Compliance Monthly archive

Mar 31, 2020
How banks should prepare for first-quarter earnings amid Covid-19
Given the rapid acceleration of the Covid-19 pandemic, the first-quarter 2020 reporting season will be the most challenging period for banks since the Great Recession.  Management teams will likely face many questions they have never been asked before as the investment community attempts to assess the current and future impact of the Covid-19 crisis on their companies. Based on our discussions ...
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Mar 27, 2020
The week in GRC: SEC extends relief amid Covid-19, and temporary succession planning looms
– The SEC announced that it is providing conditional regulatory relief for registered transfer agents through May 30, 2020, due to the impact of Covid-19. Those wishing to take advantage of the relief must tell the SEC in writing that they are doing so and describe the specific regulatory obligations they unable to comply with, as well as why they cannot do so.  – The ...
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Mar 24, 2020
How boards can approach the Covid-19 pandemic
The Covid-19 pandemic presents complex issues for corporations and their boards of directors to navigate. This briefing is intended to provide a high-level overview of the types of issues boards of both public and private companies may find useful to focus on in the current environment. Management bears the day-to-day responsibility for handling the corporation’s response to the pandemic. The board’s role is one of oversight, which requires monitoring management...
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Mar 23, 2020
Court grants Canadian banks approval for virtual AGMs
A group comprising some of the largest Canadian financial institutions has secured approval to take their upcoming shareholder AGMs to virtual-only or hybrid formats amid the Covid-19 pandemic. BMO, CIBC, Canadian Western Bank, Laurentian Bank, National Bank, RBC, Scotiabank, TD Bank, Great-West Lifeco, Canada Life, Manulife and Sun Life released a joint statement on March 20 saying that, ‘In line with the latest directives from public health and government author...
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Mar 20, 2020
The week in GRC: Boards plan for long-term pandemic impacts; and companies mull stock buybacks
– CNN reported that the French Competition Authority said it is fining Apple €1.1 billion ($1.2 billion) over restrictions it placed in contracts with wholesalers, the biggest antitrust fine the French authority has imposed. The regulator alleged that Apple and two of its wholesalers ‘agreed not to compete’ and as a result prevented distributors from competing with each other, ‘thereby...
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Mar 20, 2020
Canadian regulator provides regulatory filing extension due to Covid-19
The Canadian Securities Administrators (CSA) – the umbrella organization for regulatory bodies from 10 provinces and three territories – has offered an extension on regulatory filings for market participants including issuers and investment funds. On March 18, the CSA released a statement saying that eligible market participants could have a 45-day extension to filings due on or before ...
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Mar 03, 2020
California proposals offer CCPA clarification
The California Consumer Privacy Act (CCPA) went into effect on January 1, 2020, yet it did so with only initial draft regulations in place regarding its implementation and enforcement. Since then, California’s attorney general has issued modified proposed regulations to the data-privacy law, which towers in scope above anything else enacted ...
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