Financial Regulatory Forum

Link cyber and anti-money laundering units, but do not combine them — experts

March 30, 2016

(Thomson Reuters Regulatory Intelligence) – Last month’s cyber attack against Bangladesh’s central bank in which hackers stole $81 million from the bank’s account at the Federal Reserve Bank of New York and then laundered the funds has ignited a debate at U.S. financial institutions regarding whether cyber security and anti-money laundering units should be merged to better combat financial crime. (more…)

Potential Supreme Court tie on Obamacare contraceptives could snarl health insurers

March 14, 2016

By Michael Blissenbach, Regulatory Intelligence

(Thomson Reuters Regulatory Intelligence) – The U.S. Supreme Court on March 23 will hear arguments in a major Obamacare case over insurance and contraception, with a range of potential outcomes that became more complicated with the death of Justice Antonin Scalia.

Q&A: Occupy the SEC’s top lawyer, on post-Volcker banking and reform agenda

March 8, 2016

By Lawrence Hsieh, Practical Law for Regulatory Intelligence

(Thomson Reuters Regulatory Intelligence) – New Jersey attorney Akshat Tewary, a founder of the financial reform group Occupy the SEC (OSEC), says fighting on the side of the “99 percent” is an uphill battle, but he can cite successes and a continuing effort to influence industry regulation.

IMPACT ANALYSIS: Data protection practices and governance – action items for firms

March 3, 2016

By Julie DiMauro, Regulatory Intelligence

NEW YORK (Thomson Reuters Regulatory Intelligence) – Regulators want to see how well the organizations they oversee protect personal data. The challenge is to craft these protection protocols to meet their demands and to provide evidence of compliance.

Ontario’s no-contest settlement with CI Investments a lesson in self-policing

February 25, 2016

The Ontario Securities Commission (OSC) has approved a C$164 million no-contest settlement agreement (PDF) with CI Investments Inc. to compensate investors for the firm’s failure to accurately calculate the value of certain mutual funds. It is the largest investor compensation package to result from a no-contest settlement since the OSC began using them in March 2014, and reflects the intended “self-policing” outcome of the OSC’s Revised Credit for Cooperation Program. (more…)

As compliance demands more technology, here’s one approach to reporting

February 10, 2016

As financial compliance grows ever more dependent on analytical tools and automated processes, a look at one approach can help illustrate the challenges and the strategies for meeting the demands of a new era.

MetLife, AIG spinoffs of U.S. insurance units show “disruptive” fiduciary rules, not just capital needs

February 3, 2016

By Richard Satran, Regulatory Intelligence

(Thomson Reuters Regulatory Intelligence) – The American insurance industry is being rapidly reshaped from a state-regulated backwater by what an industry group calls the “disruptive” impact of government regulation — and it is not just the often-cited capital demands placed on them by regulators who want bank-like systemic risk protection and activist investors who want quick returns on their investments.

IMPACT ANALYSIS: Second phase audits of patient-privacy compliance starting under U.S. health agency

January 26, 2016

By Elizabeth Polking, Regulatory Intelligence

(Thomson Reuters Regulatory Intelligence) – Hundreds of U.S. health-care providers over the next three years will be scrutinized for their compliance with patient privacy regulations, as regulators respond to findings of widespread compliance gaps and launch a new round of industry audits.

COMMENTARY: Populist politics and bank reform: poor aim at an easy target – McCleskey

January 25, 2016

By Scott McCleskey for Thomson Reuters,

NEW YORK – Elections, like other forms of reality TV, provide moments of great entertainment but are often short of actual reality. It seems both parties this year need to have (at least) one candidate who captures airtime and ink with populist ideas unmoored from the practical world of getting things done. Democrats, not to be out-Trumped by Republicans, feature Bernie Sanders and his platform for Wall Street reform.

COMMENTARY: “The Big Short” – DVD bonus features I’d like to see

January 21, 2016

Lawrence Hsieh, Practical Law

The Big Short is a thoroughly entertaining film about the lead-up to the financial crisis. One of the slickest devices employed in the movie is when celebrities and experts, such as the University of Chicago’s Richard Thaler, break through the theater’s “4th wall” to directly address the audience with explanations of complex instruments like synthetic collateralized debt obligations.