Firms may have to submit income estimates by 15 November

Experts said the proposed draft rule will increase the compliance burden for the industry. Photo: Mint

Experts said the proposed draft rule will increase the compliance burden for the industry. Photo: Mint

New Delhi: Income tax officers chasing the government’s revenue targets may no longer have to informally call up chief financial officers of companies enquiring how much advance tax they are about to pay in a quarter or gently persuade them to err on the higher side on their tax outgo.

The Central Board of Direct Taxes (CBDT) has proposed to introduce a new rule asking companies with annual income of Rs1 crore and professionals with Rs50 lakh income per year to report estimates of current income, tax payments and advance tax liability on a voluntary basis.

The estimate of income up to 30 September has to be given by 15 November, which gives assessees about 45 days to make an estimate. Although taxpayers will have an idea of their cash receipts, they may have to wait till the end of the financial year to decide whether it can be recognized as income accrued and therefore it will still be treated as an income estimate for the half-year period.

In case, the income estimate is less than the income for the previous corresponding period by Rs5 lakh or 10%, whichever is higher, the assessee has to give another estimate of income as on 31 December before the end of the following month.

Once this requirement proposed in a draft rule is implemented, the tax department will have a new set of data on estimated income for the financial year which will help in identifying sectors and regions where tax receipts are lagging behind. It will also boost the department’s revenue mobilisation steps.

An official statement from the finance ministry said that accurate estimation of current income and advance tax liability will help assessees avoid interest for default or deferment of advance tax.

“The proposed changes in rules on intimation of estimated income and tax liability is aimed at closely monitoring revenue collections. It will enable the tax department to project revenue receipts more accurately,” said Amit Maheshwari, partner, Ashok Maheshwary and Associates Llp.

Experts said the proposed draft rule will increase the compliance burden for the industry.

“The details to be provided in Form 28AA regarding details of taxable income for the period up to 30 September or 31 December of the year immediately preceding the ‘previous year’ may not be readily available with the companies and they may be required to undertake further exercise to compute the same as the said details has to be accurate but not merely an estimate,” said Amit Singhania, partner, Shardul Amarchand Mangaldas & Co., a law firm.

‘Previous year’ in tax parlance refers to the financial year in which taxable income is earned.

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Markel Enhances Professional Liability Coverage for Hard-to-Place Law Firms

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Markel Corporation has enhanced its policy form and protections for hard-to-insure law firms which can no longer secure coverage in the admitted markets.

This coverage is available on an excess and surplus (E&S) lines basis using a claims-made policy form. Highlights include: disciplinary proceedings coverage up to $50,000; policy limits of $5 million per claim/aggregate; coverage for breach of network and information security system; and new optional coverage enhancements—mutual choice of counsel, subpoena coverage, and expanded consent to settle provisions.

Target risks are law firms with three to 50 attorneys. Risk management services include a risk management hotline, and claims are adjusted by an in-house, dedicated team of Markel professionals.

The product is available through regionally-based underwriting teams located in Richmond, Va; Chicago; Plano, Texas; Red Bank, N.J.; New York City; Alpharetta, Ga.; Scottsdale, Ariz.; Woodland Hills, Calif; and, San Francisco.

Markel Corporation is a diverse financial holding company serving a variety of niche markets. The company’s principal business markets and underwrites specialty insurance products.

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At Dubai expo, Chinese firms look to tap lucrative halal market

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Exhibitors display lamb meat during the Halal Expo Dubai, dedicated to the growing halal food industry, on September 18, 2017

Exhibitors display lamb meat during the Halal Expo Dubai, dedicated to the growing halal food industry, on September 18, 2017

Exhibitors display lamb meat during the Halal Expo Dubai, dedicated to the growing halal food industry, on September 18, 2017

Standing behind her stall at a Dubai exhibition centre, Dai Dong He offered passersby what looked like carefully wrapped biscuits or chocolates.

“This is dry beef, beef snacks,” said Dai, general manager of Anhui Central Asia Food Co., one of eight Chinese firms from Anhui Province displaying products at Halal Expo Dubai 2017.

Dubai is hosting the show for the ninth year running, with the Gulf emirate positioning itself as a major hub for the halal industry, a booming $3 trillion market for goods and services that are permissible under Islamic law.

