All articles tagged with #us regulator
The US regulator has postponed its decision on Eli Lilly's experimental Alzheimer's drug, donanemab, citing the need for more time to review additional data. The drug has shown promise in slowing the progression of the disease, and the delay in the decision is seen as a setback for the company's efforts to bring a new treatment to market.
The US regulator is considering revoking Boeing's authority to self-inspect its planes, a privilege the company has held for decades, amid concerns over the safety of its aircraft. This move comes after a series of safety and quality control issues with Boeing's planes, including the 737 MAX crisis. If implemented, this change could significantly impact Boeing's operations and the aviation industry as a whole.
The US regulator has issued a warning about the growing risk that artificial intelligence (AI) poses to financial markets. The regulator highlighted concerns about the potential for AI to amplify existing market vulnerabilities and create new ones, including the risk of market manipulation and systemic failures. The warning comes as AI continues to play an increasingly prominent role in financial decision-making and trading activities.
The US Public Company Accounting Oversight Board (PCAOB) has fined PwC's China arm $7 million for failing to prevent widespread cheating by its staff during internal training exams in mainland China and Hong Kong. The penalties are the first enforced against Chinese companies since a 2022 agreement allowing US regulators to investigate firms in mainland China and Hong Kong. PwC workers engaged in improper answer sharing, resulting in a gross violation of quality control standards. PwC Hong Kong and mainland China have been ordered to pay $4 million and $3 million, respectively. The PCAOB has also penalized a mainland Chinese accounting firm, Shandong Haoxin, for violations including issuing a false audit report.
Equitrans Midstream has reached a consent agreement with the US pipeline regulator, the Pipeline and Hazardous Materials Safety Administration (PHMSA), for the Mountain Valley Pipeline (MVP) project. The agreement allows for previously planned inspections to verify the pipeline's integrity and includes other measures. The $6.6 billion gas pipeline project has faced legal challenges since its construction began in 2018. Environmentalists have raised concerns about its impact on soil and water quality. Equitrans Midstream believes that transparently outlining the steps being taken to responsibly complete construction will enhance public confidence in the pipeline's safe operation. The consent agreement is not expected to significantly affect the project's cost or schedule.
KPMG and PwC have been criticized by the US audit watchdog for their handling of audits of Chinese companies. The Public Company Accounting Oversight Board (PCAOB) said the two accounting firms had failed to properly scrutinize the work of their Chinese affiliates, which had led to audit failures. The PCAOB has been unable to inspect audit work in China since 2014, when Beijing stopped it from doing so.
A short seller warned a US regulator about Signature Bank in January, alleging that the bank had "numerous ties to the underworld". The bank has denied the allegations and said it is cooperating with regulators.