Financial Regulatory Forum

U.S. brokerage regulator warns of ‘unpleasant surprises’ on ETNs

By Guest Contributor
July 11, 2012

By Stuart Gittleman

NEW YORK, July 11 (Thomson Reuters Accelus) – The Financial Industry Regulatory Authority, the U.S. brokerage regulator, warned investors Tuesday in an alert of the features and risks of exchange-traded notes.

Barclays scandal highlights value of monitoring and testing – governance experts

By Guest Contributor
July 10, 2012

By Emmanuel Olaoye

WASHINGTON/NEW YORK, July 10 (Thomson Reuters Accelus) - A major theme in the Barclays scandal over rate-rigging is the firm’s failure to conduct adequate monitoring and testing of its compliance program, governance experts have told Thomson Reuters Accelus.

First wave of U.S. living wills has limitations, but offers useful start

By Guest Contributor
July 9, 2012

By Bora Yagiz

NEW YORK, July 9 (Thomson Reuters Accelus) - The “living will” resolution plans submitted to U.S. regulators by nine big banks last week suffer from a number of limitations, including narrow scenarios of financial distress and an assumption that regulators will be coordinated in their approach. But there will be plenty of opportunity to perfect the blueprints.

Exclusive jurisdiction clauses fall in the face of FINRA proceedings

By Guest Contributor
July 5, 2012

By Christopher Elias (UK)

LONDON, July 5 (Business Law Currents) – The English courts recently decided that an exclusive jurisdiction clause between Citigroup’s English subsidiary and two corporate vehicles of family trusts belonging to a Saudi Arabian family did not prohibit the Saudi investors from bringing FINRA arbitration proceedings against Citigroup’s U.S. arm.

U.S. securities regulators focus rulemaking, exams on retirement products

By Guest Contributor
July 5, 2012

By Stuart Gittleman

NEW YORK, July 5 (Thomson Reuters Accelus) – The U.S. Securities and Exchange Commission will return its rulemaking and examination focus to retail sales of retirement products, a Division of Investment Management official told the Insured Retirement Institute, an industry group.

Barclays case gives U.S. futures regulator more clout on overseas derivatives, funding

By Guest Contributor
July 5, 2012

By Nick Paraskeva

NEW YORK, July 5 (Thomson Reuters Accelus) - The U.S. Commodity Futures Trading Commission’s $200 million settlement with Barclays for manipulation and false reporting of benchmark interest rates not only helped fuel a firestorm that consumed the bank’s top management. It also gives the futures regulator more clout to apply new Dodd-Frank swaps rules to activities abroad despite industry and political opposition, and to make a case against congressional Republicans for a strong enforcement budget.

Barclays’ governance, compliance weaknesses exposed in U.S. regulator’s findings

By Guest Contributor
July 3, 2012

By Emmanuel Olaoye

WASHINGTON/NEW YORK, July 3 (Thomson Reuters Accelus) - A U.S. regulator’s case against Barclays revealed significant failures with the bank’s internal controls as well as failures with its corporate governance.

First wave of U.S. “living wills” provides a blueprint for the industry

By Guest Contributor
July 2, 2012

By Bora Yagiz

NEW YORK, July 2 (Thomson Reuters Accelus) - The biggest U.S. banks and foreign banks with U.S. operations will show regulators and the world this week how they are not “too big to fail.”

Suit against U.S. Consumer Financial Protection Bureau could force it to define limits to its authority, says banking industry lawyer

By Guest Contributor
June 29, 2012

By Emmanuel Olaoye

NEW YORK, June 29 (Thomson Reuters Accelus) - Even if a small bank’s lawsuit challenging the authority and leadership of U.S. Consumer Financial Protection Bureau fails in court, it could force the bureau to publicly define its limits, a top banking industry lawyer said.

U.S. state oversight of small investment advisers takes effect; exams and enforcement loom

By Guest Contributor
June 28, 2012

By Jason Wallace

SAN DIEGO/NEW YORK, June 28 (Thomson Reuters Accelus) – A long anticipated and well-publicized deadline for “the switch” is here. According to recent estimates, 2,500 investment advisers with less than $100 million of regulatory assets under management will make the switch from the U.S. Securities and Exchange Commission oversight to registration and in one or more states, with the prospect of more frequent exams and vigorous enforcement.
Today’s deadline requires the firm to be registered in the applicable states and withdraw its SEC registration by the end of the day. Although the proverbial switch has been pulled, the regulatory changes have just begun. Newly transitioned mid-sized advisers will now face an imminent regulatory exam and be required to comply with unique state compliance requirements. (more…)