Policy Patty Toolkit 

Making the world a little more compliant one toolkit at a time.


California Enacts a First-of-Its-Kind Commercial Financing Disclosure Law

Posted on October 9, 2018 at 1:55 PM

California Governor Jerry Brown signed into law SB 1235 (the Act), which requires disclosures of key terms in connection with certain commercial financing by non-banks and could impact bank/non-bank arrangements as well. California now becomes the first state to require consumer-style disclosures for commercial financing. The Act helps comparisons of financing options by recipients of covered financing offers by establishing a general framework for the disclosure requirements. The Act becomes...

Read Full Post »

California Passes Law to Advance Women on Corporate Boards

Posted on October 1, 2018 at 2:25 PM

Governorerry Brown of California signed a bill into law that makes California the first state to require corporate boards of directors to include women, saying that despite potentially “fatal” legal problems in the measure, it is time to force action.

  • The new law requires publicly traded corporations headquartered in California to include at least one woman on their boards of directors by the end of 2019 as part of an effort to close the gender gap in business.
  • ...
Read Full Post »

GDPR is Here

Posted on May 24, 2018 at 8:50 AM

The EU's General Data Protection Regulation (GDPR) takes effect today (May 25th Compliance Date). If your organization is subject to these sweeping data protection requirements on processing personal data, it should be following a plan to address the regulation's requirements. In sum, these include:

• Application of the regulation to your organization (what applies to determine priorities and focus)

• Project team and project plan to coordinate efforts

• Da...

Read Full Post »

CCO and AML Officer Charged with SAR Violations

Posted on May 17, 2018 at 8:35 AM

The SEC charged Jerard Basmagy, a chief compliance officer and AML Officer, along with two broker-dealers with failing to file Suspicious Activity Reports (SARs) after red flags came up for the sale of 12.5 billion shares of penny stocks. Basmagy was charged with willfully aiding and abetting and causing his firm's AML violations. He agreed to pay the SEC a $15,000 penalty and a bar from the securities industry and the penny stock business for at least three years. He settled without admittin...

Read Full Post »

Supreme Court Ruling Finds Dodd-Frank's Whistleblower Protection Is Narrow

Posted on February 22, 2018 at 9:50 AM

The U.S. Supreme Court refused to broaden protections for corporate insiders who call out misconduct.The court’s ruling found that the anti-retaliation provision of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act does not extend to an individual who has not reported a violation of the securities laws to the SEC. The justices ruled 9-0 in favor of Digital Realty Trust Inc, throwing out a lawsuit brought against the California-based real estate trust by a fired former e...

Read Full Post »

Survey reveals how companies use e-government as a compliance tool

Posted on November 7, 2017 at 7:40 AM

Early in 2017, the Basel Institute on Governance asked anti-corruption experts for input on whether and how e-governance reduces corruption. The results of our anonymous web survey have been published today in a new report entitled "New Perspectives on E-Government and the Prevention of Corruption."  The objective of the survey was to determine the extent to which companies are aware of and use e-government ...

Read Full Post »

SOX Internal Controls Survey 2017

Posted on October 16, 2017 at 9:20 AM

The 2002 Sarbanes-Oxley Act (“SOX”) was created to improve the quality and reliability of financial reporting functions within each organization. As the SOX & Internal Controls Professionals Group, Moss Adams LLP, and Workiva conducted a survey earlier in this year that polled SOX and internal control professionals from companies representing a wide range of industries, sizes, and SOX process complexity. The survey focused on the state of SOX and internal controls process...

Read Full Post »

Compliance Training and the Board(Sep 2017) - A survey by the SCCE and HCA

Posted on October 15, 2017 at 8:00 AM

The Society of Corporate Compliance and Ethics (SCCE) and the Health Care Compliance Association (HCA) conducted an anonymous survey to better understand what types of compliance training is delivered to board of directors. The results were recently published and provide as follows:

• While board training is the norm, 28% reported that the board does not receive compliance and ethics-related training, and for publicly traded companies, 34% of respondents indicated no training is ...

Read Full Post »