In recent years Chinese firms have increasingly looked to tap the market, with organisers of the two-day show, which was set to close on Tuesday, saying the Chinese halal sector is forecast to hit $1.9 trillion by 2021, an average growth rate of nine percent from its 2015 level.

Exhibitors from China said one of the keys to gaining a foothold in the market was winning the trust of consumers.

“We make sure our food is halal,” Dai told AFP, noting that the company buys meat from Chinese Muslims to ensure slaughtering is done according to Islamic tradition.

Nicholas Hsiu, a manager with ARA Halal Development Service Center, said the show was an opportunity to promote the company’s exports.

“We want to export to Muslim countries… We hope to introduce our products and export to the United Arab Emirates and the Middle East,” he told AFP.

An exhibitor displays honey during the Halal Expo Dubai, dedicated to the growing halal food industry, on September 18, 2017

An exhibitor displays honey during the Halal Expo Dubai, dedicated to the growing halal food industry, on September 18, 2017

An exhibitor displays honey during the Halal Expo Dubai, dedicated to the growing halal food industry, on September 18, 2017

The company manufactures various types of halal noodles and has obtained certificates from recognised Islamic accreditation bodies in Hong Kong and elsewhere, Hsiu said.

Seventy-five exhibitors from 15 countries, including Malaysia, the global leader in halal exports, Pakistan, Kazakhstan, Thailand, Switzerland and others took part in the show.

– Global halal hub –

The industry encompasses food, beverages, fashion, cosmetics, tourism, and the $2 trillion Islamic financial industry. For food products the key is ensuring no traces of pork or alcohol, which are strictly banned by Islamic teachings.

Exhibitors from Malaysia displayed a wide-range of cosmetics, beauty care products and agricultural seeds that one firm claimed “are better than Viagra”.

Mountain honey processed to conform with Islamic requirements was displayed by one Pakistani firm, while exhibitors from Kazakhstan presented various types of chocolates.

Standing at a stall packed with natural cosmetics, Nur Syarifatun Nadzirah, the managing director of Gaveno Green Resources in Malaysia, said the company ensured its products comply with halal rules.

“We make sure that all the ingredients are halal… We have certification” from well-established Malaysian bodies, she told AFP.

Dubai, which unlike its oil-rich Gulf neighbours has a highly diversified economy, has been vying to become the global hub for the halal industry.

The United Arab Emirates, of which Dubai is a component, imports about $20 billion in halal products every year, part of the some $50 billion imported annually by the six Gulf Cooperation Council states.

As well as holding conferences and exhibits, Dubai is establishing standardisation bodies like the Emirates International Accreditation Centre.

The centre is one of several international organisations that set guidelines and issue certificates for products that conform to Islamic rules.

An exhibitor displays products during the Halal Expo Dubai, dedicated to the growing halal food industry, on September 18, 2017

An exhibitor displays products during the Halal Expo Dubai, dedicated to the growing halal food industry, on September 18, 2017

An exhibitor displays products during the Halal Expo Dubai, dedicated to the growing halal food industry, on September 18, 2017

The initiative is part of efforts “for Dubai to become the capital of the Islamic economy,” Amina Ahmed Mohammed, the centre’s CEO, told AFP.

The emirate is also looking to overcome one of the main challenges facing the industry — different and sometimes conflicting standards and requirements depending on interpretations of religious texts.

“The UAE has launched an international forum for the accreditation of halal organisations… in a bid to unify procedures around the world,” Mohammed said.

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UK firms make huge profits on arm sales to Saudi Arabia

British companies selling weapons have earned hundreds of millions of dollars by selling arms to Saudi Arabia during the ongoing war in Yemen, a report says.

New estimates released by the children’s charity War Child reveal that since the Saudi-led coalition began its intervention in Yemen, UK weapons companies including BAE systems and Raytheon have earned revenues exceeding $8bn from dealings with Saudi Arabia, generating profits estimated at almost $775m.

The UK government, however, has received just $40m of corporate tax, the report said.

“This tax revenue figure is pitifully small and comes at the cost of thousands of children who have been killed, injured, and starved by a conflict that this trade has helped sustain,” the report said.

A Saudi-led military coalition was formed in March 2015 to support Yemen’s internationally recognised government in fighting the Iran-backed Houthi rebels. 

READ MORE: UK activists demand end to Saudi Arabia, UAE arms sales

The conflict has killed more than 10,000 people and has injured more than 40,000 to date, according to the United Nations.

