Gouvernance, Risques et Conformité * Governance, Risk & Compliance * Governança, Risco e Compliance * Lutte contre les crimes économiques.
segunda-feira, 25 de fevereiro de 2013
Compliance com os Consumidores: Uma relação imperativa no mundo das redes sociais.
Cuidado, Diligência é o Compliance do seu bolso.
terça-feira, 15 de janeiro de 2013
Compliance News Monitor for Lumturo Strigo
sábado, 12 de janeiro de 2013
IBGC integra nova rede global de Institutos de Governança e de Conselheiros de Administração
O Instituto Brasileiro de Governança Corporativa (IBGC), em parceria com oito importantes organizações de Conselheiros de Administração de todos os continentes, anuncia nesta segunda-feira (7) a formação da Rede Global de Institutos de Conselheiros de Administração - Global Network of Director Institutes (GNDI). Esta parceria internacional dá voz global aos conselheiros e agentes de governança e cria um novo fórum para compartilhar conhecimentos, ideias e práticas de liderança em conselhos.
A GNDI é uma parceria internacional entre nove importantes organizações para conselheiros da África do Sul, Austrália, Brasil, Canadá, Estados Unidos, Malásia, Nova Zelândia, Reino Unido e União Europeia.
Em dezembro, reunidos em Wellington, Nova Zelândia, os delegados da GNDI elegeram John Colvin, diretor-presidente do Australian Institute of Corporate Directors (AICD), como presidente da GNDI, e Stan Magidson, diretor-presidente do Institute of Corporate Directors (ICD) do Canadá, como vice-presidente. Heloisa Bedicks, superintendente geral do IBGC foi eleita para integrar o Comitê Executivo.
A GNDI irá complementar o trabalho de suas organizações membro, promovendo uma estreita cooperação entre as organizações nacionais de conselheiros e governança. A Rede funcionará como um fórum global para compartilhar experiências, estudos de caso, práticas de liderança e questões atuais ou emergentes de governança corporativa que impactam conselhos e demais agentes de governança.
"A GNDI reúne as mais importantes organizações que congregam conselheiros de administração e demais agentes de governança em todo o mundo. Além disso, vai discutir questões que impactem as práticas de governança, pretendendo ser um fórum importante de ‘advocacy’ que atravessará as fronteiras nacionais”, diz a Superintendente Geral do IBGC, Heloisa Bedicks.
Além disso, os membros da GNDI irão colaborar para:
• Antecipar e explorar as questões emergentes que têm impactos globais sobre as práticas de governança corporativa;
• Desenvolver e promover práticas de liderança e programas de treinamento que melhorem a capacidade dos conselheiros, a fim de assegurar um desempenho sustentável e de longo prazo das organizações para o benefício dos acionistas e outras partes interessadas;
• Educar os principais formadores de opinião sobre os benefícios e valores de liderança exemplar nos conselhos;
• Ampliar as vozes e perspectivas de conselheiros sobre questões relacionadas à liderança do conselho
Os institutos membros fundadores da GNDI incluem as seguintes organizações, que coletivamente representam mais de 100 mil Conselheiros em todo o mundo:
• Institute of Directors of South Africa (IoDSA), Africa do Sul
• Australian Institute of Corporate Directors (AICD), Austrália
• Instituto Brasileiro de Governança Corporativa (IBGC), Brasil
• Institute of Corporate Directors in Canada (ICD), Canadá,
• National Association of Corporate Directors (NACD), Estados Unidos.
• Malaysian Alliance of Corporate Directors (MACD), Malásia
• Institute of Directors in New Zealand (IoDNZ), Nova Zelândia
• Institute of Directors (IOD), Reino Unido e
• European Confederation of Directors Associations (ecoDa), União Européia
Para mais informações sobre a Rede Global de Institutos de Conselheiros de Administração, acesse o site www.gndi.org.
Sobre o Instituto Brasileiro de Governança Corporativa (IBGC)
Fundado em 27 de novembro de 1995, o Instituto Brasileiro de Governança Corporativa (IBGC) é a principal referência do Brasil para o desenvolvimento das melhores práticas em Governança Corporativa.
Com mais de 1.500 associados, o IBGC promove palestras, fórum de debates acadêmicos, conferências, treinamentos e networking entre profissionais, além de produzir publicações e pesquisas. O instituto tem sede em São Paulo e atua regionalmente por meio de quatro Capítulos: Minas Gerais, Paraná, Rio de Janeiro e Rio Grande do Sul. As atividades têm por objetivo disseminar o conceito de Governança e incentivar o melhor desempenho das organizações.
