Compliance: Page 36
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Musk tweets violated SEC rules, WSJ reports
Tesla and Elon Musk paid tens of millions of dollars in penalties, and its handling of performance-based communications continue to raise Securities and Exchange Commission concerns.
By Robert Freedman • June 2, 2021 -
Courtesy of NRDC
Nearly 40% of large companies pose biodiversity threat: Moody's ESG study
A Moody’s study aimed at measuring “biodiversity risks” in investment and lending portfolios found that 38% of 5,300 global companies operate at least one facility causing loss of habitat.
By Jim Tyson • May 28, 2021 -
Trendline
Financial reporting enters a new age
Finance leaders are increasingly relying on metrics including churn, net promoter score and customer growth to reveal company performance in a way traditional GAAP measures cannot.
By CFO Dive staff -
Alex Wong via Getty Images
Gensler pledges tough SEC scrutiny of SPACs, warning of fraud risk
The SEC will “closely look” at each stage of SPAC financing to ensure adequate investor safeguards, Chair Gary Gensler said in congressional testimony.
By Jim Tyson • May 27, 2021 -
Zach Gibson via Getty Images
Biden aims to raise $700B over 10 years with tougher tax enforcement
The Biden administration during the next decade seeks to close the "tax gap" by 10% through more effective IRS pursuit of corporate and individual tax cheats.
By Jim Tyson • May 21, 2021 -
CFOs can be on the hook for investigations — even after they leave
CFOs can expect more cooperation clauses in employment and severance agreements as companies angle for greater control over their response to legal inquiries.
By Ted Knutson • May 21, 2021 -
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Legislation needed to smooth transition from LIBOR: Fed official
The Federal Reserve will bar the use of LIBOR in contracts after December 31, Vice Chair Randal Quarles said, underscoring the need for legislation to smooth the switch to a new reference rate.
By Jim Tyson • May 20, 2021 -
Drew Angerer via Getty Images
Trump Organization CFO under criminal investigation
After months of the Manhattan District Attorney probing Allen Weisselberg, Attorney General Letitia James has joined in, opening an investigation into whether he paid taxes on the gifts the Trump Organization gave him.
By Jane Thier • May 20, 2021 -
SCOTUS ruling makes it easier to sue IRS
The court opens the door for companies to challenge the IRS without having to first pay a tax penalty that, ultimately, they might not owe.
By Robert Freedman • May 20, 2021 -
SPAC warrant resolution said to be in works
Legal and accounting specialists are developing a type of warrant that can be treated as equity, but it’s weeks away and needs SEC approval.
By Robert Freedman • May 17, 2021 -
Drew Angerer via Getty Images
Trump CFO probe continues with school tuition subpoena
The subpoena seeks information regarding tuition payments to Columbia Grammar & Preparatory School, where Trump Organization CFO Allen Weisselberg’s grandchildren are enrolled.
By Jane Thier • May 14, 2021 -
Bill seeks to shine light on companies' global profit shifting
The "Disclosure of Tax Havens and Offshoring Act" would require companies to identify their profits and taxes on a country-by-country basis.
By Robert Freedman • May 12, 2021 -
As SEC ramps up SPAC rules, lawsuits could follow
The Securities and Exchange Commission is expected to step up scrutiny of special purpose acquisition companies. If it does, sponsors and investors could start challenging it in courts, a former SEC commissioner says.
By Robert Freedman • May 10, 2021 -
Permission granted by Terra Ingredients
ESG reportingCompanies ignoring ESG may become 'uninvestable,' says investment bank chief
Interest in sustainability goals is growing "enormously" and companies that ignore the trend risk rejection by investors, according to Larry Wieseneck, co-president of investment bank Cowen.
By Jim Tyson • May 7, 2021 -
Stefani Reynolds / Stringer via Getty Images
Corporate tax rate unlikely to rise above 25%
Along with the tax hike, mandatory ESG reporting and the treatment of remote workers are priorities that stand a good chance of congressional passage this year, a lobbyist for the accounting profession says.
By Robert Freedman • May 7, 2021 -
Drew Angerer via Getty Images
Trump CFO Weisselberg on shaky ground by claiming ignorance
Although CFOs aren’t expected to make legal decisions, they don’t have the luxury of a "don’t ask, don’t tell" approach, legal specialists say, because the financial and legal sides of complex issues are intertwined.
By Ted Knutson • May 6, 2021 -
Alex Wong via Getty Images
PPP runs out of funds for most lenders
About $8 billion remains available through MDIs and CDFIs, the Small Business Administration told banking trade groups Tuesday. But the portal has largely stopped accepting applications, the American Bankers Association said.
By Dan Ennis • May 5, 2021 -
Under Armour hit with $9M fine for undisclosed 'pull forwards'
The company accelerated revenue without disclosing material information to investors about the practice, the Securities and Exchange Commission says.
By Robert Freedman • May 4, 2021 -
Spencer Platt via Getty Images
ESG investing fails to outperform: study
ESG investing offers neither superior returns nor risk protection, and investors seeking outperformance are looking “in the wrong place,” a Scientific Beta study finds.
By Jim Tyson • May 4, 2021 -
Retrieved from The White House.
Corporate inversions could return under Biden tax plan
Despite hurdles, companies could merge with a smaller foreign company and relocate outside the U.S. to avoid a big tax bite.
By Robert Freedman • May 4, 2021 -
SEC hits companies for hiding restatements before seeking filing delays
The agency used data analytics to identify companies that sought a filing delay and then shortly afterward announced a correction to a previous filing.
By Robert Freedman • May 3, 2021 -
Chip Somodevilla via Getty Images
Biden climate policy poses credit risks for 'carbon-intensive' companies: Moody's
Biden administration plans for curbing climate change will increase credit risks for companies in carbon-intensive industries while creating business opportunities, Moody’s said.
By Jim Tyson • April 30, 2021 -
Alex Wong via Getty Images
Multinationals reported $6.16B in negative forex exposure for Q4: study
A decline in negative foreign exchange impact during the fourth quarter was probably "the calm before the storm" that likely occurred during the first quarter of 2021, according to Kyriba.
By Jim Tyson • April 29, 2021 -
SEC said to be weighing SPAC disclosure guidelines
Whether or not guidance is issued, the agency is signaling concerns over "frothy" forward-looking statements in the hot alternative IPO market.
By Robert Freedman • April 29, 2021 -
Biden tax hikes won't change company credit plans: Moody's
Companies have shown they’re impervious to tax policy changes in part because of low interest rates and investors’ hunt for yield.
By Robert Freedman • April 28, 2021 -
Retrieved from The White House.
Biden plan would increase taxes on multinationals by $1.2 trillion over 10 years: study
Biden’s proposal to raise corporate taxes to fund $2 trillion in infrastructure spending would harm U.S. competitiveness, the Tax Foundation says.
By Jim Tyson • April 28, 2021
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