In the past three years, the UK has approved arms export licences to Saudi Arabia worth $4.7bn, including the Tornado aircraft, which is partially manufactured by BAE systems, vehicles and tanks, including BAE’s Tactica armoured vehicles valued at $580,000 and $1.48bn worth of grenades missiles and bombs.

Since then, Saudi Arabia has been involved both directly and indirectly in the conflict in Yemen, where it faces accusations of war crimes and other abuses.

The report argues that the policy of selling arms to Saudi Arabia is financially inconsistent and does not “represent good value for money”.

The UK reaps a minimal tax take from arms sales in Saudi Arabia – just $18m in corporation tax in 2016 – yet, the will spend $187m in humanitarian aid to Yemen, according to War Child. 

“The arms trade directly counteracts much of the benefits Yemeni children and other civilians might expect to receive from the provision of aid, undermining the Department for International Development’s policy of getting value for money from the aid it commits,” the report said.

In July, Campaign Against Arms Trade (CAAT) lost a high-profile case calling for UK arms sales to Saudi Arabia to be stopped over humanitarian concerns.

The High Court ruled that there had been extensive political and military engagement with Saudi Arabia regarding the conduct of operations in Yemen and the Saudis had “sought positively to address concerns about international humanitarian law”.

Days after the court ruling, the British government licensed $321m worth of arms sales to Saudi Arabia in the six months after an air raid by the Saudi-led coalition killed 140 people at a funeral in the Yemeni capital Sanaa. 

The country is also facing a health crisis, with more than 2,000 people having died from cholera since April, more than half a million people infected, and another 600,000 expected to contract the infection this year.

Aid groups have also accused Saudi Arabia of blocking needed assistance and goods from areas that are most in need. 

Saudi Arabia and its allies have said they aim to prevent arms shipments to the Houthis, but aid groups say the curbs have deepened the suffering of millions.

The coalition has repeatedly been criticised for civilian casualties. Human Rights Watch accused it on Tuesday of war crimes, saying air raids that hit family homes and a grocery store were carried out either deliberately or recklessly, causing indiscriminate loss of civilian lives.

Source: Al Jazeera News

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UK firms pay ‘pitiful’ tax on vast Saudi arms sale profits

Saudi Brigadier General Ahmed Asiri, spokesman of the Saudi-led coalition, speaks to the media next to a replica of a Tornado fighter jet, at the Riyadh airbase on 26 March 2014 (AFP)

The UK arms industry has generated hundreds of millions of dollars in profits from its dealings with Saudi Arabia during the conflict in Yemen, but the UK government has received just $40m of corporation tax, a new report says.

The report, released by children’s charity War Child, claims that corporations, including BAE systems and Raytheon, have made an estimated $775m in profit on $8bn worth of revenue by selling arms to Saudi Arabia between March 2015 and the end of 2016. 

Yet corporation tax receipts since the war in Yemen began stands at just $40m, something the NGO describes as “pitiful”.

The Saudi-led coalition’s war against Houthi rebels has seen numerous human rights violations take place, rights groups say, and has already claimed the lives of 10,000 civilians according to the UN. A UNICEF tally has put the number of children in need of treatment for malnutrition at 3,000,000.

According to its own figures, the UK government granted arms export licences to Saudi Arabia consisting of just under $3bn worth of aircraft, helicopters and drones. This includes the Tornado aircraft, which is partially manufactured by BAE systems; vehicles and tanks, including BAE’s Tactica armoured vehicles valued at $580,000; and $1.48bn worth of grenades missiles and bombs, including Raytheon’s Paveway IV bombs.

Huge earnings

BAE Systems has made the bulk of the profits, raking in $291m in operating profit from March 2016 until the year’s end, and $449m for the whole of 2017. 

Meanwhile, bonuses earned by what the report calls industry “fat cats” can sometimes run into the millions. The pay packet offered to incoming BAE boss Charles Woodburn in March and which led to a shareholder revolt, was worth more than $10m and would be enough to employ more than 320 life-saving paediatric nurses, the report says.

In comparing the $40m in corporation tax receipts with the $187m of humanitarian aid the UK will give to Yemen this year, the report argues that the UK taxpayer is “not getting value for money” for its aid spending.

