Japan's securities watchdog is set to recommend that Nissan Motor Co. be fined ¥2.4 billion ($22 million) over allegations that it underreported former Chairman Carlos Ghosn's remuneration for years, a source close to the matter said Monday. The recommendation by the Securities and Exchange Surveillance Commission, which has also filed a criminal complaint against Nissan and Ghosn over the alleged misreporting, will likely be made to the Financial Services Agency on Tuesday, the source said. The watchdog accused Nissan of violating the financial instruments law by underreporting Ghosn's pay package by around ¥9.1 billion in the eight years through March 2018 in the company's securities reports presented to regulators. The fine targets the underreported period of four years through March 2018 for which the statute of limitations has not expired. Initially, the penalty for Nissan was expected to reach ¥4 billion based on the amount of pay left out of submitted documents, but the automaker has asked the watchdog for a reduction in the fine by reporting the matter before an investigation got fully underway.
As the coronavirus pandemic grinds on, financial services institutions are coming out of crisis mode-- addressing immediate cash management and operational challenges--with a renewed readiness for business growth. Fortunately, most businesses across industries are doing a good job of navigating the pandemic and its economic fallout. According to a survey conducted by MIT Technology Review Insights, in association with Oracle, 80% of executives feel upbeat about their companies' ultimate objectives for 2021. They're either expecting to thrive--that is, sell more products and services--or change the way they do business. The worldwide research surveyed 297 executives in more than a dozen industries, primarily finance directors, C-suite, and information technology (IT) leaders.
The financial landscape has been rapidly evolving with the rise of financial technology (fintech) companies and startups that are more agile and technologically advanced. This has led financial services institutions (FSIs) to revise their business models and evaluate how they can integrate technology into their operations. Robotic process automation (RPA) is no longer a foreign term in the financial field. Pairing RPA with artificial intelligence (AI) creates intelligent process automation (IPA) that works as a catalyst in digital transformation in FSIs. Like many other industries, the financial field is heavily reliant on documents and legacy systems.
As artificial intelligence, innovation and digitalization continue to grab headlines, the one thing that sparks deep discussions is the subject of disruption. An ongoing theme that continues to affect individuals, industries and governments globally, disruption isn't solely a shift in economics, products or market trends (though it continues to be a key influencer), but it also has consequences for the new age customer, shaped by very different needs, behaviors and demands. So how does technology evolve financial services? What types of disruptions will emerge to reshape the entire industry? What does the future of financial services look like?
Risch was a lobbyist for the bankers group for four and a half years before joining the state Department of Financial Institutions in February 2015. He also previously worked as an aide to state Sen. Alberta Darling and former Sen. Cathy Stepp, who is now secretary of the Department of Natural Resources.