Financial Regulatory Forum

Training as a tool for promoting “mood in the middle” compliance

By Guest Contributor
May 12, 2015

By Julie DiMauro, Compliance Complete

NEW YORK, May 12 (Thomson Reuters Accelus) - The training and education programs offered business staff by compliance departments can be an important tool for setting the right “mood in the middle,” an ethical tone demonstrating the embedding of a firm’s compliance objectives within its culture, according to industry participants at last week’s Thomson Reuters Financial and Risk Summit in New York.
Dozens of recent and expensive compliance failures illustrate that policies alone do not make an effective compliance culture. Speakers emphasized the importance of mid-level managers, and not just the top of company hierarchy, in conveying the necessary ethical and compliance standards. Regular and ad hoc compliance training sessions, used to keep business personnel apprised of the firm’s policies and procedures as well as regulatory events, are a good venue for that.  (more…)

INTERVIEW: E*Trade bank growth limited by U.S. regulatory asset threshold – CRO Mike Pizzi

April 21, 2015

The Dodd-Frank $50 billion asset threshold used to categorize systemically important banks has been a strategic business factor for E*Trade, the online broker, and unless there are compelling factors to breach the mark, the firm will continue to limit expansion of its balance sheet, chief risk officer, Mike Pizzi, said in an interview this week. (more…)

IA brief: Determine 2015 filing deadlines before it’s too late

December 31, 2014

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.

CFTC’s swap dealer rule for compliance chiefs: many questions in first “annual reports”

By Guest Contributor
October 1, 2014

By Henry Engler, Compliance Complete

NEW YORK, Oct. 1, 2014 (Thomson Reuters Accelus) - New rules governing swap dealers and the requirements for dedicated chief compliance officers are now more than a year in effect, and a new review of the so-called “annual reports” that dealers must submit to the Commodities Futures Trading Commission suggest there are still lingering questions over the roles and responsibilities of CCOs, particularly for non-U.S. dealers.

Effective training a weak link in many compliance programs – survey

By Guest Contributor
August 13, 2014

By Emmanuel Olaoye and Stuart Gittleman, Compliance Complete

NEW YORK, Aug. 13, 2014 (Thomson Reuters Accelus) - Firms, especially those in the financial services sector, have improved their compliance and ethics training programs but are still being challenged in measuring their programs’ effectiveness, two researchers told Thomson Reuters Compliance Complete on Wednesday.

In bid to punish individual, FinCEN pursued MoneyGram business leaders, but caught compliance chief – source

By Guest Contributor
May 20, 2014

By Brett Wolf, Compliance Complete

NEW YORK, May 20, 2014 (Thomson Reuters Accelus) - Although investigators with Treasury’s anti-money laundering unit tried to identify a senior business leader at MoneyGram International Inc who could be penalized over the money transfer giant’s admitted compliance failures, available evidence left them only one viable target – the firm’s former chief compliance officer, a former official with firsthand knowledge of the investigation said.

Focus on bad bankers, not just their banks, New York’s Lawsky says

By Guest Contributor
May 13, 2014

By Stuart Gittleman, Compliance Complete

NEW YORK, May 13, 2014 (Thomson Reuters Accelus) – Banks don’t do bad things – people do – so the people behind the alleged violations should face more regulatory scrutiny and personal accountability, said Benjamin Lawsky, Superintendent of the New York State Department of Financial Services.

INSIGHT: SEC cyber-risk exam guidelines set template for firms

By Guest Contributor
May 6, 2014

By Abel Picardi, Compliance Complete

NEW YORK, May 6, 2014 (Thomson Reuters Accelus) - As the U.S. Securities and Exchange Commission tightens its supervision of technology security on Wall Street, with plans to examine cybersecurity preparedness at more than 50 broker-dealers and investment advisers, the agency has released a checklist intended to help firms review their controls whether or not they come into the crosshairs of examiners.

IA brief: Account takeovers are big cybersecurity risk for advisers

By Guest Contributor
April 24, 2014

By Jason Wallace, Compliance Complete

NEW YORK, April 24, 2014 (Thomson Reuters Accelus) - A recent cybersecurity roundtable hosted by the Securities and Exchange Commission should act as a call to action for investment advisers, as the threat of cyber attacks is high for all companies and increasing daily, say event panelists.

IA brief: Advertising compliance principles for adviser Web sites

By Guest Contributor
June 26, 2013

By Jason Wallace, Compliance Complete

NEW YORK, June 26 (Thomson Reuters Accelus) - During an inspection, an examiner will inevitably ask the chief compliance officer of an advisory firm if they advertise and all too often, the examiner will receive a quick “no.” Although this may be true in the traditional sense of advertising, most firms do advertise with the use of a firm website and often don’t know it.