Regulatory enforcement actions related to Bank Secrecy Act BSA compliance have captured the industry's attention in recent months. "Consent" decrees where Riggs Bank, N.A., and AmSouth agreed to millions of dollars in civil money penalties are more than just "war stories" involving individual institutions. In addition to their addressees, they...
"Section 704 of the Sarbanes-Oxley Act directs the Commission to study enforcement actions over the five years preceding its enactment in order to identify areas of issuer financial reporting that are most susceptible to fraud, inappropriate manipulation, or inappropriate earnings management (the “Study”). In addition, Section 704 directs the Commission...
The article overviews that as the economy and regulatory climate, enforcement actions are on the rise. Review your corporate governance and board practices with counsel. Before entering into any enforcement actions, bank directors and management need to fully understand the provisions, the ramifications of agreeing to abide by certain provisions...
Euromoney Institutional Investor's New York "Compliance Reporter," a weekly newsletter that covers compliance initiatives at brokers/dealers and investment advisors as well as regulations and enforcement actions from entities such as the Euromoney Institutional Investor's New York "Compliance Reporter," a weekly newsletter that covers compliance...
This article investigates the effects of bank examinations and enforcement actions on the behavior of problem banks. We provide information on the effectiveness of supervision of distressed institutions through the issuance of formal enforcement actions during the 1980s and 1990s, a period of greater stress and turmoil for U.S. financial...
Stay tuned for more to come. The SEC last Monday launched the first enforcement actions brought against U.S. companies for violating Regulation Fair Disclosure, a two-year-old law requiring companies to release financial information to the public a Stay tuned for more to come. The...
The regulatory spotlight is on variable annuity exchanges, as evidenced by three recent enforcement actions taken by the Securities and Exchange Commission. The regulatory spotlight is on variable annuity exchanges, as evidenced by three recent enforcement actions taken by the Securities and Exchange...
The article says that bank examiners are focusing on risk management. Increasingly, banks are facing examiner criticism, downgrades in CAMELS ratings, and enforcement actions based on the alleged failure to have sufficient internal systems for identifying, measuring, controlling and monitoring risk. Examinations and enforcement actions are demanding greater board of...
EPA announced two recent enforcement actions in one of the most violated portions of the Clean Air Act. William Daniel of Bedford Heights, Ohio, was indicted June 19 on charges that he dumped into an empty field 469 bags of waste containing...
FISCAL 1999 was a record year for enforcement actions and penalties for the Environmental Protection Agency. Administrator: Carol Browner says that $166.7 million in civil penalties were assessed and another $3.6 billion in enforcement actions were FISCAL 1999 was a record year for enforcement...
AN APPELLATE COURT decision that struck down EPA's authority to overfile on state enforcement action impairs the agency's ability to maintain national consistency in the laws it administers, EPA says in court papers. Overfiling occurs when EPA purs AN APPELLATE COURT decision that struck...
Byline: BRUCE GEISELMAN WASHINGTON-Polluters paid $2.9 billion to reduce pollution and clean up contamination during fiscal year 2003 as a result of enforcement actions by the federal government. That is about $1 billion less than in the previou Byline: BRUCE GEISELMAN...
Byline: Frederick P. Gabriel Jr. State securities regulators, faced with growing budget deficits and a move on Capitol Hill to limit their authority, are under pressure to flex their muscles in the direction of banks, brokerage houses, mutual ...
Byline: Sara Hansard WASHINGTON - Financial services companies are trying to turn the tables on state securities regulators by taking the agencies to court, challenging regulators' authority to bring some enforcement actions. State offi ...
Information collected as part of Flight Operations Quality Assurance Programs FOQA will not be used to prosecute safety violations, according to a new policy announced Dec. 2 by FAA Administrator Jane Garvey. "Important safety advances" have already occurred as a result of a three-year Demonstration Study of FOQA data gathering,...
IN FISCAL 1997, Environmental Protection Agency took more than 3,000 enforcement actions that resulted in millions of dollars in fines and billions of pounds of pollutants being either cleaned up or eliminated altogether. "EPA concluded 3,36 IN FISCAL 1997, Environmental Protection Agency...
Byline: Sara Hansard and Rick Miller The Securities and Exchange Commission is going to have a tough time getting state regulators to take a backseat on setting national policies as part of their enforcement actions. That...
A FEDERAL APPEALS court has dismissed a lawsuit filed by dozens of companies and industry groups seeking to overturn Environmental Protection Agency's credible evidence rule. The US Court of Appeals for the District of Columbia says it will delay A FEDERAL APPEALS...
A FEDERAL APPEALS court has dismissed a lawsuit filed by dozens of companies and industry groups seeking to overturn Environmental Protection Agency's credible evidence rule. The US Court of Appeals for the District of Columbia says it will delay A FEDERAL APPEALS...
The US Environmental Protection Agency EPA has taken enforcement actions against three US companies exporting hazardous wastes from Maquiladora plants in Mexico to the US for treatment and disposal. Allied-Signal Aerospace, REM-TEX Manufacturing, andThe US Environmental Protection Agency EPA has taken enforcement actions against three US...
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