Financial Regulatory Forum

EXCLUSIVE: Private sector struggles to comply with new, sector-focused U.S. sanctions on Russia

By Guest Contributor
July 31, 2014

By Brett Wolf, Compliance Complete

ST.LOUIS/NEW YORK, July 31, 2014 (Thomson Reuters Accelus) - New and more narrowly targeted U.S. financial sanctions against Russia have created headaches for Wall Street as banks and securities firms struggle to comply, industry sources said. The European Union is weighing similar measures.

Internal Audit & the Four Cs: Culture, Conduct, Corporate Governance and Customer Outcomes

By Guest Contributor
July 30, 2014

By Michael Cowan, Regulatory Intelligence Analyst, Thomson Reuters

NEW YORK, July 30, 2014 - Corporate governance and culture have moved into the mainstream as a result of the financial crisis, and as the global recovery takes hold, governments and regulators are keen to ensure lessons are learned. It is clear, however, that despite the increasing profile of corporate governance with regulators, shareholders and customers, and the effect it has on the health and reputation of firms, it is still an area in which many internal auditors lack a high level of involvement. (more…)

New York state proposes regulatory framework for virtual currencies

By Guest Contributor
July 23, 2014

By Stuart Gittleman, Compliance Complete

NEW YORK, July 23, 2014 (Thomson Reuters Accelus) - The New York State Department of Financial Services (DFS) is seeking public comment on a proposed “BitLicense” regulatory framework for New York virtual currency businesses, DFS Superintendent Benjamin M. Lawsky said Thursday.

Canadian banking outlook downgraded over ‘bail-in’ move, adding to recent financial stability concerns

By Guest Contributor
July 17, 2014

By Daniel Seleanu, Compliance Complete

TORONTO, July 17, 2014 (Thomson Reuters Accelus) -  In yet another worrying sign for Canada’s financial sector, Moody’s Investors Service has lowered its outlook for the Canadian banking system from “stable” to “negative” over uncertainty about government willingness to bail out banks during a crisis. It follows a pair of recent warnings issued by the Bank of Canada (BOC) and the Bank for International Settlements (BIS), both of which highlighted the growing risk of stress posed by runaway consumer debt and property prices.

Canada’s financial system vulnerable to overheated housing market, central bank says

By Guest Contributor
July 1, 2014

By Daniel Seleanu, Compliance Complete

TORONTO, July 1, 2014 (Thomson Reuters Accelus) - Canada’s overheated housing market represents a significant risk to the stability of its financial system, the country’s central bank has warned.

BNP’s ‘huge’ role in undermining U.S. Sudan sanctions behind looming tough penalty, sources say

June 19, 2014
By Brett Wolf, Compliance Complete ST. LOUIS, June 18 – The pivotal role BNP Paribas played in helping Sudan sell oil in violation of U.S. sanctions is the major reason U.S. authorities are pushing for harsh penalties against the French banking giant, two sources with firsthand knowledge of the matter said.”BNP basically was the Sudanese economy. They were just huge in helping the government of Sudan evade U.S. sanctions,” one of the sources said.BNP’s role involved removing references to Sudanese parties from wire-transfer messages, so U.S. dollar oil payments could clear through New York and move into accounts controlled by Khartoum, the sources said. The sources declined to name the buyers of the Sudanese oil or to say what Khartoum did with the revenue.

SEC faces challenges before fast-trading reforms can go on the books

By Guest Contributor
June 13, 2014

By Emmanuel Olaoye, Compliance Complete

The Securities and Exchange Commission has rolled out its intentions to regulate high-frequency trading, making stricter regulation in some form a strong possibility, but the agency faces more work and some challenging obstacles before it can put new rules in the books.

Canadian regulators propose reduced disclosure requirements for smaller issuers

By Guest Contributor
June 6, 2014

By Daniel Seleanu, Compliance Complete

TORONTO, June 6, 2014 (Thomson Reuters Accelus) - Smaller public companies in Canada may soon benefit from relaxed disclosure requirements. The Canadian Securities Administrators (CSA), the country’s securities standard-setter, recently proposed several amendments that address continuous disclosures, prospectus disclosures, and certain governance obligations.  (more…)

Exclusive: U.S. Treasury unit seeks to resolve suit challenging Patriot Act power over foreign banks

By Guest Contributor
June 3, 2014

By Brett Wolf, Compliance Complete

NEW YORK, June 3, 2014 (Thomson Reuters Accelus) - The U.S. Treasury Department’s anti-money laundering arm is quietly attempting to resolve a lawsuit challenging its use of a potent Patriot Act power against a Macau bank as well as the constitutionality of that authority, documents filed in federal court in Washington suggest.
The effort by Treasury’s Financial Crimes Enforcement Network (FinCEN) to avoid litigating the lawsuit brought by Banco Delta Asia (BDA) suggests the bureau is hoping to avoid a court battle that could weaken or perhaps even kill the extraterritorial power prized by U.S. authorities, Section 311 of the Patriot Act, former Treasury officials say.  (more…)

SEC bars, fines advisory owner for misrepresenting GIPS compliance

By Guest Contributor
June 3, 2014

By Stuart Gittleman, Compliance Complete

NEW YORK, June 3, 2014 (Thomson Reuters Accelus) - The Securities and Exchange Commission has barred an investment adviser’s president and owner from the advisory and brokerage industries for misrepresenting his firm’s performance and its compliance with GIPS, the global investment performance standards.