Em sintonia à sua atuação, o IBGC foi homenageado em premiação anual promovida pela Rede Internacional de Governança Corporativa (ICGN, em inglês), na categoria Excelência em Governança Corporativa. Atualmente, é também considerado Centro de Excelência em Governança Corporativa para a América Latina, Caribe e a África Lusófona, título conferido pelo Fórum Global de Governança Corporativa (GCGF, em inglês). Ainda no âmbito internacional, hospeda as atividades da Global Reporting Initiative (GRI) no Brasil, uma rede global que busca fomentar a adoção das boas práticas nas organizações.
O instituto contribui, assim, para o desempenho sustentável e influencia os agentes da sociedade no sentido de mais transparência, justiça e responsabilidade.
Para mais informações, consulte o site www.ibgc.org.br .
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segunda-feira, 7 de janeiro de 2013
Empresas admitem falha em sua governança corporativa
Brasil Econômico - Natália Flach | 07/01/2013 20:42:22
Mais de 80% de 54 grandes companhias brasileiras dizem estar longe do ideal; 59% não têm comitê de riscos, segundo pesquisa
As empresas brasileiras já são capazes de identificar os riscos que correm, mas ainda têm dificuldade para monitorá-los. Essa é a conclusão de uma pesquisa da Deloitte — divulgada ao Brasil Econômico com exclusividade — com 54 companhias, sendo que mais da metade com faturamento acima de R$ 1 bilhão. De acordo com a pesquisa, 72% dos executivos consultados apontaram o item “identificação de fatores de risco de fraude” como ótimo ou bom, mas sobre “definição clara dos indicadores de riscos” 61% assinalaram o tema como “irregular”, “insuficiente” ou que “nem conhecem”.
Quando o assunto é governança corporativa, 83% das empresas ouvidas avaliam que ainda não estão em um estágio ideal e 59% não possuem um comitê direcionado para o gerenciamento de riscos. “Falta capacitação profissional para saber exatamente o que gerir, controlar e monitorar”, diz Alex Borges, sócio da consultoria da Deloitte e especialista em gestão de risco.
Segundo o executivo, as empresas de capital aberto lideram esse movimento de profissionalização e criação de comitês. “Mas as companhias familiares estão indo pelo mesmo caminho. Isso porque muitas delas tiveram perdas inesperadas e estão agora atentas ao atendimento a regulamentações internacionais e nacionais.”
Falta maturidade
Borges explica que as avaliações ainda são muito baseadas em julgamentos. “Esta é a diferença entre a maturidade das companhias brasileiras e as internacionais”, diz. “Demora de três a seis meses para conseguir montar um processo capaz de fazer a identificação dos riscos e, para ter avaliação e monitoramento, leva dois ou três anos.”
Segundo o levantamento, os maiores objetivos com a implantação e fortalecimento do gerenciamento de riscos são: mensurar os riscos da empresa; gerar e preservar valor para os acionistas, estar integrado às estratégias da organização e aos procedimentos de governança corporativa. Ainda de acordo com a pesquisa, 72% dos executivos disseram que aumentou o interesse pelo desenvolvimento de atividades de gestão de riscos em relação a 2011. O principal motivo é a intenção em aprimorar e integrar diversos aspectos de gestão da empresa. Mas apenas 26% dos respondentes informaram que a área de gestão de riscos está muito integrada às demais áreas da empresa. Isso mostra que os funcionários da área ou da função precisam demonstrar os benefícios e o valor desse gerenciamento, agregado de forma a auxiliar e integrar as funções de gestão de riscos existentes nas empresas.
O levantamento aponta ainda que o principal patrocinador das iniciativas de gestão de riscos nas empresas é o presidente (com 23%), seguido do diretor de auditoria interna (19%). Para se ter ideia da importância do assunto no exterior, mais de 75% dos executivos entrevistados nos Estados Unidos responderam que a gestão de riscos mudou em suas empresas devido à volatilidade do mercado nos últimos três anos.
quarta-feira, 2 de janeiro de 2013
Caixa suspende novos financiamentos à MRV por lista de trabalho escravo
REUTERS 02/01/2012
SÃO PAULO, 2 Jan (Reuters) - A Caixa Econômica Federal suspendeu nesta quarta-feira a concessão de novos financiamentos à MRV Engenharia após uma das filiais da construtora mineira ter sido incluída em atualização de cadastro do Ministério do Trabalho de empregadores que tenham submetido funcionários a condições análogas às de escravo.
"A Caixa Econômica Federal informa que... suspendeu a recepção e contratação de novas propostas de financiamento de produção de empreendimentos com a referida empresa", informou o banco em nota.
