Gone are the kinder, gentler days when it comes to onsite examinations by the Securities Exchange Commission, say senior compliance officers, who portray the agency’s recent behavior as much more aggressive, and at times even intrusive on a firm’s time and resources.
Financial Regulatory Forum
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.
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…)
”If liberty means anything at all, it means the right to tell people what they do not want to hear,” George Orwell told readers in Animal Farm, his parable of totalitarianism and centralized control.
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.
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.
By Michael Cowan, Regulatory Intelligence Analyst, Thomson Reuters
NEW YORK, July 30, 2014 – Corporate governance and culture have moved into the mainstream as a result of the financial crisis, and as the global recovery takes hold, governments and regulators are keen to ensure lessons are learned. It is clear, however, that despite the increasing profile of corporate governance with regulators, shareholders and customers, and the effect it has on the health and reputation of firms, it is still an area in which many internal auditors lack a high level of involvement. (more…)
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.
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.