Financial Regulatory Forum

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

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

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.

Internal Audit & the Four Cs: Culture, Conduct, Corporate Governance and Customer Outcomes

July 30, 2014

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…)

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

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

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.

Better career paths, new reporting lines as compliance gains status at banks – global report

March 20, 2014

By Bora Yagiz, Compliance Complete

NEW YORK, Mar. 20 (Thomson Reuters Accelus) – The increasingly important role compliance risk management plays in the banking sector is demonstrated in areas ranging from reorganized risk departments to clearer reporting lines and more rewarding career paths, according to a report by the financial consultancy Accenture.

IA brief: Accuracy on assets reporting is crucial for upcoming amendment filing

March 11, 2014

By Jason Wallace, Compliance Complete

NEW YORK, Mar. 11 (Thomson Reuters Accelus) – The end of March is a crucial milestone of the annual compliance program for most registered investment advisers and exempt reporting advisers (ERA’s).

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

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

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

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…)