Em comunicado pela manhã, a MRV afirmou que a inclusão --ocorrida na última semana de dezembro-- é referente a uma fiscalização conduzida em 2011, "em que foram identificadas supostas irregularidades promovidas por empresa terceirizada que prestava serviços para a MRV, a qual não trabalha mais para a companhia desde 2011".
Segundo informações do Ministério do Trabalho, em fiscalização realizada no início de 2011 foram resgatados 11 trabalhadores que atuavam na obra do Edifício Spazio Cosmopolitan, em Curitiba (PR).
"A MRV contratou parte dos trabalhadores por intermédio de empresas empreiteiras fornecedoras de mão de obra (terceirização ilícita), dentre as quais a V3 Construções, objeto da ação fiscal e flagrada mantendo trabalhadores em regime de escravidão contemporânea", informou a assessoria do Ministério.
Os 11 autos de infração lavrados em desfavor da MRV incluem ausência de registro dos trabalhadores, alojamento sem condições adequadas de conservação, higiene e limpeza, e ausência de local para refeições no canteiro de obras e de instalações sanitárias.
Em agosto passado, a MRV já havia tido dois projetos incluídos na lista do Ministério do Trabalho: Residencial Parque Borghesi, em Bauru, e Condomínio Residencial Beach Park, em Americana, ambos no interior de São Paulo.
Na ocasião, a Caixa, que é signatária do Pacto Nacional pela Erradicação do Trabalho Escravo no Brasil, também suspendeu a concessão de novos financiamentos.
Em setembro, a empresa obteve liminar em mandado de segurança junto ao Superior Tribunal de Justiça (STJ) para ter seu nome retirado do cadastro.
A MRV é uma das principais parceiras da Caixa e a maior repassadora de recursos do programa "Minha Casa, Minha Vida", do governo federal, cuja segunda fase prevê 2,6 milhões de moradias contratadas até 2014.
As operações da companhia já contratadas junto à Caixa não serão suspensas, segundo o banco.
As ações da construtora e incorporadora caíram 2,75 por cento, enquanto Ibovespa subiu 2,62 por cento.
No comunicado desta quarta-feira, a companhia informou estar tomando medidas e ações cabíveis para promover a exclusão de seu nome do cadastro "e prestar os devidos esclarecimentos necessários junto aos órgãos competentes e ao mercado em geral".
Para ter o nome retirado do cadastro de trabalho escravo, o Ministério impõe como condição o monitoramento direto ou indireto por dois anos para "verificar a não reincidência na prática do trabalho escravo e o pagamento das multas resultantes da ação fiscal".
Além de responderem a processos, os empregadores incluídos na lista perdem o direito a financiamentos privados e públicos, o que inclui recursos providos pelo Banco Nacional de Desenvolvimento Econômico e Social (BNDES).
No final da tarde, a MRV informou que sua subcontratada V3 Construções assumiu todos os compromissos para a regularização das condições de trabalho de seus operários.
"Assim sendo, a MRV não foi diretamente responsabilizada pelo fato que gerou a sua inclusão no cadastro do Ministério do Trabalho e Emprego", afirmou o comunicado.
(Por Vivian Pereira, com reportagem adicional de Aluísio Alves)
quinta-feira, 27 de dezembro de 2012
10 Biggest Banking Scandals Of 2012
Halah Touryalai, Forbes Staff 12/27/2012 @ 11:39PM
Jamie Dimon, chairman of the board, president and CEO of JPMorgan Chase & Co. testifies before a US Senate Banking Committee full committee hearing on 'A Breakdown in Risk Management: What Went Wrong at JPMorgan Chase?'
No year would feel complete without a few high-profile financial scandals.
It’s been just fours years since the financial crisis hit yet there’s been no shortage of bad behavior among the world’s powerful money men and women since then.
Libor Scandal Just Took A Nasty Turn,
Know Your Financial Scandals: Libor, Peregrine And The London Whale
This year’s financial scandals and trouble makers resulted in billions lost and included a too-big-to-fail bank, a small Iowa-based futures brokerage and a once boring benchmark rate that is suddenly at the center of a massive, global investigation. Criminal charges and prosecutions were few and far between but that’s not anything new for the industry. Many of these scandals ended like many before it-with a monetary settlement.
1.First up is perhaps the biggest financial scandal this year. It stemmed from the nation’s biggest and arguably safest bank, JPMorgan Chase. In May chief executive and Wall Street poster boy Jamie Dimon revealed that his bank had suffered a massive trading loss initially reported to be $2 billion. That $2 billion turned into roughly $5.8 billion loss.
