Corporate Regulatory Compliance
Companies are facing an increase in time and financial resources necessary develop appropriate security policy and corporate compliance plan to ensure corporate regulatory compliance with the promulgation of national regulations and professional and corporate governance standards being put into effect in the world economy. Participants include both large and mid-sized publically traded companies who must adapt to more rigorous and exacting measures pertaining to security compliance for payment card and credit card processing and management certification of internal control for financial reporting.
Regulatory Compliance
Corporate governance and compliance laws which are having an impact on companies worldwide include:
- Sarbanes Oxley Act (SOX)
- US rules on accounting and corporate governance. Sarbanes Oxley Compliance is overseen by the Securities and Exchange Commission (SEC).
- J-SOX
- Japanese standards for evaluation and auditing of internal controls based on the Financial Instruments and Exchange Law with intended goals similar to those of SOX compliance.
- Multilateral Instrument MI 52-109 Canadian regulations on the certification of the financial information delivered in the annual reports of Canadian companies including TSX-listed companies and companies with a real and substantial connection to Ontario.
- Bill 198
- Canadian legislation giving authority to the canadian securities administrator to develop an instrument requiring CEOs and CFOs to certify annual and interim finacial filings. Bill 198 has characteristics similar to those of sarbanes oxley compliance Section 302.
- MI 52-109
- Gramm Leach Bliley Act (GLB Act)
- The Financial Modernization Act of 1999 is a set of US regulations to protect personal financial information held by banks and other financial institutions.
- PCI DSS Payment Card Industry
- Digital security standards to enhance the security of payments and ensure privacy of customer financial information.
- HIPAA
- The Health Insurance Portability and Accountability Act enacted by the US Congress in 1996 are regulations for the protection of medical information including privacy requirements, a HIPAA compliance statement and security regulations related to health plans and coverage under group health insurance.
- LSF
- Loi de Sécurité Financière is a French law for companies' internal controls to improve transparency of financial reports. The law's aims are closely related to those of the Sarbanes Oxley Act in the United States.
- Basel II
- International capital framework governing the capital of banks worldwide. The Basel Accords consist of recommendations on banking compliance laws and rules issued by the Basel Committee on Banking Supervision.