Rapport kortlægger omfang af korruptions sager
I ny rapport om de seneste trends i korruptionssager oplyses det, at ”after a banner year in 2016 that included a record twenty-seven corporate enforcement actions, the two U.S. enforcement agencies, the DOJ and the SEC, continued this momentum over the course of the first three weeks of 2017. During this short span, the agencies brought six corporate enforcement actions and charges against six individuals. Following this spurt, however, there were no corporate FCPA enforcement actions until the declination with disgorgement in Linde announced on June 20, which was subsequently followed by the declination with disgorgement in CDM Smith announced ten days later on June 30. Although it is tempting to view this as a potential shift in enforcement practices under the Trump administration, the rest of 2017 will be more indicative of whether we are on the cusp of a new era of FCPA enforcement. Among the highlights thus far from 2017 were: – Eight corporate enforcement actions with total sanctions of $272 million. This represents a significant drop from the twelve enforcement actions with total sanctions of $920.8 million that had been brought at this time in 2016.”
Remaking of Wall Street: Samme risikovillighed som før finanskrisen, men bedre kapitalgrundlag
I et forskningspapir hedder det, at ”Scholars have nevertheless paid little attention to this reshaping of the industry and its potential consequences. In The Remaking of Wall Street , I examine the post-Crisis transformation of the financial industry, focusing on the primary economic consequences of the rise of private equity firms and the implications for regulatory reform and scholarship. I argue, first, that private equity firms now mirror the former investment banks in fundamental respects. They engage in a diversified mix of securities and asset management activities. They adopt the ethos of entrepreneurialism, innovation, and aggressive risk taking that was the hallmark of independent investment banking. They act as “shadow banks” because of the bank-like functions they perform, despite falling outside the traditional banking system. Many have gone public. The employer of choice for aspiring financial professionals, these firms have become the new titans of finance. Although the similarities with the now-defunct investment banks might suggest that private equity firms pose financial risks similar to those of their predecessors, I suggest that private equity firms, as currently structured, are more financially stable and pose less systemic risk to the global economy.”
UK: Asset managers dumper og falder ud af rankingliste
”The FRC launched an assessment in December 2015 of the signatories to the code which was created in 2010. When the results of the assement were announ – ced in November last year, the FRC said 80 asset managers were graded as tier 1 and 40 as tier 3. Tier 3 asset managers were given a period of time to improve their reporting or be removed from the list of code signatories.The regulator said it engaged with tier 3 signatories and about 20 improved their statements to tier 1 or tier 2 standard, whilst the other half chose to remove themselves from the list of signatories. The Tier 3 category has now been removed. All the service providers , such as Manifest, were rated as tier 1 standard, while asset owners were split into tier 1 and tier 2 categories. Tier 1 asset managers include Fidelity Investments, Aberdeen Asset Management, State Street Global Advisors and Baillie Gifford. Oxford Capital, Edinburgh Partners, Canada Life Asset Management and Nomura Asset Managers are among the tier 2 asset managers.”
UK: Evaluering af selskabers strategirapportering
“The UK’s Financial Reporting Council (FRC) has begun a consultation on amendments to its guidance on the strategic report which aims to improve non-financial reporting by companies. The guidance was originally issued in 2014 when strategic reports were introduced.The revised guidance also reflects the FRC’s desire to improve the effectiveness of section 172 of the Companies Act 2006. This section requires a director to have regard to a number of matters including the long term impact of any decisions, the interests of stakeholders; and non-financial matters in pursuing their duty to promote the long term success of the company. The FRC said it is therefore encouraging companies, to provide better information on how companies have fulfilled this duty to improve accountability to shareholders and other stakeholders.”
Morten W. Langer