While there was no wrongdoing at hand Dimon did find himself front and center testifying not once but twice before members of Congress. His long-time, trusted CIO Ina Drew lost her job amid the loss as well as a handful of other executives. The trading mess left JPM with billions less but perhaps more significantly put a mark on Dimon’s previously stellar reputation.
2. The Libor manipulation scandal was the year’s most far-reaching, hitting dozens of banks across the U.S. and Europe. This summer Barclays was the first bank to settle allegations that it manipulated the London Interbank Offered Rate–a benchmark rate tied to hundreds of trillions of dollars worth of financial contracts and derivatives.
Robert E Diamond, former Barclays CEO, lost his job after the bank paid $450 million for its role in Libor-rigging.
Barclays paid up $450 million and American CEO Bob Diamond lost his job over the matter after regulators lost their faith in him.
There’s plenty more where that came from as over a dozen other banks are under investigation for their own role in Libor rate-rigging.
3. UBS learned that the hard way last week when it paid a jaw-dropping $1.5 billion to settle Libor allegations. The Swiss bank admitted its wrongdoing and some of its former traders were arrested in Europe as a part of the investigation.
The UBS settlement doesn’t bode well for the remaining banks under investigation. Why? The charges made against UBS show the bank not only manipulated the Libor rate to make itself look healthier to outsiders but also, and perhaps more often, to make money by apparently colluding with other banks. From a regulator’s perspective that’s a lot worse than lying a bit to appear in better condition.
4. The UBS settlement amount was only outdone by the one paid by HSBC just a week prior. The British bank paid a record $1.9 billion to UK and U.S. regulators over money laundering. More specifically, HSBC settled charges that its lax money-laundering policies allowed billions in Mexican drug money and Iranian terrorist money to be transferred into the U.S. financial system.
5. That wasn’t the only money laundering settlement this year. Standard Chartered, a UK bank, paid $327 million to U.S. regulators in December over alleged illegal transactions with Iran, Sudan, Libya, and Burma. The countries are all subject to U.S. sanction and the U.S. Department of Justice and Federal Reserve say Standard Chartered Bank moved millions of dollars between 2001 and 2007 illegally through the U.S. financial system on behalf of Iranian, Sudanese, Libyan and Burmese entities.
Earlier this year in August, Standard Chartered paid $340 million to a New York state regulator over similar allegations. The NY Department of Financial Services said the British bank schemed with the Iranian government for nearly a decade, reaping hundreds of millions of dollars in fees through thousands of secret transactions involving $250 billion.
6. Back at UBS the scandals keep rolling. Late last year UBS disclosed one of its traders had gone rogue and lost the bank over $2 billion as a result. According to documents Kweku Adoboli’s bets exposed the bank to $12 billion in losses even though his unit was only authorized to risk $100 million intra-day and $50 million overnight. He was found guilty on two counts of fraud in November after a 10-week trial.
7. Not all scandals involved billions of dollars. A small futures brokerage firm in Iowa went under after its CEO allegedly engaged in fraud losing over $215 million of client money.
CEO Russell Wasendorf Sr. was indicted by federal prosecutors who say he submitted false information for his U.S. futures and currency brokerage firm. Wasendorf pleaded not guilty even though last month he confessed in a suicide note that he had been using fake bank statements to embezzle millions of dollars from customers.
8. A larger brokerage firm faced another type of mess. Market-maker Knight Capital Group this summer suffered a $440 million loss after a problem with its trading system resulted in unwanted securities purchases. The loss forced it to be saved by outside investors including TD Ameritrade, Blackstone and Jefferies.
It ended up selling itself to one of its investors, Getco, for $3.75 a share. Knight shares were trading around $10 before the trading screw-up.
9. Insider trading has been a big focus for regulators over the last year. The prosecution of former hedge fund titan Raj Rajaratnam over illicit profits he made on inside information also shined a spotlight on one of his informants. Rajat Gupta, a former Goldman Sachs director, was fined $5 million and jailed for two years for sharing inside information with Rajaratnam. Among the secret information was a $5 billion investment Warren Buffett would make in Goldman Sachs amid the 2008 financial crisis.
10. Prosecutors have been circling billionaire hedge fund manager Steven Cohen and his firm, SAC Capital, for quite some time. In recent weeks it appears they’ve been getting closer in their attempt to take him down.
A former portfolio manager at an affiliate of SAC Capital Advisors was indicted this month for allegedly trading on inside information. Mathew Martoma worked for a unit of SAC and according to documents his inside information was apparently used by Cohen–though he isn’t named in any of the prosecution’s documents.