“While the UK’s humanitarian leadership is to be applauded, the concurrent sales of arms with which the conflict is conducted represents a disconnect between the government’s international development policy and its wider trade, security and foreign policy agendas,” the report says.

“The arms trade directly counteracts much of the benefits Yemeni children and other civilians might expect to receive from the provision of aid, undermining the Department for International Development’s policy of getting value for money from the aid it commits.”

The UK government has faced criticism from MPs and campaign groups for its support of the Saudi-led coalition, which was initially included on the UN’s list of states found to be committing grave violations against children in conflict in 2016.

“The evidence we have heard is overwhelming that the Saudi-led coalition has committed violations of international law, using equipment supplied by the UK,” said Stephen Twigg MP, chair of the House of Commons International Development Committee, who had called for a halt of arms sales pending an investigation in 2016.

In July, Campaign Against Arms Trade (CAAT) lost a high-profile judicial review in which the UK High Court ruled that the government had not contravened international humanitarian law by sanctioning the sale of arms to Saudi Arabia, days after which $321m worth of UK arms to the Saudis were approved.

That deal had been halted six months earlier after an air strike hit a funeral hall in the Yemeni capital Sanaa, killing 140 people.

War Child began operations in Yemen earlier this year and is said to have provided food vouchers for over 1,000 households to access life-saving food items.

As a cholera epidemic that has already infected half a million people continues to unfold across the country at a rate of 5,000 new cases a day, the NGO has been working to raise awareness of the disease and to identify malnutrition in children.

Children have been hit particularly hard by the two year-old conflict, with 1,660 schools damaged, occupied or closed, and a quarter of school-age children out of education according to Save the Children.

“I find it morally repugnant that the UK government is allowing companies to make killer profits from the deaths of innocent children,” said Rob Williams, CEO of War Child UK.

“Thousands of children have died and millions more are at risk. The British government is shamefully complicit in their suffering and justifies it with promises of economic prosperity, which this report embarrassingly discredits.”

A British foreign office spokesperson told MEE that the government took its defence export responsibilities very seriously and operared “one of the most robust export control regimes in the world”.

“The UK is the third largest donor to Yemen, having committed over £139 million in UK aid this year. We are also playing a leading role in diplomatic efforts to achieve a political solution which can end the conflict and the terrible humanitarian suffering, including building support for the UN Special Envoy’s proposals for peace,” the spokesperson said.

“We remain deeply concerned about the human rights situation in Yemen and will continue to work with all parties to find a political solution to the conflict.”

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PSU listed firms may be first to separate chairman, MD posts

Sebi had set up the 21-member panel in June this year to advise it on issues relating to corporate governance. Photo: Aniruddha Chowdhury/Mint

Sebi had set up the 21-member panel in June this year to advise it on issues relating to corporate governance. Photo: Aniruddha Chowdhury/Mint

New Delhi: As a Sebi panel on corporate governance mulls benefits of splitting the posts of chairman and managing director at listed firms, the public sector units may be the first where such a move could be implemented.

While a final decision would be taken by capital market regulator Sebi with regard to listed companies, the public sector banks already have separate persons for the positions of chairman and MDs as per the decision taken by the government and the Reserve Bank of India (RBI).

Sebi rules require that the listed companies may voluntarily separate the two posts to avoid any conflict of interest, but the regulator has so far refrained from making it mandatory.

However, a Sebi panel on corporate governance is now discussing a proposal to suggest to the regulator that the two posts at listed companies should be separated for better business practices, a member said.

As the board, headed by chairman, is required to play a supervisory role about the decisions taken by the managing director or CEO-led management, it would give a strong signal about robust corporate governance practices at listed firms in India if the two posts are held by separate individuals, the Sebi panel member added.

A number of advanced economies have similar rules while the split in the two posts at banks has worked out well in India also, he added.

The panel is also looking into a comparative study of the corporate governance practices at various Indian listed firms that have voluntarily split the two posts, as against those where the two posts are held by the same person who also happens to be from the promoter family in majority of the cases.

The panel is expected to submit its report to Sebi next month after which the regulator will take a final call and initiate a public consultation process, if required.

“Managing directors work under the supervision of the board of directors whereas chairman is the head of the board, therefore common position of chairman and MD always leads to potential conflict of interest. Splitting of position of chairman and MD is a welcome step towards better corporate governance as it will make easier for the board members to review the performance of the MD and fix accountabilities for his functioning,” said Pavan Kumar Vijay, founder, Corporate Professionals.

