The Securities and Exchange Commission (SEC) announced today that it has charged six major credit rating agencies with significant failures in maintaining and preserving electronic communications. The firms have admitted to wrongdoing and agreed to pay a combined total of over $49 million in penalties to settle the charges.
In a world where financial headlines often focus on regulations and crises, the nuances of bank supervision often remain under-appreciated. However, Acting Comptroller of the Currency Michael Hsu’s recent remarks at the Joint European Banking Authority and European Central Bank Conference shed light on the vital yet understated role of bank supervision, especially as the financial landscape grows increasingly complex.
Dick's Sporting Goods revealed in a Securities and Exchange Commission (SEC) filing on Wednesday that it had fallen victim to a cyberattack, highlighting the increasing challenges faced by organizations in managing IT security and resilience. The attack, detected on August 21, involved unauthorized access to several of the company’s information systems, including sensitive areas containing confidential data.
Navigating the global consulting industry requires deft handling of cultural intricacies and high-stakes negotiations, but even the most seasoned firms aren't immune to the pitfalls of corruption. The challenges of balancing ethical standards with the pressure to close deals can lead to serious missteps, showing that corruption can infiltrate even the most established and respected companies. The recent Foreign Corrupt Practices Act (FCPA) case involving Boston Consulting Group (BCG) serves as a compelling case study for compliance professionals across all sectors, offering both warnings and guidance on how to navigate treacherous waters.
A new report sheds light on the crucial role that Environmental, Social, and Governance (ESG) ratings and data products are playing in shaping financial markets. The study, which analyzes the impact and regulation of ESG ratings, reveals how these tools are becoming instrumental in driving business efficiency, informing decision-makers, and allocating capital towards sustainable initiatives.
The European Commission's Climate Resilience Dialogue has released a comprehensive report that sheds light on the urgent need to narrow the climate protection gap and enhance resilience against the escalating impacts of climate change in Europe. The report, which synthesizes key insights from extensive stakeholder discussions, comes at a critical time as Europe grapples with unprecedented climate challenges.
The European Securities and Markets Authority (ESMA) has published its second risk monitoring report of 2024, sounding a clear alarm about the current state of EU financial markets. This comprehensive assessment underscores the critical need for heightened vigilance across all sectors of the financial industry.