It won’t be the last we hear of Cohen, SAC and the regulators. After all, 2013 is just around the corner and will require its share of financial scandals.
segunda-feira, 24 de dezembro de 2012
Canada Credit Unions, JPMorgan ‘Whale’ Order: Compliance
By Carla Main - Dec 24, 2012 11:55 AM GMT-0200 Bloomnerg
Canada’s federal government issued new rules on Dec. 21 that give credit unions the option to become federally incorporated entities, allowing them to expand across the country and better compete with banks.
Credit unions, financial institutions owned by their customers and overseen by provincial regulators, have been waiting for the changes first announced in the 2010 federal budget. TheDepartment of Finance released the final rules in a statement on its website.
Credit unions choosing to convert would fall under the oversight of Canada’s banking regulator, the Office of the Superintendent of Financial Institutions, giving them the ability to operate nationally instead of being limited to their home provinces.
David Phillips, chief executive officer of the trade association for the country’s credit unions, said in a statement that the organization welcomed the announcement as a “major milestone.”
Compliance Policy
Banks’ Loan-Loss Reserves Seen Jumping 50% in FASB Proposal
Banks’ loan-loss reserves may jump about 50 percent under a proposed U.S. accounting-rule change that redefines how quickly firms must recognize bad debts, standard-setters said.
The Financial Accounting Standards Board’s proposed rule, revising a February draft, pushes banks to start recognizing losses on loans, debt securities and other financial receivables when firms see early signs of potential loss. The policy would move from an “incurred loss” model to an “expected loss” model, similar to changes under consideration by the International Accounting Standards Board, which sets the rules used in most nations outside the U.S.
FASB’s estimate shows banks probably would need to boost reserves by billions of dollars if the new rule is implemented. JPMorgan Chase & Co. (JPM), the largest U.S. bank by assets, had $24 billion in its allowance for credit losses at the end of September. Charlotte, North Carolina-based Bank of America Corp., ranked No. 2, had $26 billion.
Spokesmen for Bank of America, New York-based JPMorgan and Citigroup Inc., the third-largest U.S. bank, declined to comment.
The FASB draft is open for comment until April 30. Even if the final proposal is adopted next year, it probably won’t take effect before 2015, according to a person with knowledge of the plans, who requested anonymity because the timing wasn’t announced. The effective date was left blank in the Dec. 20 draft.
The accounting board is looking to change how reserves and asset values are measured after the financial crisis forced lenders to devote capital to losses, leaving some of the world’s largest banks struggling to meet regulatory thresholds and remain solvent.
For more, click here.
Banks Told by U.S. Regulator to Share Cyber Attack Information
A U.S. banking regulator told financial institutions to report cyber attacks to law enforcement and alert customers to their impact as new assaults targeted PNC Financial Services Group Inc. (PNC) and other banks.
The Dec. 21 alert from the U.S. Office of the Comptroller of the Currency warned about a wave of so-called distributed denial-of-service attacks. Such actions harness networks of infected computers to pump large volumes of Internet traffic at websites, often causing slowdowns or disruptions.
A group calling itself Izz ad-Din al-Qassam Cyber Fighters announced plans to attack banks in a Dec. 10 statement posted on the website pastebin.com. The comptroller’s office, which didn’t identify targeted banks or the groups responsible for the attacks, said fraudsters can use them to distract bank personnel to disrupt bank operations.
China to Allow Companies to Invest Idle Proceeds, Xinhua Says
China will allow listed companies to invest idle proceeds from fundraising in “safe, good liquidity” investment products, such as government bonds and wealth management products from banks, the official Xinhua News Agency reported, citing China Securities Regulatory Commission.
Companies will be allowed to use raised funds to temporarily bolster working capital for 12 months, compared to 6 months previously, Xinhua reported.
Thirty percent of the raised funds can be used within 12 months to permanently bolster working capital and pay bank loans, up from 20 percent previously, Xinhua reported.
Compliance Action
Rate Scandal Sees U.K. Fines Triple Previous Record in 2012
Penalties against Barclays Plc (BARC) and UBS AG for their roles in the Libor rate-rigging scandal helped the U.K. Financial Services Authority more than triple its previous fines record in 2010 to at least 312 million pounds ($506 million) this year.
The FSA’s penalties would have been even higher, at more than 400 million pounds, without discounts granted in about two- thirds of cases for cooperation with the regulator, London-based law firm Reynolds Porter Chamberlain LLP said in an e-mailed statement.