“Non-executive chairman will have lesser conflict and unbiased approach towards the functioning of the executives, including the managing director,” he added.

“This step is forward looking and already PSU banks have implemented it. This will enable better governance and will augment independence,” said S. Ravi, chartered accountant, who has been on several PSU boards.

Sebi had set up the 21-member panel in June this year to advise it on issues relating to corporate governance. It includes representatives from companies, stock exchanges, professional bodies, investor groups, law firms, academicians, research professionals and Sebi officials.

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New law firm seeks would-be gov’t whistleblowers, requires Tor and SecureDrop

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Kate Ter Haar

On Monday, a former top State Department official who blew the whistle three years ago on what he saw as overzealous surveillance announced a new non-profit law firm, Whistleblower Aid. Unlike most other whistleblowing organizations, however, Whistleblower Aid is employing a few crucial digital tools to help, including Tor and SecureDrop—and it’s entirely pro bono.

“We’re also helping people go to Robert Mueller if they have evidence of crimes by senior officials,” John Tye, the former official, told Ars, referring to the Department of Justice special counsel that is currently investigating possible collusion between the Trump campaign and Russia during the 2016 presidential election.

Tye’s partner is Mark Zaid, a well-known national security attorney based in Washington, DC. Unlike most modern law firms, which conduct nearly all business by phone and e-mail, Whistleblower Aid outright eschews these methods.

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“You should only discuss your case with a lawyer that you trust, over a secure channel,” the group’s site proclaims. “Never use e-mail, web forms, regular phone calls or text messages. In-person meetings should be conducted away from all electronic devices.”

In addition to its regular webpage, Whistleblower Aid also maintains a .onion URL as well: http://wbaidlaw6quwv7h3.onion/.

“We want to earn the trust of people who have been 20-year veterans at the NSA,” Tye continued. “It’s the only way we felt that we could provide the security that our clients would want.”

Perhaps more importantly, Whistleblower Aid requires the use of SecureDrop—a Tor-enabled submissions system that was originally designed for journalists.

“You and I know the last 10 years it’s been one data breach after another, private corporations, government agencies, the Office of Personnel Management hack, even the NSA is getting hacked and having their own tools stolen,” Tye added. “So digital security is at the front of everyone’s mind. It was at the front of my mind at State and I didn’t want to put my complaint in an e-mail or a call. We are creating the highest level of security that we can create and that’s to build the trust of people who have very sensitive information.”

Three years ago, in the aftermath of the Snowden revelations, Tye told anyone who would listen to focus on the authority that the federal government claims under Executive Order 12333—”twelve triple three.”

When he first stepped into the limelight in the spring of 2014, John Tye tried really, really hard to stay within the official channels of whistleblowing. He didn’t send a cache of documents to WikiLeaks. He didn’t leak selected materials to journalists. Rather, he took the slow, methodical route—filing formal complaints with various Inspector General offices and sending letters to Congress. He only received perfunctory responses, nothing substantial.

Then, in July 2014, Tye publicly aired his grievances in the op-ed pages of The Washington Post. The piece was even submitted for pre-publication review by the State Department and the NSA to ensure the op-ed did not contain classified information, but neither agency appears to have changed a single word.

In the three years since he came forward, Tye admitted that the government’s policies with respect to 12333 hadn’t “measurably changed,” but he added that if he had chosen to leak outside of official channels, “I could have been prosecuted,” he said. “I’m not sure that doing it a different way would have solved it.”

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Slovak firms fail to defend against modern cyber attacks

The companies often think that the standard systems are enough to protect them from threats.

The majority of companies in Slovakia use standard IT security systems to protect themselves from threats, such as anti-virus programmes and firewalls. On the other hand, only a few firms use more sophisticated security tools against modern threats like ransomware or other attacks resulting in the failure of websites and services.

This information stems from the recent survey carried out by the GfK agency in May among more than 100 IT managers and company owners. It suggests that while 93 percent of companies use the former group of security tools, the latter is used by only 38 percent of firms, the SITA newswire reported.

The companies often think that the standard systems are enough to protect them from threats and to meet the legal requirements, explains Roman Čupka, regional country manager of Flowmon Networks.

