Financial Regulatory Forum

Future higher ethical standards will judge today’s conduct, compliance experts say

March 14, 2013

By Stuart Gittleman, Compliance Complete

NEW YORK, March 14 (Thomson Reuters Accelus) – Companies that want to manage their legal and regulatory liability and their reputational capital should treat current standards as the starting point – not the finish line – for their ethics and compliance programs, conference attendees heard Tuesday.

IA brief: If you haven’t joined the social media bandwagon, you’re not alone

February 27, 2013

By Jason Wallace, Compliance Complete

NEW YORK, Feb. 27 (Thomson Reuters Accelus) – Financial planners use social media in their personal lives but shy away from it professionally out of concern over compliance issues and an uncertain regulatory environment, a recent survey reveals.

Compliance is today’s slogan for upcoming law graduates, conference speakers say

February 13, 2013

By Stuart Gittleman, Compliance Complete

NEW YORK, Feb.13 (Thomson Reuters Accelus) – “I just want to say one word to you. Just one word. Are you listening? Plastics,” a business executive told a young Dustin Hoffman in the 1967 movie The Graduate.

U.S. financial examiners’ guidelines underline increasing role of social networks

February 13, 2013

By Bora Yagiz, Compliance Complete

NEW YORK, Feb. 13 (Thomson Reuters Accelus) – The guidelines on social media proposed by bank regulators comprising the Federal Financial Institutions Examination Council (FFIEC) in January are intended as a basic tool to help financial institutions identify potential trouble areas and address them as part of an overall risk management program.

AML again a top priority for broker-dealer exams, FINRA says

January 17, 2013

By Stuart Gittleman, Compliance Complete

(Additional reporting by Suzanne Barlyn of Reuters)

NEW YORK, Jan. 17 (Thomson Reuters Accelus) – Anti-money laundering compliance will again be a focus of Financial Industry Regulatory Authority examinations this year, particularly at broker-dealers with higher-risk business models due to their clients, products and service mix, or locations.

INTERVIEW: Volcker Rule, derivatives in U.S. business lobby’s sights for new year

January 7, 2013

By Emmanuel Olaoye, Compliance Complete

The U.S. Chamber of Commerce has been a leader in contesting U.S. regulators’ implementation of the Dodd-Frank Act. Lawsuits challenging the Securities and Exchange Commission and Commodity Futures Trading Commission over the justification for the rules have stopped some rules in their tracks and forced the regulators to hire more economic analysts.

U.S. using subpoenas under 1989 act as new tool to probe financial firms

January 3, 2013

By Andrew W. Schilling, Compliance Complete contributing author

The U.S. Department of Justice has increased its use of the Financial Institutions Reform, Recovery, and Enforcement Act(FIRREA) to prosecute wrong-doing by financial firms. Accordingly, more institutions may find themselves having to deal with a subpoena under the act, including those that are directly targeted under the act. In-house counsel would be well advised to familiarize themselves with the statute and to respond to such subpoenas cautiously.

INTERVIEW: Volcker Rule, derivatives in U.S. business lobby’s sights for new year

December 24, 2012

By Emmanuel Olaoye, Compliance Complete

WASHINGTON, Dec. 24 (Thomson Reuters Accelus) – The U.S. Chamber of Commerce has been a leader in contesting U.S. regulators’ implementation of the Dodd-Frank Act. Lawsuits challenging the Securities and Exchange Commission and Commodity Futures Trading Commission over the justification for the rules have stopped some rules in their tracks and forced the regulators to hire more economic analysts.

UBS felony plea in Libor deal ushers in tougher enforcement era

December 21, 2012

By Nick Paraskeva, Compliance Complete contributor

NEW YORK, Dec. 21 (Thomson Reuters Accelus) – The UBS felony fraud plea for manipulating reporting of the Libor interbank lending rate marks a regulatory turning point towards tougher enforcement. After the U.S. election confirmed Dodd-Frank is here to stay, and with most Group of 20 reforms mapped out, rulemaking will proceed at a slower pace. The shift will impact the financial-industry, both in the U.S. and globally, which will face a greater supervisory willingness to impose high penalties, and a focus on ethical compliance.

Dos and don’ts on handling a regulatory investigation

December 21, 2012

By Stuart Gittleman, Compliance Complete

NEW YORK, Dec. 21 (Thomson Reuters Accelus) – A “highly polarized (and) politicized environment” had made the job of defending against a regulatory investigation particularly challenging, Lawrence Zweifach, a Gibson Dunn law partner, told attendees at a New York City Bar Association program last week. But there are steps a firm can to take to face the challenges.