The FSA fined Barclays around 60 million pounds and UBS 160 million pounds this year for attempting to manipulate the London benchmark interbank interest rate, known as Libor.
Global authorities are investigating claims that more than a dozen banks altered submissions used to set benchmarks to profit from bets on interest-rate derivatives or make the lenders’ finances appear healthier.
U.K. Banks Seen Sacrificing Lending for BOE Capital Demand
U.K. banks, under pressure from the Bank of England to increase capital, may do exactly what the central bank doesn’t want them to do: cut lending.
While trimming or delaying dividends, selling assets, reducing pay or raising equity would also bolster capital, banks such as government-owned Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc (LLOY) may be tempted to shrink lending, said Paul Mumford, who helps manage about 350 million pounds ($569 million) including Barclays Plc, RBS and Lloyds shares at Cavendish Asset Management Ltd. in London.
Britain’s four-biggest banks may need as much as 60 billion pounds in extra capital to meet future loan losses, compensate customers and pay regulatory fines, according to the Bank of England’s Financial Stability Report last month. Central bank Governor Mervyn King is pressing banks to raise capital levels without reducing lending to support an economy struggling to avoid a triple-dip recession.
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JPMorgan Said to Face First Enforcement Action on Whale Loss
JPMorgan Chase & Co. will be the target of a regulatory enforcement order stemming from mistakes that led to at least $6.2 billion in trading losses, according to a person briefed on the situation.
The Office of the Comptroller of the Currency is preparing to issue a cease-and-desist order requiring the largest U.S. bank to fix internal risk controls that contributed to its wrong-way bet on credit derivatives, according to the person, who asked not to be named because the discussions aren’t public. Chief Executive Officer Jamie Dimon, 56, said in May that the firm’s strategy was beset by “errors, sloppiness and bad judgment.”
The timing of the enforcement is uncertain, the person said.
Joe Evangelisti, a JPMorgan spokesman, and Bryan Hubbard, an OCC spokesman, declined to comment on any potential enforcement actions, reported earlier in the Wall Street Journal.
The faulty trades within the bank’s chief investment office -- associated with London-based trader Bruno Iksil, widely known as the London Whale -- may eventually cost more than $6.2 billion, Dimon has said.
That investment office within JPMorgan’s national bank suffered from “inadequate risk management, Comptroller of the Currency Thomas Curry said during U.S. Senate testimony in June.
The U.S. Senate Permanent Subcommittee on Investigations is also probing the loss.
SEC Files Suit Against Former New Generation Biofuels Chairman
The U.S. Securities and Exchange Commission filed a civil action against Lee S. Rosen, the former chairman of New Generation Biofuels Holdings Inc. (NGBF), alleging he fraudulently avoided reporting his ownership interest in the company.
Rosen will settle with the SEC without admitting or denying the allegations, according to an agency statement Dec. 21. Rosen will pay a total of $911,484 in fines and will be barred from serving as a company’s officer or director.
The complaint alleges that in addition to receiving $666,000 in direct payments, he ‘‘indirectly benefited’’ from using New Generation shares held in trusts as partial payment for a yacht.
The SEC earlier suspended trading of Columbia, Maryland- based company, citing its lack of public disclosures since the period ending June 30, 2011.
A phone message left for Bryan McPhee, a company spokesman, wasn’t returned. An e-mail sent to him couldn’t be delivered. Previous filings said the company makes biofuels from oils and animal fats.
Courts
Barclays Staff Ask U.K. Court for Anonymity in London Libor Suit
Barclays Plc traders and employees who made submissions to set interest rates applied to a U.K. court asking for anonymity in the U.K.’s first civil lawsuit related to manipulation of the London interbank offered rate.
A hearing is scheduled for Jan. 21 to decide whether the bank’s staff implicated in the suit, filed by Guardian Care Homes Ltd. over a loss-making interest rate swap tied to the benchmark, can remain anonymous, according to court spokeswoman Rachael Collins in London.
Barclays was ordered to give affiliates of Guardian Care the identities of 208 employees named in the bank’s disclosure to regulators over the Libor-rigging allegations.
Kevin Roberts, a lawyer at Morrison & Foerster LLP representing some of the workers, didn’t immediately return a phone call and e-mail seeking comment. Jon Laycock, a Barclays spokesman, declined to comment.
The case is Graiseley Properties Ltd. & Ors. v. Barclays Bank Plc, High Court of Justice, Queen’s Bench Division Commercial Court, No. 12-1259.
