Financial Regulatory Forum

U.S. Justice Department disputes charges it unfairly targeted community banks

By Guest Contributor
August 31, 2011

By Emmanuel Olaoye

NEW YORK, Aug. 31 (Thomson Reuters Accelus) - The U.S. Justice Department disputed charges by community bankers that it is unfairly targeting them with fair lending actions, and said the cases have been consistent with the criteria it has used to bring cases in the last 15 years.

Yuan internationalization takes off in Hong Kong

By Guest Contributor
August 31, 2011

By Helen H. Chan (Hong Kong)

HONG KONG, Aug. 31 (Business Law Currents) – Yuan supporters both inside and outside of China are applauding anticipated regulatory changes in Hong Kong aimed at loosening capital controls over the renminbi, China’s national currency.

Banks face myriad difficulties in trying to return corrupt Gaddafi money

By Guest Contributor
August 30, 2011

By Martin Coyle

LONDON, Aug. 30 (Thomson Reuters Accelus) – Banks face enormous legal and logistical challenges as they try to repatriate the billions of pounds worth of frozen Libyan assets invested in the war-torn North African state, according to industry officials. The process could take years to resolve even though the United Nations has already unfrozen some $1.5 billion in humanitarian aid which will be sent to the country.

Bankers, broker-dealers should do their homework before saying ‘yes’ to Chinese companies

By Guest Contributor
August 26, 2011

By Cavas Pavri, Thomson Reuters Accelus contributing author

NEW YORK, Aug. 26 (Thomson Reuters Accelus) – The considerable negative publicity surrounding Chinese companies listed in the United States has made it increasingly difficult for investors to separate the undervalued from the fraudulent. Essential for success: Taking a close look at the firms’ auditors and corporate governance practices going forward.

PERSONAL VIEW: Reflections on the successful prosecution of Tom Wilmot, UK boiler room king

By Guest Contributor
August 26, 2011

By Alex Davidson – the views expressed are his own.

LONDON, Aug. 26 (Thomson Reuters Accelus) – Earlier this week Tomas Wilmot was sentenced at Southwark Crown Court to nine years in jail for conspiracy to defraud investors out of 27.5 million pounds through boiler rooms. I took a particular interest in the case because I had once worked for a short period as a dealer at Harvard Securities, a licensed dealer in securities run by Wilmot in London in the late 1980s.  One of the most powerful bosses of speculative share dealing operations over some 25 years had finally been caught.

Basel III: Chinese banks saving for new capital adequacy ratio

By Guest Contributor
August 26, 2011

By Helen H. Chan

HONG KONG, Aug. 26 (Business Law Currents) – New capital adequacy rules from the China Banking Regulatory Commission (CBRC) are prompting banks to hit up investors in Hong Kong and Shanghai’s capital markets. Part of the Basel III implementation process, the rules will require Chinese lenders to shore up additional capital to protect against credit risks.

UK tax migration hits reverse under temporary exemption rules

By Guest Contributor
August 24, 2011

By Christopher Elias

LONDON, Aug. 24 (Business Law Currents) – The UK offshore migration hit reverse recently when London-listed Bermudan reinsurer Lancashire Holdings decided that UK tax changes had made going offshore unnecessary.

Two hats or one: revisiting the role of board chair in Canada

By Guest Contributor
August 23, 2011

By John Mackie

TORONTO, Aug. 23 (Business Law Currents) For institutions, regulators and investors, executives who wear two hats, such as CEO and chairman, are in an inherent conflict of interest. The situation is complicated further when roles are shared, such as in cases of co-chairs or co-CEOs.

SEC’s new whistleblower website – ‘winning’ Dodd-Frank style

By Guest Contributor
August 18, 2011

By John Sutton

Aug. 17  (Business Law Currents) – As the fabled story goes, almost a decade passed between the time that fraud investigator Harry Markopolos first submitted evidence of the Bernie Madoff Ponzi scheme to the SEC’s Boston office and his arrest in late 2008.

from The Great Debate:

Merkel and Sarkozy are right about a Tobin tax

By Mark Thoma
August 17, 2011

By Mark Thoma
All opinions expressed are his own.

The financial transactions tax is back in the news today. According to reports, French President Nicolas Sarkozy and German Chancellor Angela Merkel will propose a financial transactions tax in September.