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The Policy Patty Toolkit Blog covers emerging issues on governance, risk and compliance controls.

This Blog is made available by the Policy Patty Toolkit for informational purposes only to cover emerging legal, governance, regulatory and compliance matters and issues. The postings are not intended to provide specific professional advice (legal, tax, or accounting) to an identified problem or issue. By using this Blog, you understand and acknowledge that there is no attorney-client relationship formed between us and should not use this site as a substitute for legal advice from your legal counsel regarding a particular matter or advice from another professional.

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SEC Office of Compliance Inspections and Examinations Announces 2019 Examination Priorities

Posted on December 21, 2018 at 11:20 AM
The SEC's Office of Compliance Inspections and Examinations (OCIE) today announced its 2019 examination priorities. OCIE publishes its exam priorities annually to promote transparency of its examination program and provide insights into the areas it believes present potentially heightened risk to investors or the integrity of the U.S. capital markets. This year, particular emphasis will be on digital assets, cybersecurity, and matters of importance to retail investors, including fees, expenses, ... Read Full Post »

DOJ Enforcement Actions - Week of 12/17/2018

Posted on December 20, 2018 at 9:10 PM
The Department of Justice announced the following actions for the week of December 17, 2018: December 20, 2018 Press Release Justice Department Seeks to Denaturalize Illinois Man Who Allegedly Concealed Service in Military Unit that Perpetrated Srebrenica Massacre Press Release Chinese Citizens Sentenced in Scheme to Sell Mislabeled Dietary Supplements Press Release Former Tax Return Preparer Pleads Guilty to Tax and Bankruptcy Fraud Press Release Acting Attorney General Ma... Read Full Post »

DFS Fines Barclays $15 Million Following Whistleblower Investigation

Posted on December 19, 2018 at 10:05 AM
New York Department of Financial Services ("DFS") fined Barclays Bank PLC and its New York branch $15 million for violations of New York Banking Law stemming from a DFS investigation into attempts by the bank???s CEO to identify the author(s) of two whistleblowing letters in contravention of Barclays??? established whistleblowing policies and procedures. The DFS investigation found: 1) Shortcomings in governance, controls and corporate culture relating to Barclays??? whistleblowing function ... Read Full Post »

DFS Fines Barclays $15 Million Following Whistleblower Investigation

Posted on December 19, 2018 at 10:05 AM
New York Department of Financial Services ("DFS") fined Barclays Bank PLC and its New York branch $15 million for violations of New York Banking Law stemming from a DFS investigation into attempts by the bank???s CEO to identify the author(s) of two whistleblowing letters in contravention of Barclays??? established whistleblowing policies and procedures. The DFS investigation found: 1) Shortcomings in governance, controls and corporate culture relating to Barclays??? whistleblowing function ... Read Full Post »

SEC Charges Former Panasonic Executives

Posted on December 18, 2018 at 6:20 PM
The SEC charged two former senior executives of the U.S. subsidiary of Panasonic Corp. with knowingly violating the books and records and internal accounting controls provisions of the federal securities laws and causing similar violations by the parent company. According to the SEC???s order: 1) Paul A. Margis, then-CEO and president of Panasonic Avionics Corp., Margis used a third party to pay over $1.76 million to several consultants, including a government official who was offered a l... Read Full Post »

DFS Fines Two Insurers More than $2 Million for Violations of Insurance Law

Posted on December 17, 2018 at 11:55 AM
NY Department of Financial Services signed consent orders with two health insurers totaling more than $2.5 million for violations of New York Insurance Law. Aetna Health Inc., Aetna Health Insurance Company of New York and Aetna Life Insurance Company will pay a civil penalty of $1,950,000 for violations including the failure to make prospective determinations, including pre-authorizations, and failure to acknowledge and respond to members??? complaints within required timeframes. Oscar Insura... Read Full Post »

SEC Charges Former New York Investment Advisor and Daughter With Conducting a Ponzi Scheme

Posted on December 15, 2018 at 3:10 PM
The SEC charged a former Rockland County, New York-based investment adviser and his daughter with conducting a multi-million dollar Ponzi scheme that defrauded local community members as well as members of their family and close friends. Hector May, an investment adviser representative and the president and chief compliance officer of the now-defunct Executive Compensation Planners Inc. (ECP), and his daughter Vania Bell, who served as ECP???s controller and senior compliance administrator, were... Read Full Post »

DOJ News and Enforcement Actions - Week of 12/10/18

Posted on December 13, 2018 at 6:25 PM
The Department of Justice news and enforcement actions for the week of December 10, 2018: Press Release U.S. Customs and Border Protection Officer Indicted on Charges of Theft and False Statements Press Release Defendants Charged With Multiple Counts Related to Interstate Prostitution and Sex Trafficking Enterprise Press Release Thirty-Six Defendants Guilty for Their Roles in International Thai Sex Trafficking Organization Press Release Louisiana Couple Indicted for Conspi... Read Full Post »

SEC Approves Amendments to the Codes of Arbitration Procedure to Establish a $200 Honorarium for Contested Subpoenas or Orders

Posted on December 12, 2018 at 7:50 AM
The SEC approved amendments to FINRA???s customer and industry arbitration rules to pay each arbitrator a $200 honorarium to decide without a hearing session a contested subpoena request or a contested order for production or appearance. The amendments are effective for cases filed on or after January 7, 2019. Read More: Regulatory Notice 18-40 https://www.finra.org/sites/default/files/notice_doc_file_ref/Regulatory-Notice-18-40.pdf

SEC Charges The Hain Celestial Group with Internal Controls Failures

Posted on December 11, 2018 at 6:50 PM
The SEC announced settled charges against a natural and organic food company stemming from weaknesses in the company's internal controls related to end-of-quarter sales practices that were designed to help the company meet its internal sales targets. Based upon its extensive cooperation with the SEC's investigation, which included self-reporting and remediation efforts, the SEC did not impose a monetary penalty on the company. According to the SEC's order: 1) Between 2014 and 2016, sales per... Read Full Post »

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