Mathew Martoma Indicted for $276 Million Insider Trade
Mathew Martoma, the former SAC Capital Advisors LP portfolio manager accused in what prosecutors have called the biggest insider-trading case, was charged in an indictment with making $276 million for the firm on inside tips about a clinical drug trial, a sign that he may not be considering a plea deal.
The insider-trading indictment sets in motion a criminal trial process that puts new pressure on him to cooperate with the government’s investigation of the hedge-fund firm founded by billionaire Steven A. Cohen.
At issue in the Martoma case is a 20-minute phone call prosecutors said he had with Cohen after allegedly receiving negative test results about a drug that was intended for use by Alzheimer’s patients. The day after the call, SAC liquidated a $700 million position in Elan Corp. (ELN) and Wyeth LLC, the companies that were promoting the drug.
The government claims SAC netted $276 million in profits and averted losses in the Elan and Wyeth trades. Cohen isn’t alleged in Martoma’s indictment to have known Martoma had inside information. Prosecutors have made no claims about precisely what was said on the call.
Jonathan Gasthalter, a spokesman for Stamford, Connecticut- based SAC, declined to comment on the indictment. Gasthalter has said Cohen and SAC acted appropriately in making the trades. Cohen hasn’t been charged criminally or sued by regulators in the case.
Martoma was arrested at his Boca Raton, Florida, home on Nov. 20 and charged in a criminal complaint. The indictment charges him with one count of conspiracy and two counts of securities fraud. If convicted, Martoma faces as many as 20 years in prison on the securities fraud charges and five years on the conspiracy charge.
‘‘Though disappointing, today’s events come as no surprise,” Martoma’s lawyer, Charles Stillman, said in a statement Dec. 21. “The simple fact is that Mathew Martoma did not trade on inside information, is innocent of all these charges and we look forward to his ultimate vindication.”
The case is U.S. v. Martoma, 12-cr-00973, U.S. District Court, Southern District of New York (Manhattan).
Ex-Anglo Irish Chairman Fitzpatrick Charged for Hiding His Loans
Former Anglo Irish Bank Corp. Chairman Sean Fitzpatrick was charged with hiding personal loans of as much as 139.8 million euros ($184.5 million) from the auditors of the now-nationalized bank.
Fitzpatrick, 64, appeared in court in Dublin Dec. 21 after being charged with breaches of Irish company law for providing “misleading, false or deceptive” declarations to company auditors, according to court documents filed by prosecutors.
Earlier, Fitzpatrick and two other one-time Anglo Irish directors were ordered on Oct. 8 to stand trial in relation to loans to 16 clients to buy shares in the bank in 2008. He said at the time that while the transactions “were inappropriate and unacceptable from a transparency point of view,” they did not breach banking or legal regulations.
Fitzpatrick was remanded on bail until March 1, when the so-called book of evidence will be presented to the court. His solicitor Michael Staines didn’t immediately return calls to his office seeking comment on the charges.
Interviews
Themis’s Saluzzi Says NYSE, ICE Deal Good for ‘Players’
Joseph Saluzzi, co-head of equity trading at Themis Trading LLC, saidIntercontinentalExchange Inc. (ICE)’s plan to buy NYSE Euronext (NYX) will be “good for the players involved.” Saluzzi spoke with Bloomberg’s Pimm Fox and Vonnie Quinn on Bloomberg Radio’s “Taking Stock.”
For the video, click here.
Comings and Goings
Stone Resigns From Accounting Oversight Board After SEC Claims
Mary Stone resigned from the Financial Accounting Foundation’s board of trustees less than two weeks after she was accused by the Securities and Exchange Commission of violating her responsibilities in overseeing Morgan Keegan & Co. mutual funds during the credit crisis.
The FAF, which oversees the board that sets U.S. accounting standards, expects to fill Stone’s spot next year, according to a press release from the Norwalk, Connecticut-based organization. Stone, an accounting professor at the University of Alabama in Tuscaloosa, took a leave of absence on Dec. 10, the day the SEC announced its claims against her and seven other former directors of the funds.
The SEC accused the mutual funds’ directors of allowing assets backed by subprime mortgages to be overvalued as the housing market collapsed in 2007. The action followed a related $200 million settlement with Morgan Keegan, a subsidiary of Raymond James Financial Inc. (RJF), last year and sanctions against two employees in 2010.
Stone and five other directors acted “diligently and in good faith” and intend to contest the SEC’s allegations, which they “emphatically deny,” their attorney, Stephen Crimmins of K&L Gates in Washington, said in a Dec. 10 statement. Stone didn’t return a call for comment Dec. 21.