“On the other hand, these tools fail to quickly and effectively respond to sophisticated threats, like the Wanna Cry attack or the so-called DDoS attacks that have recently put the websites of Fun Radio, Sme and RTVS out of operation,” Čupka said, as quoted by SITA.

Companies have good experiences with both kinds of protection, the GfK survey showed. While 83 percent of respondents said they consider the ordinary systems beneficial, 80 percent said the same about the above-standard systems.

The survey also suggests that the importance of sophisticated security solutions is underestimated not only by their limited use, but also by weak investment plans that companies have been following for years. About 20 percent of companies plan to invest in above-standard IT systems in the following three-five years. The percentage of companies planning to invest in standard IT systems is slightly lower: only 16 percent.

“In terms of the massive widening of the new types of threats that can avoid the ordinary preventive protection of the computer networks, this number is quite low,” Čupka said, as quoted by SITA.

Yet, new legislation, such as the draft law on cyber security and the new regulations concerning the protection of personal data, will force many organisations to deal with preventive security measures and also utilise above-standard solutions to identify and respond to these threats as soon as possible, he added.

As many as 37 percent of organisations plan to use the new tools to protect themselves from harmful code in the following three-five years. They then want to implement new technologies for application security, for recording the activities of infrastructure and IT systems, their users and administrators, as well as tools for detection, collection and assessment of cyber events and to verify the identity of users planning to enter the information systems, SITA reported.

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New York governor wants credit-reporting firms to follow cyber rules

WASHINGTON/NEW YORK (Reuters) – New York Governor Andrew Cuomo said on Monday that he wants credit-reporting firms to comply with the state’s cyber-security regulations, the latest government official to crack down on the industry in the wake of the massive Equifax hack.

Also on Monday, Bloomberg News reported that federal authorities have opened a criminal probe into stock sales by three Equifax Inc (EFX.N) executives before the company disclosed the massive data breach, news that has weighed heavily on the stock price.

The company has said the executives were unaware of the hack when they sold the stock for $1.8 million.

Equifax shares rose 1.5 percent on Monday after losing about a third of their value since the hack was announced. The Equifax breach discovered on July 29 exposed sensitive data like Social Security numbers of up to 143 million people.

Cuomo said he planned to require all credit-reporting agencies to register with the state and comply with its cyber-security rules.

The proposed regulation would take effect in February, Cuomo said in a statement. If the companies do not register, they risk being barred from doing business with financial companies regulated by New York state.

The state would be able to bar credit-reporting agencies, including TransUnion (TRU.N) and Experian Plc (EXPN.L), as well as Equifax, from doing business in New York if the state found they engaged in “unfair, deceptive or predatory practices,” Cuomo said.

“The Equifax breach was a wake-up call,” Cuomo said. “And with this action, New York is raising the bar for consumer protections that we hope will be replicated across the nation.”

Proposed regulations are typically subject to a period for public comment before they become final.

A New York state cyber-security regulation, the first of its kind in the United States, took effect on March 1. It requires financial firms to take measures to protect networks and customer data from hackers and disclose cyber events to regulators.

Maine is the only U.S. state that requires credit agencies to register, said William Lund, superintendent of the Maine Bureau of Consumer Credit Protection. But its law does not cover cyber security, an issue the bureau will have to consider, Lund said.

Maine, which has been registering credit-reporting agencies since the 1990s, has 30 such agencies on its roster, ranging from the largest to those dealing with everything from check approval to tenants’ rental histories, he added.

The three credit-reporting agencies did not respond to requests for comment on Cuomo’s plan.

Bloomberg reported on Monday that the U.S. Justice Department is investigating whether Equifax’s chief financial officer, John Gamble, and two other executives broke insider-trading rules by selling stock after the breach was discovered in July and weeks before it was disclosed this month.

Reuters was not able to confirm the Bloomberg report.

Separately, the company issued a statement saying a second Bloomberg report late on Monday about a second cyber attack in March referred to a breach at Equifax payroll unit that was previously reported to regulators, customers and consumers and also been covered by the press.

“Equifax complied fully with all consumer notification requirements related to the March incident. The two events are not related,” the statement said.

Reporting by Diane Bartz and Suzanne Barlyn; Additional reporting by Sarah N. Lynch, David Shepardson and Dustin Volz; Editing by Jim Finkle, Leslie Adler and Michael Perry

Our Standards:The Thomson Reuters Trust Principles.

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