Financial Regulatory Forum

U.S. SEC releases 2014 exam priorities; exchanges, retirement in focus

By Guest Contributor
January 15, 2014

By Nick Paraskeva, for Compliance Complete

NEW YORK, Jan. 15 (Thomson Reuters Accelus) – The U.S. Securities and Exchange Commission on Thursday published the 2014 priorities for its national examination program (NEP). Prominent among the priorities were scrutiny of “perceived control weakness” at financial exchanges and oversight of retirement investments.

FINRA exam priorities for 2014 incorporate enterprise wide, risk-based approach

By Guest Contributor
January 7, 2014

By Nick Paraskeva, for Compliance Complete

NEW YORK, Jan.7 (Thomson Reuters Accelus) - Broker dealers have been put on notice of regulatory priority areas where they will be examined in 2014. The topics seen as posing greatest risk to investors and markets were issued in a letter by the Financial Industry Regulatory Authority (FINRA) on the first day of the year. They include new areas such as seeing patterns of suspicious activity by representatives, including questioning firms why they hired the persons.

U.S. Volcker Rule places major new demands on compliance

By Guest Contributor
December 17, 2013

By Nick Paraskeva, for Compliance Complete

NEW YORK, Dec. 17 (Thomson Reuters Accelus) – The Volcker Rule final version adopted on Tuesday by U.S. regulators imposes significant compliance demands on banks, with stricter prohibitions on proprietary trading than the initial proposal two years ago, narrower exemptions for market making and hedging and a requirement that chief executives are now required to annually certify to regulators that such a compliance plan is in place.
“As a foundation, the final Volcker Rule requires banking entities to have a robust compliance program, including defined limits on market making, underwriting and hedging activities as well as continuous monitoring and management of such activities. It also requires reporting to regulators on specific metrics and trading details,” U.S. Commodity Futures Trading Commission Chairman Gary Gensler said as the rule was adopted. (more…)

Compliance staff can help their firms by reflecting regulators’ expectations, SEC enforcer says

By Guest Contributor
October 16, 2013

By Stuart Gittleman, Compliance Complete

NEW YORK, Oct. 16 (Thomson Reuters Accelus) – Regulators and compliance and ethics officers share the goals of preventing unlawful or improper conduct and cultivating effective cultures that promote integrity and respect for the law, a Securities and Exchange Commission official said.

Wall Street’s hot hire: anti-money laundering compliance officers

By Guest Contributor
October 14, 2013

By Aruna Viswanatha and Brett Wolf, Thomson Reuters Reporting Team

NEW YORK, Oct. 14 (Thomson Reuters Accelus) - The kings of Wall Street used to be the traders and investment bankers who said yes to big deals and big trades, but today’s power brokers increasingly are the compliance officers who quite often say no to risky proposals.

U.S. Justice Department chooses former prosecutor to be HSBC compliance monitor

By Guest Contributor
June 6, 2013

By Brett Wolf, Compliance Complete

NEW YORK, June 6 (Thomson Reuters Accelus) - The U.S. Justice Department on Wednesday said it has chosen a former New York County prosecutor who is known for his innovative pursuit of criminals to police HSBC’s efforts to clean up its anti-money laundering program.

Exclusive: Consultancies on second tier as Justice Department seeks HSBC compliance monitor

By Guest Contributor
May 14, 2013

By Brett Wolf, Compliance Complete

May 14, (Thomson Reuters Accelus) - Although a federal judge in Brooklyn has not yet signed-off on a deal between HSBC and the Justice Department that would settle allegations that anti-money laundering failures at the bank allowed drug cartels to launder hundreds of millions of dollars, candidates for a lucrative job policing the bank’s compliance with the pact are scrambling to win the work. (more…)

SEC has three words for hedge funds: “culture of compliance.” But what do they mean?

By Guest Contributor
April 3, 2013

By Jeanette Turner, contributing author for Compliance Complete

NEW YORK, April 3 (Thomson Reuters Accelus) - The U.S. Securities and Exchange Commission inevitably emphasizes the importance of an advisory firm’s “culture of compliance,” in the regulator’s speeches, panel discussions, and announcements of enforcement wins and settlements. It stresses that firms will be held accountable when their employees break the law to benefit the firm. Having a “robust” culture of compliance can help firms avoid severe financial consequences. (more…)

Future higher ethical standards will judge today’s conduct, compliance experts say

By Guest Contributor
March 14, 2013

By Stuart Gittleman, Compliance Complete

NEW YORK, March 14 (Thomson Reuters Accelus) - Companies that want to manage their legal and regulatory liability and their reputational capital should treat current standards as the starting point – not the finish line – for their ethics and compliance programs, conference attendees heard Tuesday.

Compliance is today’s slogan for upcoming law graduates, conference speakers say

By Guest Contributor
February 13, 2013

By Stuart Gittleman, Compliance Complete

NEW YORK, Feb.13 (Thomson Reuters Accelus) - ”I just want to say one word to you. Just one word. Are you listening? Plastics,” a business executive told a young Dustin Hoffman in the 1967 movie The Graduate.