Beswick Appointed SEC Chief Accountant by Agency’s New Chairman
Paul A. Beswick, who has served as the U.S. Securities and Exchange Commission acting chief accountant for the past several months, was named to the position of chief accountant at the agency Dec. 21 by SEC Chairman Elisse Walter.
The appointment of Beswick was announced in a statement.
sábado, 22 de dezembro de 2012
Compliance: Cultura que gera valor.
Por Fabio de Freitas
Neste sentido, Compliance é uma Cultura Corporativa de geração de valor e não um sujeito sem predicações.
Outro dia li numa rede social uma sugestão de que Compliance seria “o guarda costas da alta administração”. A definição não fora muito apropriada, tanto por se tratar de uma visão superficial do que vem a ser Compliance, quanto pela possibilidade de se criar uma subordinação – quase sempre real no mundo corporativo – das ações de Compliance à alta administração.
Ensejando o embargo da questão, coloquemos alguns pontos a fim de esclarecer possíveis equívocos de interpretação, comuns no mercado onde a figura de Compliance apresenta-se quase sempre sob um prisma distorcido, tanto de quem a promove quanto de quem depende de suas orientações.
Utilizando-se da sugestiva de que “o Compliance é o guarda costas da alta administração”, nota-se primeiramente que negar essa hipótese por erros de semântica parece coerente, por duas razões:
A primeira delas se dá, porque Compliance não é uma pessoa. Portanto não pode ser definido como um substantivo masculino e nem pode assumir papéis numa corporação como se fosse um sujeito sem predicações, ou pelo menos não deveria fazê-lo, embora saiba-se que em sociedades limitadas quase sempre prevalece a opinião do sócio majoritário. Para negação da hipótese, subjazer-se que em sociedades anônimas há certo grau de maturidade no que concerne a aceitação de padrões éticos com níveis de qualidade superiores.
Neste contexto, Compliance significa manter a corporação dentro dos padrões de conduta exigidos pelos órgãos reguladores e, parte deste princípio, garantir – inclusive para a alta administração – tais padrões de conformidade a fim de mitigar riscos de exposição, sanções e prejuízos, tanto para corporação, quanto para os agentes e a sociedade. Com isto, Compliance deve atender aos interesses da corporação dentro e fora de suas fronteiras de negócios e graus hierárquicos, a fim de garantir padrões de conformidade que satisfaçam exigências globais, bem como assumir e promover a missão de criar valor para a corporação e para sociedade como um todo.
Desta exigência é que Compliance não deve ser entendido como um suporte à alta administração; mas parte desta e a envolve com as mesmas obrigações que qualquer colaborador ou agente de negócios tem dentro e fora da companhia. Isto porque, como já dito, Compliance não significa somente seguir padrões estabelecidos pelo colegiado da empresa; mas garantir a conformidade com aqueles que, sob imposição de terceira ordem, podem inferir negativamente nos negócios e colocar a corporação em riscos, sejam eles de sanções, exposição indevida e prejuízos outros que possam de algum modo afetar o maior patrimônio que qualquer corporação séria preza: A confiança dos steakeholders.
A segunda razão vem do fato de que Compliance não deveria ser interpretado a partir dos jargões ouvidos por aí que denotam uma figura muitas vezes demasiadamente interessante; mas quase sempre com um aspecto vilão dentro da corporação, cuja ação principal é causar medo aos colaboradores.
Muito se escutam os dizeres “cuidado com os caras de compliance”, ou, como sugere o debate “guarda costa da alta administração” ou ainda, um departamento repressor das estratégias de negócios, gerador de custos e proibitivo, como se apresentam e são tachadas muitas unidades de Compliance de empresas renomadas.
Compliance, no entanto, nada mais é do que a Cultura Institucional que gera processos e ações que criem valores para a empresa, para seus agentes e para a sociedade a partir da aderência às normas e padrões de negócios pré-estabelecidos. Neste sentido, Compliance é toda ação que gera valor – presente e futuro – por meio da conformidade com padrões, normas, Leis, tratados e acordos entre agentes de interesses comuns. Isto é, cultura que zela pelo presente e busca garantir o futuro, evitando prejuízos de ordem maior, por meio da conformidade.
É esta especificidade de Compliance que solicita cada vez mais das corporações a transparência nos negócios e que exige que essas busquem sua gestão de forma transversal, garantindo o envolvimento de todos na percepção e correção de falhas que possam trazer danos financeiros e morais, não somente para empresa, mas para toda a sociedade. Neste sentindo, Compliance é uma Cultura Corporativa de geração de valor e não um sujeito sem predicações.
Picture source: http://www.flickr.com/photos/oenvoyage/