In today’s edition of Sunday Book Review:
In today’s edition of Daily Compliance News:
· Credit Suisse shareholder revolt against execs. (NYT)
· Charges against BOD of Eskom recommended. (YahooFinance)
· Latvia tries to make a comeback. (WSJ)
· Deutsche Bank in more hot water. (WSJ)
OFAC recently announced a settlement with OFAC for $78,750 for violations of the Ukraine-Russia Sanctions Program. The enforcement action provides important reminders relating to compliance with various “deby” maturity restrictions and how OFAC construes this restriction. Michael Volkov reviews OFAC’s enforcement action against S&P Global in this episode.
In this episode of the Compliance Week 2022 Preview Podcasts series, Mary will discuss some of her presentation at Compliance Week 2022 “Women in Compliance”. Some of the issues she will discuss in this podcast and her presentation are:
In this first full compliance conference in over 2 years, I hope you can join me at Compliance Week 2022. This year’s event will be May 16-18 at the JW Marriott in Washington DC. The line-up of this year’s event is simply first rate with some of the top ethics and compliance practitioners around.
Gain insights and make connections at the industry’s premier cross-industry national compliance event offering knowledge-packed, accredited sessions and take-home advice from the most influential leaders in the compliance community. Back for its 17th year, compliance, ethics, legal, and audit professionals will gather safely face-to-face to benchmark best practices and gain the latest tactics and strategies to enhance their compliance programs. and many others to:
I hope you can join me at the event. For information on the event, click here. As an extra benefit to listeners of this podcast, Compliance Week is offering a $200 discount off the registration price. Enter discount code discount code TFLAW $200 OFF.
Welcome to From the Editor’s Desk, a podcast where co-hosts Tom Fox and Kyle Brasseur, EIC at Compliance Week unpack some of the top stories which have appeared in Compliance Week over the past month, look at top compliance stories upcoming for the next month, talk some sports and generally try to solve the world’s problems.
In this month’s episode, we look back at top stories in CW from April around the Russian invasion of Ukraine and the economic sanctions imposed by the West, including simply keeping up with the ever changing sanctions. Kyle previews the a case study on how FedEx is executing an ESG program. We discuss the Compliance Week 2022 Conference scheduled for May in DC. We conclude with a look at some of the top sports stories including a look at the NBA playoffs and the Celtics, find out that Kyle is as big a homer as his predecessor, Tom pays tribute to long-time Houston Chronicle Sports Columnist John McClain, the General and are shocked to find out that the Yankees cheated but still lost to the Astros.
Listeners to this podcast can receive a $200 discount to Compliance Week 2022 by going here and using the Code FOX200.
The Yankees cheated and lost. The Astros and Red Sox cheated and won. What’s the lesson? Tom and Jay are back to look at some of the week’s top compliance and ethics stories.
Stories
Podcasts and More
Tom Fox is the Voice of Compliance and can be reached at tfox@tfoxlaw.com. Jay Rosen is Mr. Monitor and can be reached at jrosen@affiliatedmonitors.com.
In this episode of the Compliance Week 2022 Preview Podcasts series, Matt will discuss some of his presentation at Compliance Week 2022, “The Human Factor of ESG.” Some of the issues he will discuss in this podcast, and his presentation are:
I hope you can join me at Compliance Week 2022. This year’s event will be May 16-18 at the JW Marriott in Washington DC. The line-up of this year’s event is simply first-rate, with some of the top ethics and compliance practitioners around.
Gain insights and make connections at the industry’s premier cross-industry national compliance event offering knowledge-packed, accredited sessions and take-home advice from the most influential leaders in the compliance community. Back for its 17th year, compliance, ethics, legal, and audit professionals will gather face-to-face to benchmark best practices and gain the latest tactics and strategies to enhance compliance programs and many others to:
I hope you can join me at the event. For information on the event, click here. As an extra benefit to listeners of this podcast, Compliance Week is offering a $200 discount on the registration price, and enter discount code TFLAW $200 OFF.
What is the intersection of tax and compliance? Why does a Chief Compliance Officer (CCO) or compliance professional need to sit down with the corporate head of tax? How does a corporate tax function fit into a best practices compliance program? It turns out there is quite a bit a compliance professional can learn from a tax professional. Moreover, there are many aspects of tax which should be considered by a CCO and compliance professional from an overall risk management perspective. Unfortunately, these questions are rarely explored in the compliance community. In this episode, we transfer pricing.
The Concept of Transfer Pricing
Transfer pricing encompasses the methodologies required by tax code to price transactions between affiliated companies. Devising an arm’s length rate for comparable transactions between comparable entities is more art than science. As far as compliance is involved, Tracy believes that, “If you’re a compliance officer that can say anything more than just the words, ‘transfer pricing,’ then you are, indeed, an FOT (friend of tax).”
Parties Involved in Transfer Pricing
Governments (taxing jurisdictions) tend to be involved with different regimes for selling and buying. Third party organizations that are involved currently only consist of the OECD (Organization for Economic Cooperation and Development), who push standard transfer pricing laws and regulations throughout the world.
The objective of the governments is to get their fair share, and they do so by trying to obtain the maximum multi-jurisdictional transaction profit. Consequently, the OECD attempts to provide guidance on what constitutes a fair share. “What’s fair is just somebody’s opinion,” Tracy tells Tom.
Developing a Transfer Pricing Strategy
As a multinational corporation, it is crucial to set transfer pricing policies and business practices at the beginning. This involves identifying the appropriate methodology that will be used to price the transactions between affiliates. Documenting this process of analysis and conclusion helps to adopt a suitable transfer pricing methodology. In summary: perform analysis, document analysis, then adopt the findings in future transactions.
Tracy poses the question, “How often have you seen a company that’s got the policies and procedures, but somebody’s not following them?” Claiming to have global policies for all multinational intercompany transactions, and then failing to follow them leads to an extreme loss of credibility – this is why it is important to comply with local documentary requirements, “You’ve got to follow the laws, even if they’re a little bit different.”
Resources
Tracy Howell | Email | LinkedIn
Jonathan Armstrong and Tom Fox return for another episode of Life with GDPR. In this episode, we consider the Italian Data Protection Authority (the Garante) fine against Clearview AI €20m for GDPR violations. It is the latest in a series of regulatory actions in Europe and in Australia against Clearview AI and it also continues a trend of AI enforcement in Italy.
1. Who is Clearview AI?
2. What is this matter about?
3. The background facts and the Italian investigation.
4. What did the Garante say?
5. Lessons learned and next steps.
Resources
For more information on the Italian Clearview AI enforcement action, check out the Cordery Compliance, client alert on this topic, click here. For more information on Cordery Compliance, go their website here. Also check out the GDPR Navigator, one of the top resources for GDPR Compliance by clicking here.
