Financial Regulatory Forum

COMMENTARY: Three steps to more resilient risk-management systems – DTCC risk chief

By Guest Contributor
July 23, 2015

By Andrew Gray, Deposit Trust & Clearing Corporation

NEW YORK, July 23, 2015 (Thomson Reuters Regulatory Intelligence) - Of all the changes to global financial markets in recent years, the risk management function has undergone one of the most dramatic transformations in the industry. The discipline is broader, more sophisticated, and more diverse than ever before, encompassing new responsibilities that add operational, systemic, technology, vendor, and physical risk, as well as business continuity management, to the more traditional financial risk categories.

SEC’s ‘administrative proceedings’ enforcements dwarf court cases in 2015

July 9, 2015

Firms facing enforcement actions by the Securities Exchange Commission have growing reason to worry should such actions take the form of “administrative proceedings” rather than court cases, a tool that critics say limits options for those in the agency’s crosshairs. In first half of 2015, the securities regulator has shown no signs of dampening its increasing reliance on administrative proceedings.

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.