Transparency

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Financial Services Weekly News Roundup - October 2014 #5

In this issue: - In preliminarily denying two exemption requests, the SEC takes a stand for market transparency in ETFs and upholds the arbitrage mechanism that allows market prices to closely track NAVs. -...more

New Canadian Resource Revenue Transparency Rules Released

On October 23, 2014, the Government of Canada introduced its Extractive Sector Transparency Measures Act (the Bill), which will impose mandatory reporting requirements for each entity engaged in the "commercial development of...more

FINRA Remarks at the National Society of Compliance Professionals Conference

On October 20, Carlo di Florio, chief risk officer and head of strategy of the Financial Industry Regulatory Authority, gave a speech at the National Society of Compliance Professionals regarding risk and regulatory issues in...more

Eye on Privacy Newsletter - October 2014

In this issue: - FTC Recommends Improved Transparency and Security in Mobile Shopping Apps - Appellate Courts to Address What Constitutes an "Automatic Telephone Dialing System" Under the TCPA -...more

Taiwan Food Company, Oil Fraud... and Sherlock Holmes?

Soiled oil taking its toll - Earlier this month, a major Taiwan food company was forced to recall their tainted food products—so countless Taiwanese citizens are eating safer tonight, and it’s all because of a food...more

Beneficial Owner Disclosure and Its Potential Impact on Global Financial Businesses

As part of the continued international focus on combatting cross-border tax evasion and other financial crimes, during the June 2013 Lough Erne Summit presided over by the United Kingdom (G8 Summit), the G8 countries agreed...more

The New EU Clinical Trials Regulation Aims at Harmonization and Transparency

On June 16, 2014, Reg. (EU) No. 536/2014 on Clinical Trials on Medicinal Products for Human Use (Regulation) has entered into force. Once it becomes applicable, the Regulation will provide a comprehensive legal framework for...more

Status of Canadian Resource Revenue Transparency Reporting

In June 2013, Prime Minister Harper announced that within two years the federal government would establish mandatory reporting standards for Canadian extractive companies to enhance transparency on the payments they make to...more

Assembly Bill 802 Makes Arbitration Less Confidential

On September 30, 2014, Governor Jerry Brown signed Assembly Bill 802 (AB 802) into law, amending Section 1281.96 of the Code of Civil Procedure, relating to consumer arbitration....more

Director of SEC Division of Corporation Finance Gives Speech on Securities Disclosure

On October 3, the Director of the Securities and Exchange Commission’s Division of Corporation Finance (Division), Keith F. Higgins, spoke at the George A. Leet Business Law Conference, discussing SEC disclosure requirements...more

More Transparency- New Enterprise Information Disclosure Rules Take Effect

China has recently passed new laws requiring enterprises to disclose important information which the public can access. On October 1, 2014, new rules came into effect, Provisional Rules on Enterprise Information Disclosure...more

Global fraud and corruption, and how you can prevent it

Global Corruption Survey - Transparency International carried out a Global Corruption Survey for 2013 to just under 100 countries. The results from this survey indicate that one in four people had paid a bribe to a...more

Department Of Treasury Continues Work To Support Money Transmitters

On October 8, the Treasury released a statement regarding its continued efforts to support the legitimate use of money transmitters by fostering financial inclusion and financial transparency, while simultaneously addressing...more

Switzerland Announces Intention to Change from Model 2 IGA to Model 1

On October 8, 2014, Swiss officials announced that they intend to negotiate a reciprocal Model 1 FATCA IGA to replace the Model 2 IGA that they signed in 2013. The motivation for the change is unknown, but the automatic...more

Private Equity Fees and Expenses [Video]

Pepper partner and co-chair of the firm's Funds Services Group, Julia D. Corelli, recently presented at a special luncheon for the CFA Society of Philadelphia where she discussed how PE firms' fees and expenses are being...more

Proposed Pay Transparency Rule

On September 15, 2014, the U.S. Department of Labor’s Office of Federal Contract Compliance Programs (OFCCP) announced a proposed rule that would prohibit federal contractors from enforcing pay secrecy policies. The proposed...more

Whistleblowing is a crucial source of intelligence... no robots needed

I've often wondered why well known, large, and "everybody knows the brand" organizations feel the need to cover up instances of when employees come forward to report wrongdoing. We've seen the General Motors debacle over an...more

Regulators at SIFMA Regional Conference Highlight Regulatory, Litigation and Arbitration Risks

At a recent regional SIFMA conference, the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) and state regulators discussed the risks inherent in the ongoing low-yield environment....more

FCA Updates Its AIFMD Reporting Webpage

On September 28, the Financial Conduct Authority (FCA) updated its Alternative Investment Fund Managers Directive (AIFMD) reporting webpage with information about Annex IV transparency reporting. In a separate communication,...more

Product Safety Groups Seek Transparency in Whistleblower Suit

A pair of organizations that advocate for safe consumer products have asked for the unsealing of court documents related to a major whistleblower case. ...more

“Accountability, Transparency, and Integrity” — NACAC Amends Statement of Principles and Issues Guide for Use of International...

Last September, during its 2013 National Conference, the National Association for College Admission Counseling (NACAC) approved a change to its Statement of Principles of Good Practice that would allow member colleges and...more

New Reporting Obligations for Companies Incorporated in Mainland China: How to stay off the Serious Violation Blacklist

Any companies incorporated in China (including both domestic companies and foreign-invested companies, regardless of whether they are existing or newly established companies) have recently become required by the Chinese...more

Ireland Takes Big Step in Protecting Whistleblowers

Earlier this year, the Protected Disclosures Act 2014 was enacted in Ireland to protect whistleblowers across all sectors of the Irish economy. Transparency International Ireland has lobbied for whistleblower legislation in...more

A Brave New World of Transparency Reporting: CMS Launches Open Payments Website

September 30th marked the launch of transparency reports under the Sunshine Act through a new Open Payments website hosted by the Centers for Medicare & Medicaid Services (CMS)....more

Mobile apps – increasing privacy transparency is on top of your to-do list!

As previously announced, the Global Privacy Enforcement Network (GPEN) recently released the results of the global privacy sweep of mobile applications it conducted in May 2014....more

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