The Financial Industry Regulatory Authority’s 2015 exam priorities letter named eight products that it plans to monitor for risks to investors.
Financial Regulatory Forum
(Reporting by Julie DiMauro and Jason Wallace)
In separate actions against a Massachusetts-based exchange-traded funds investment manager, the SEC warned advisers to be careful if they advertise their performance, and to pay particular attention to the distinctions between true actual performance, model performance and back-tested performance.
Regulatory efforts to simplify existing swap mandate rules in order to reduce fragmentation between the U.S. and Europe are likely to dominate the focus of participants in the swaps execution facility (SEF) market in 2015.
It’s never too early to start planning for 2015 regulatory filing deadlines. There are deadlines applicable to all registered investment advisers and some that require a firm to determine applicability, usually based on services offered or types of investments managed by the firm.
The decision by U.S. Congress last week reverse the so-called swaps ”pushout” rule for certain derivatives contacts will put a greater responsibility on regulators to demonstrate they have effective oversight over bank activities of the sort that played a role in the 2008 financial crisis and ‘London whale’ trading debacle.
By Julie DiMauro, Compliance Complete
NEW YORK, Dec. 8, 2014 (Thomson Reuters Accelus) – As companies spend more on compliance to meet regulatory imperatives on financial crime, data privacy, supply-chain management and others, the focus on compliance officers and their skill set has expanded. But when it comes to formal training programs, countries outside the United States have often led the way.
Patricia Callahan is the Chief Administrative Officer for Wells Fargo, responsible for corporate communication and government relations among her numerous duties. A 36-year veteran of the company, Callahan has served as head of Compliance and Enterprise Risk Management, providing regulatory compliance oversight for the company. She spoke recently with Thomson Reuters about banking culture, what it means for Wells Fargo, and how the Federal Reserve might assess culture in its supervisory review process. (more…)
By Julie DiMauro, Compliance Complete
NEW YORK, Dec. 3 (Thomson Reuters Accelus) – As companies spend more on compliance to meet regulatory imperatives on financial crime, data privacy, supply-chain management and others, the focus on compliance officers and their skill set has expanded.
This has in turn put a focus on preparation for the increasingly challenging role of compliance officer, the subject of this three-part series. The first installment looks at how some U.S.-based law schools are starting to realize that they are well-suited to offer programs that will prepare students for this role, and it seems likely more will follow. (more…)
With qualified anti-money laundering professionals in short supply and reciprocal poaching of talent the norm at U.S. financial services firms, American Express Co has begun recruiting university students to fill its junior ranks straight out of college, a senior compliance executive with the company said last week at a compliance conference in Washington.
Need for focused and consistent enforcement drove IRS decision to stop seizing ‘structured’ deposits, official says
The Internal Revenue Service’s recent decision to stop using civil enforcement powers to seize legitimate money deposited into bank accounts in a clandestine manner stemmed from a review process that revealed a need to make better use of agents’ time, the law enforcement official who enacted the new policy said Sunday at a money laundering conference in Washington.