FEI Weekly

June 14, 2019

These 4 companies are taking on a big blockchain project and the largest fine by the SEC ever.

These Companies Are Taking on a Big Blockchain Project

TechCrunch

IBM, KPMG, Merck, Walmart are coming together to help come up with a solution to track certain drugs as they move through a supply chain. The idea is to give each drug package a unique identifier that you can track through the supply chain from manufacturer to pharmacy to consumer.

KPMG Could Be Hit With Largest Fine by SEC Ever

WSJ - Paywall

SEC commissioners are expected to vote this month to approve the settlement, which would include the $50 million fine and a requirement that KPMG retain an independent compliance monitor for at least a year. The fine would be the highest ever imposed on an auditor in a SEC action. 

PwC Fined $5.8M by UK's FRC

Accounting Today

The breaches were “numerous and in certain cases were of a basic and/or fundamental nature, evidencing a serious lack of competence in conducting the statutory audit work,” according to an Financial Reporting Council (FRC) statement on Thursday.

How the SEC's Regulation BI Helps Retirees

Forbes

The SEC's 'best intent' rules for brokers and advisers say that broker-advisers must tell you how they're compensated up front and make an attempt to advise you in your best interest. For a tougher investor protection standard, you'll need to engage a true fiduciary.

Elon Musks' 6 Rules for Efficiency at Work

Business Insider

Elon Musk has a few rules for his workforce. On meetings, Musk says large-format meetings waste people's time, meetings should be infrequent unless a matter is urgent, and if you don't need to be in a meeting, leave. He also tells employees to avoid confusing jargon. Don't let hierarchical structures make things less efficient. Finally, if you need to get in touch with someone, do so directly.