Financial Regulatory Forum

SEC examiners enter U.S. boardrooms to gauge compliance

By Guest Contributor
April 4, 2012

By Nick Paraskeva

NEW YORK, April 4 (Thomson Reuters Accelus) - The U.S. Securities and Exchange Commission plans to reach into the boardroom to assess a financial firm’s culture of compliance, a senior commission official told a conference in New York.

Convicted inside trader Bauer warns others to “think harder” before breaking the law

By Guest Contributor
April 2, 2012

By Emmanuel Olaoye

NEW YORK, (Thomson Reuters Accelus) - A former registered representative who was convicted last year of participating in a $37 million insider-trading scheme on Tuesday warned would-be securities law violators to think twice before breaking the law.

U.S. Treasury wants financial institutions to help combat identity theft-related tax frauds

By Guest Contributor
April 2, 2012

By Brett Wolf

NEW YORK (Thomson Reuters Accelus) - U.S. Treasury Department reminded financial institutions of their obligation to lend a hand as the Internal Revenue Service struggles to crack down on rampant schemes using identity theft to obtain fraudulent tax refunds via electronic filings.

Disclosure system no guarantee of protection for China-focused investors

By Guest Contributor
March 26, 2012
By Helen H. Chan (Hong Kong)

HONG KONG/NEW YORK, March 26 (Business Law Currents) – China’s bourse regulators and the nation’s IPO watchdog, the China Securities Regulatory Commission, have been busy brainstorming improvements to legislation governing the disclosure requirements of listed companies in the PRC.

Corporate governance: succession planning through crises and emergency transitions

By Guest Contributor
March 23, 2012

By Alex Lee

NEW YORK, March 23 (Business Law Currents) – In an environment of increased corporate governance scrutiny, succession planning through both departures and crises is a focal point for shareholder interests and transparency-related issues. Companies historically kept succession plans close to their vests, but recent succession episodes at Apple Inc., Bank of America Corpand Hewlett-Packard have highlighted the multitude of issues that shareholders have with respect to the concern shown by boards on such a significant matter.

Compensatory penalties, hedge-fund insider cases mark SEC enforcement trends

By Guest Contributor
March 14, 2012

By Nick Paraskeva

NEW YORK, March 14 (Thomson Reuters Accelus) - The U.S. Securities and Exchange Commission wants more power to fine firms and individuals for fraud and market abuses, in the face of tougher public scrutiny and judicial opposition to recent settlements. While the agency has been imposing stiffer penalties, the amount remains constrained by the agency’s current authority, said George Canellos SEC New York Regional Office Director.

Corporate governance: boardrooms fret over corporate espionage and federal guidance regimes

By Guest Contributor
March 12, 2012

By Alex Lee

(Business Law Currents) – Dodd-Frank related governance issues such as say-on-pay and proxy access have been well known focal points for boardrooms during the 2012 proxy and annual meeting season, but another issue has topped headlines and is of increasing concern to boardrooms: business intelligence gathering activities. Faced with shareholder oversight, the risks posed by private intelligence gathering firms and governmental regulation in this area, companies must ensure that they abide by accepted best practices, the highest ethical standards and standards for compliance with laws.

Grading Canada’s enforcement efforts

By Guest Contributor
March 8, 2012

By John Mackie

CANADA, March 8 (Business Law Currents) – With the Supreme Court of Canada having put an end to the notion of a national securities regulator this past December, securities regulation and enforcement remain matters of provincial and territorial jurisdiction, at least for the time being. In the wake of that decision, several reports have recently been issued regarding enforcement activities by provincial regulators. (more…)

U.S. financial institutions seen lacking anti-corruption policies for domestic politicians

By Guest Contributor
March 7, 2012

By Brett Wolf

ST. LOUIS/NEW YORK, March 7 (Thomson Reuters Accelus) – Despite an international push for financial institutions to crack down on corruption and money laundering linked to political figures, it remains unclear how firms in the United States and abroad will respond.

U.S. Justice Department unit to ramp up hiring as mortgage probes advance

By Guest Contributor
March 6, 2012

By Emmanuel Olaoye

NEW YORK, March 6 (Thomson Reuters Accelus) - The U.S. Justice Department plans to step up its hiring of staff to investigate abuses in the packaging of residential mortgage backed securities and to work with regulators to uncover serious fraud, a senior department official told Thomson Reuters in the wake of criticisms that Obama administration efforts were insufficient.