GRC Report Staff

The Securities and Exchange Commission has approved a slate of changes proposed by the Public Company Accounting Oversight Board (PCAOB) to overhaul audit standards and liability rules.

The Commodity Futures Trading Commission (CFTC) has taken decisive action against two separate cases of derivatives market misconduct, issuing over $1.2 million in total penalties.

The Securities and Exchange Commission (SEC) announced today that billionaire investor Carl C. Icahn and his company, Icahn Enterprises L.P. (IEP), have agreed to pay penalties to settle charges related to inadequate disclosure of financial arrangements.

The Spanish Data Protection Agency (AEPD) has launched a sanction procedure against Uniqlo Europe, Ltd, Spanish Branch, following a significant data breach that occurred in August 2022. The incident came to light when a former employee filed a complaint on March 31, 2023, revealing that they had received an email containing a PDF with payroll information of 447 Uniqlo workers.

The Federal Reserve's recently released 2023 Annual Report provides a comprehensive overview of the central bank's intensified supervisory efforts and its approach to addressing evolving risks in the banking sector. The report details a year marked by significant developments in supervision and regulation, reflecting the Fed's response to recent banking challenges and its forward-looking risk management strategies.

The UK's Financial Conduct Authority (FCA) has imposed a substantial £15 million fine on PricewaterhouseCoopers LLP (PwC) for failing to report suspicions of fraud during its 2016 audit of London Capital & Finance plc (LCF). This landmark case serves as a stark reminder of the critical role auditors play in the financial regulatory framework and offers crucial insights for compliance and governance, risk, and compliance (GRC) professionals across the financial services sector.

Asphalt Specialists LLC has been slapped with a $6.5 million criminal fine for its role in orchestrating bid rigging schemes across Michigan’s asphalt industry. The hefty fine follows the company’s guilty plea earlier this year, marking a significant enforcement action in a broader crackdown on anticompetitive practices within the sector.