done using 1099-NEC, a form used last year for the first time since the early 1980s.
By Robert Freedman • Dec. 6, 2021 -
Former pharma CFO charged with insider trading
Usama Malik violated a blackout period to share news of a favorable development with people who profited from it.
By Robert Freedman • Dec. 3, 2021 -
SEC to give 'spring-loaded' stock awards close scrutiny, memo suggests
It's less the timing than the valuation that the Securities and Exchange Commission is concerned about when companies give out stock awards right before a big announcement.
By Robert Freedman • Dec. 1, 2021 -
Andreas Rentz via Getty Images
Risks rise as COVID-19 compels companies to weaken due diligence: Refinitiv
The coronavirus has permanently broadened the risk landscape beyond financial crime, confronting CFOs with challenges that encompass environmental and social concerns.
By Jim Tyson • Nov. 29, 2021 -
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Little for CFOs to like in Build Back Better tax provisions
Even if the Senate softens the legislation, companies can expect to see more complicated tax compliance, especially if they operate globally.
By Robert Freedman • Nov. 29, 2021 -
697 companies hit with SEC violations in FY 21
GE, Kraft-Heinz, Robinhood, AT&T and Ernst & Young were among companies charged by the Securities and Exchange Commission.
By Robert Freedman • Nov. 24, 2021 -
Megan Quinn/CFO Dive
U.S. House panel passes bills tightening SPAC oversight
Two bills approved by the House Financial Services Committee signal support from lawmakers for tougher SEC regulation of SPACs.
By Jim Tyson • Nov. 17, 2021 -
SEC awarded record $564M to whistleblowers this fiscal year
The Securities and Exchange Commission in fiscal 2021 awarded more money to more people than in any year since its whistleblower program was authorized in 2010.
By Robert Freedman • Nov. 16, 2021 -
OpinionRecurring billing increases sales tax complexity
Organizations new to the subscription model could be surprised by the tax risk they create when they generate more of their sales on a recurring basis.
By Mike Beach and Liz Armbruester • Nov. 16, 2021 -
Photo by MART PRODUCTION from Pexels
Most big companies fail to fully detail board diversity despite SEC pressure
Even after pledging greater transparency, most large companies do not provide details on workforce diversity, a survey found.
By Jim Tyson • Nov. 15, 2021 -
Flaws high in work by small audit firms: PCAOB
Small audit firms have failed to overcome weaknesses as quickly as their larger rivals, the PCAOB’s acting chair said.
By Jim Tyson • Nov. 10, 2021 -
SEC staff veteran to head up audit watchdog PCAOB
Erica Williams cut her teeth at the staff level of the Securities and Exchange Commission then served as an advisor in the Obama White House on financial issues.
By Robert Freedman • Nov. 9, 2021 -
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Audit overseer gets teeth to seek Chinese cooperation on U.S.-listed companies
The SEC approved a framework by the Public Company Accounting Oversight Board for assessing whether jurisdictions are letting the watchdog check the audit quality of U.S.-listed foreign companies.
By Robert Freedman • Nov. 8, 2021 -
CFOs face far tougher federal financial oversight under Biden, attorneys say
A Department of Justice white-collar crime initiative will put companies and their finance teams under the spotlight in a way they weren’t under the Trump administration.
By Ted Knutson • Nov. 5, 2021 -
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SEC to 'dig deeper' in cybersecurity enforcement
SEC guidance from 2018 has foreshadowed many recent cybersecurity enforcement actions by the agency’s Cyber Unit.
By Jim Tyson • Nov. 4, 2021 -
Lukas Schulze via Getty Images
Global rule maker created for ESG disclosure standards
CFOs aiming to adopt sustainability disclosure standards must currently choose from more than a dozen inconsistent, competing frameworks.
By Jim Tyson • Nov. 3, 2021 -
SEC. (2021). "DWAC" [Photo]. Retrieved from SEC.
Trump SPAC partner might have violated SEC curb on pre-IPO planning
The former president and the SPAC CEO are said to have discussed a deal before the blank-check company was registered, although some analysts say the issue isn't that simple, The New York Times reports.
By Robert Freedman • Nov. 1, 2021 -
Carol Highsmith. (2005). "Apex Bldg." [Photo]. Retrieved from Wikimedia Commons.
Shift makes it easier for FTC to block acquisitions
A policy passed in July lets the Federal Trade Commission preemptively stall an M&A deal if a company has run into anti-competitive problems before.
By Robert Freedman • Oct. 29, 2021 -
Streaming company disgorges $38.8M it generated from SPAC investors
Akazoo agreed to return the amount after generating $55 million from its merger with a special purpose acquisition company despite having no customers and only nominal revenue, the Securities and Exchange Commission says.
By Robert Freedman • Oct. 28, 2021
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