To keep you up to date with all the latest news and events, we have selected the GRC category news highlights from the past month below. Click here to Subscribe to our regular GRC news updates.
Criminal Investigation opened into Equifax breach (Sept 18th)
Federal athorities have launched an investigation into the data breach at Equifax. The massive breach left an estimated 143 million people exposed to risk of identity theft. According to a spokesman for the U.S. Attorney General in Atlanta, federal prosecutors there are working with the FBI to conduct a criminal investigation (source).
FCA to revamp oversight under expanded conduct regime (Sept 20th)
The Financial Conduct Authority (FCA) will revamp its approach to its Senior Manager and Certification Regime, according to a senior executive this month. The FCA will expand its regime to more than 56,000 firms in 2018 (source).
SEC reveals it was a victim of hacking in 2016 (Sept 20th)
The Securities and Exchange Commission (SEC) released a statement that is experienced a breach of its EDGAR system in 2016. According to the statement, the SEC is still investigating the breach. However, it "may have provided the basis for illicit gain through trading" (source).
SEC charges telecommunication firm $965 million for FCPA charges (Sept 20th)
Telia Company AB, a Sweden-based telecommunications firm, agreed to the settlement to resolve charges related to violations of the Foreign Corrupt Practices Act (FCPA) to win business in Uzbekistan (source).
SEC approves interpretive guidance on pay ratio rule (Sept 18th)
“It’s our priority to make sure that we implement disclosure rules mandated by Congress in a way that is true to the mandate and, to the extent practicable, allows companies to use operational data and otherwise readily available information to produce the disclosures,” Chairman Jay Clayton said about the pay ratio disclosure requirement and adopted interpretive guidance. “Today’s guidance on pay ratio reflects the feedback the SEC has received and encourages companies to use the flexibility incorporated in our prior rule making to reduce costs of compliance” (source).
Read our GRC News recaps from previous months