Financial Regulatory Forum

Two U.S. courts offer whistleblowers conflicting guidance on protections for internal reporting

By Guest Contributor
September 26, 2012

By Gordon Schnell and Marlene Koury, Thomson Reuters Accelus contributing authors

Financial cybercrime a national security threat, U.S. Justice Department official warns

By Guest Contributor
September 21, 2012

By Julie DiMauro and Stuart Gittleman

NEW YORK, Sept. 21 (Thomson Reuters Accelus) - U.S.-based financial services institutions that don’t tell law enforcement agencies about having been victimized by cybercrime are compromising the nation’s security as well as that of their firms, a top Department of Justice official warned this week.

New U.S. FinCEN director must bolster agency under pressure over Iran sanctions, money laundering

By Guest Contributor
September 21, 2012

By Brett Wolf

NEW YORK, Sept. 21 (Thomson Reuters Accelus) - When former Justice Department official Jennifer Shasky Calvery takes the reins at the U.S. Treasury Department’s anti-money laundering bureau on Monday, her first job is to revive the beleaguered agency amid pressure over Iran sanctions and money-laundering enforcement, sources said.

“Volcker rule” exemption for liquidity management remains half-thought

By Guest Contributor
September 19, 2012

By Bora Yagiz

NEW YORK, Sept. 19 (Thomson Reuters Accelus) - The question what distinguishes a “trading account” from a legitimate liquidity management program will be a primary concern as no less than four regulators, namely the Federal Reserve, the Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, finish work on the “Volcker rule” limiting risky trading by banks. The regulators jointly proposed last year the provisions for implementing section 619 of the Dodd Frank Act. Final rules are expected by year end.

IA brief: California broadens scope of private-adviser exemption

By Guest Contributor
September 12, 2012

By Jason Wallace

NEW YORK, Sept. 12 (Thomson Reuters Accelus) - California has broadened registration exemptions for private-fund advisers in a final rule adopted by the state Department of Corporations that considers the manager and its fund-investor characteristics rather than “assets under management” (AUM) or the number of clients.

SEC whistleblower program stricter than IRS bounty which paid $104 million to felon, former official says

By Guest Contributor
September 12, 2012

By Stuart Gittleman

NEW YORK, Sept. 12 (Thomson Reuters Accelus) - Rewards like the $104 million the Internal Revenue Service said Tuesday it would pay a convicted felon would not occur under a similar Securities and Exchange Commission program, a former official who helped develop the program told Compliance Complete. (more…)

Brokerages stumble on following in-house supervision rules – study

By Guest Contributor
September 11, 2012

By Suzanne Barlyn

CORONADO, Calif., (Reuters) – Wall Street’s brokerages are falling short when it comes to policing their brokers, according to a nationwide series of examinations by state regulators.

Retaliation rate against U.S. company whistleblowers climbs, senior staff affected, survey finds

By Guest Contributor
September 6, 2012

By Julie DiMauro

NEW YORK, Sept. 6 (Thomson Reuters Accelus) - Retaliation against workplace whistleblowers is rising sharply, expanding into previously safe categories of employees such as senior-level managers and even in workplaces with notably strong ethical cultures, a study found.

Standard Chartered case may not set model for targeting other banks

By Guest Contributor
September 5, 2012

By Aruna Viswanatha and Brett Wolf

WASHINGTON/ST. LOUIS, Sept. 5 (Thomson Reuters Accelus) - Benjamin Lawsky’s surprise move against Standard Chartered in an Iran sanctions case may have stunned the banking world, but it is unlikely to expand the scope of a series of similar U.S. cases against European banks that are still in the pipeline.
Lawsky, the New York state bank regulator, stunned the British bank, its shareholders and other U.S. authorities when he moved ahead last month with his own case against Standard Chartered, accused of hiding transactions involving Iran, which is under U.S. trade and economic sanctions. (more…)

Post-Katrina moves helped banks weather the storm after Isaac, says state banking official

By Guest Contributor
September 5, 2012

By Ted Knutson

WASHINGTON, Sept. 5 (Thomson Reuters Accelus) - Post-Hurricane Katrina disaster preparations helped banks weather the storm after last week’s Hurricane Isaac, Louisiana Office of Financial Institutions (Bank) Division Chief Examiner Sid Seymour told Thomson Reuters Monday.