Compliance Chronicles #6

NEWS?

• Cox Media Group Inc., Atlanta-based media conglomerate, unveiled new guidelines for outside counsel which contain a unique policy on the use of inclusive language. You may reach details from?here. (Source: Law.com)

• On March 21st, the SEC released its long-awaited proposed rule changes that will require disclosure of climate-related risks that are reasonably likely to have a material impact on registrants. As noted in its?press release, the SEC has focused on climate-specific rules in order to “provide investors with consistent, comparable and decision-useful information for making their investment decisions.”?In sum, the Proposed Rule would require listed companies to disclose information in four key areas: (1) governance?— how is the board and management set up to evaluate and monitor a registrant’s climate-related risks, (2) strategy, business model and outlook?— how do climate-related risks materially impact the registrant, (3) risk management?— how does the registrant identify, assess and manage climate-related risks, and (4) Greenhouse gas (“GHG”) emissions metrics?— what are registrants’ Scope 1, Scope 2 and Scope 3 GHG emissions.?(Source: Global Supply Chain Compliance by Baker McKenzie)

• Companies with an online presence in China may be surprised to learn that algorithmic features of their websites and online services may not comply with newly effective rules. The Cyberspace Administration of China’s?Internet Information Service Algorithmic Recommendation Management Provisions, adopted in January 2022, took effect on March 1. You may reach the provisions from?here. (Source: Law.com)
• Companies across the West are retreating from Russia in the wake of President Vladimir Putin’s decision to invade Ukraine. Some of?France’s biggest firms are hanging on. French bank Société Générale?SA’s local lender is processing transactions for Russian clients, energy giant TotalEnergies?SE is clinging to huge investments in Russian oil-and-gas fields and partly state owned auto maker?Renault?SA (which owns Russia’s biggest car maker) is in a logistical scramble to restart its assembly lines in Russia.?(Source: The Wall Street Journal)
• Competitive intelligence is crucial to a company’s success story: it helps businesses navigate through their business environment and positively impacts revenue and profit. You may download the new whitepaper on the issue by Luis Madureira, CI expert, Founder and Managing Partner at UberBrands from?here. (Source: ReportLinker)
• On March 4, effective at 6:00 PM local time, the Swiss Government adopted, with immediate effect, an entirely new ordinance (the “March 4 Ordinance”), effectively replacing the one adopted first in 2014 and last amended on February 28, 2022. The March 4 Ordinance reinforces and expands the sanctions regime against Russian entities and nationals. You may reach the article on how to respect the rules set forth in the March 4 Ordinance from?here. (Source: The FCPA Blog)

• The Inter-American Development Bank (IDB) debarred Construtora COESA S.A. (formerly known as Construtora OAS S.A.), a Brazilian construction company, for three years for collusive and corrupt practices related to projects in Brazil. The company and 26 of its subsidiaries are ineligible to participate in projects and operations financed by the IDB during the 36-month debarment. (Source: The FCPA Blog)
• Law enforcement agencies world-wide levied a total of $1.63 billion in financial penalties on financial-services firms for alleged anti-money-laundering failures in 2021, down 27% from the previous year, according to a new report from advisory firm Kroll LLC. (Source: The Wall Street Journal)
• A majority of companies intend to maintain or increase their level of spending on environmental, social and governance factors in 2022, a new survey by risk and compliance management software company Navex Inc. said. Most U.S. companies surveyed—55%—will raise their ESG spending this year, the report released Tuesday said. The survey included responses from 1,250 management and senior level executives at companies with 500 or more employees in the U.S., U.K., France and Germany. Across all companies surveyed, 46% will increase spending, while another 41% will hold the line. Only 3% of surveyed businesses reported plans to cut ESG spending. (Source: The Wall Street Journal)

• WikiLeaks founder Julian Assange is inching closer to being extradited to the United States to face espionage charges after the UK Supreme Court on Monday refused to hear his extradition appeal. In December, Britain’s High Court ruled that Assange can be extradited by the UK government, overturning an earlier lower court ruling barring his extradition. On Monday, the Supreme Court refused an application by Assange’s lawyers to appeal the December decision, ruling that the “application didn’t raise an arguable point of law”, according to?media reports. (Source: International Press Institute)

EVENT NOTICE?

• Virtual Roundtable - Tackling Demand-Side Corruption, March 31st,?12:00-1:30?PM?ET. Register from?here. (Source: The FCPA Blog)
• FinCrime Focus Sanctions, March 30. Register from?here. (Source: GRC World Forums)
• Security & Trust Webinar Series Part 1: Establishing Intelligence-Enabled SecOps and Risk Teams, March 29, 3 PM GMT. Register from?here. (Source: OneTrust)
• Welcome to the New Era for Contracts: The DNA of Business, Wednesday, March 30, 02:00 PM ET. Register from?here. (Source: Law.com)
• Benchmarking Your 2022 Whistleblowing Hotline & Incident Reporting Program, Thursday 31 March, 09:00 AM BST. Register from?here. (Source: Navex)
• Auditing Your Compliance Program: Free Masterclass, Thursday, March 31, 09:00 AM ET. Register from?here. (Source: ComplianceLine)
• TrustWeek 2022, May 23-26, Atlanta – June 28-29, Virtual. Register from?here. (Source: OneTrust)
• Compliance Risk Assesment and Management Virtual Workshop, April 11-12. Register from?here. (Source: SCCE)
• ECI Impact Conference: The Ultimate Benchmarking Event, April 19-22. Register from?here. (Source: Ethics.org)?
• Masterclass: Auditing the Compliance Program, Thursday, March 31, 12:00 PM ET. Register from?here. (Source: ComplianceLine)
• The WSJ Risk & Compliance Forum, May 10. Register from?here. (Source: The Wall Street Journal)

SUGGESTED PODCAST

• Financial Reporting webcast: Q1 2022 Quarterly Outlook:?In this webcast, KPMG professionals discuss major developments that may affect a company’s accounting and financial reporting both in the current period and near term.?(Source: KPMG)??