I want to thank the many readers of Compliance Building who donated to my Pan Mass Challenge ride that raised money to fight cancer.
This weekend I’m entered in another charity bike ride. This 100-mile ride in Saratoga Springs is to raise money for the Juvenile Diabetes Research Fund. My teenage son was hospitalized and diagnosed with Juvenile (Type 1) Diabetes last year. This auto-immune disease makes him insulin dependent. JDRF was incredibly helpful in getting him, and my family adjusted to treating this disease. JDRF is also instrumental in funding research to treat and someday, hopefully, to find a cure. If you are interested in donating to this cause, you can do so here: http://www2.jdrf.org/goto/dougcornelius
Here are some of the compliance-related stories that recently caught my attention.
Seven States Sue SEC on Concern Broker Rule Is Weak
by Dave Michaels
Wall Street Journal
The lawsuit, filed in Manhattan federal court by the states’ Democratic attorneys general, illustrates how a rule intended to protect mom-and-pop investors has become a political lightning rod for the Securities and Exchange Commission. The states and consumer advocates generally insist the rule is too weak to help clients, while the SEC says it improves investor protections while preserving the broker-dealer industry’s business model.
https://www.wsj.com/articles/seven-states-sue-sec-on-concern-broker-rule-is-weak-11568085859?shareToken=stcedbf5af4b864c7cb3da065fd94f41b4
How Kim Kardashian Helped Get Ex-Billionaire Raj Rajaratnam Out Of Jail
by Lisette Voytko
About two years before the end of his 11-year prison sentence for insider trading, ex-billionaire hedge fund manager Raj Rajaratnam was quietly released to house arrest, thanks to a new federal law that Kim Kardashian had lobbied President Trump to sign.
https://www.forbes.com/sites/lisettevoytko/2019/09/10/how-kim-kardashian-helped-get-ex-billionaire-raj-rajaratnam-out-of-jail/#66fc79b77a5f
The Current State of the Compliance and Internal Audit Partnership
by Matt Stankiewicz
SCCE’s
Compliance officers and internal auditors are natural partners and allies in the compliance governance landscape. As the compliance profession and influence grew, compliance officers often leaned on internal auditors for help in assessing risks, uncovering financial misconduct, and assessing compliance functions and controls. Recently, however, I have noticed some changes in their relationship, suggesting that they both are maturing and gaining independence from each other.
http://complianceandethics.org/the-current-state-of-the-compliance-and-internal-audit-partnership/
SEC Chairman Talks Main Street Investors, Foreign Corruption, and Market Issues at the New York Economic Club
My remarks will proceed in three parts. First, an overview of some of our recent initiatives. Second, some observations on our efforts to combat offshore corruption, including the undesirable effects of a continuing lack of global coordination and commitment in this area. And third, a discussion of some of the current market issues we are monitoring. In addition, because this is the “Economic” Club, and more because I enjoy acknowledging the insights the field of Economics has provided us, I will mention some of the economic tenets and related luminaries we reference from time to time. For example, when we discuss issues of leverage and capital structure more generally, I will turn to our Chief Economist, S.P. Kothari, and say something like “Miller Modigliani.” Generally, S.P. smiles back. I know better than to ask if he’s just humoring me.
https://www.sec.gov/news/speech/speech-clayton-2019-09-09
The Whistleblower Whisperer
by Jacob Goldstein
NPR’s Planet Money
Jordan Thomas is one of the top whistleblower lawyers in the country. When people on Wall Street see some kind of financial wrongdoing and want to report it, they can work with him to bring evidence to the SEC anonymously. Tips his clients have brought to the SEC have led to huge cases against some of the biggest banks in the world.
https://www.npr.org/2019/05/29/728001911/episode-916-the-whistleblower-whisperer
Study Law to Advance Compliance Career?
by Matt Kelly
Radical Compliance
The other day I was speaking with a compliance professional who had taken a few years to pursue other ventures, and is now looking to get back into the field. She’s been having some frustrations with her job search, and asked: Is there a new trend of companies demanding a law degree for compliance work? Would it be wise for her to return to law school for a non-JD program if she wants to resume her career?
http://www.radicalcompliance.com/2019/09/05/study-law-advance-compliance-career/
