Financial Regulatory Forum

Federal marijuana ban deters insurers as U.S. states legalize

October 19, 2016

By Antonita Madonna, Regulatory Intelligence The legal use of marijuana could increase substantially by the end of the year as several U.S. states, including California, vote on its use for recreational or medical purposes. This could open new markets for insurance coverage in areas including property and casualty and health. However, insurers, principally regulated by the states, are unlikely to step in while federal regulations still criminalize use of the drug. 


IMPACT ANALYSIS: FINRA’s charges against ex-Morgan Stanley traders hired by UBS raise background questions

September 27, 2016

By Julie DiMauro, Regulatory Intelligence

(Thomson Reuters Regulatory Intelligence) – The Financial Industry Regulatory Authority’s (FINRA) charges against John Batista Bocchino and his sales assistant, Rafael Barela Jacinto, over unauthorized trading of $190 million worth of Venezuelan bonds and falsifying records have cast light on the significance of disciplinary histories in employing brokers.

Behavioral compliance: how to stop ‘good people’ from doing bad things

August 16, 2016

(Thomson Reuters Regulatory Intelligence) – Behavioral compliance is a relatively new way of thinking in combating bad behavior on Wall Street and beyond. Born out of frustration with repeated cases of misconduct and individual wrongdoing, both banks and regulators are looking outside their traditional toolkit in trying to curb unethical behavior. The effort is part of the ongoing cultural reform battle, and evidence of creative ways of leveraging other disciplines to tackle the problem is growing, say experts. (more…)

U.S. bank registry for misconduct gains traction in quest to fight recidivism

May 24, 2016
NEW YORK  (Thomson Reuters Regulatory Intelligence) – The problem of “bad actors” who move from firm to firm within the U.S. banking industry has focused the attention of senior management and regulators, as frustration grows over legal impediments to uncovering past misdeeds of prospective employees. Among possible solutions is a registry of those who have been let go from firms because of misconduct, but there is also a broader slate of options for combating what some see is an important hurdle to cultural reform.The issue was highlighted May 3 at a Thomson Reuters conference on banking culture by Thomas Baxter, executive vice president at the Federal Reserve Bank of New York. Baxter lamented that there was no mechanism today by which banks could identify those who have been let go from former employers for misbehavior.

U.S. compliance education expands as demand increases – Part One: law schools

December 3, 2014

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…)

U.S. compliance salary report: More jobs, higher pay, but post-crisis boost is limited

May 29, 2014

By Emmanuel Olaoye and Stuart Gittleman, Compliance Complete

NEW YORK, May 29, 2014 (Thomson Reuters Accelus) – The job market for compliance professionals is picking up. But the high fines and complicated investigations financial services firms face as regulators and enforcers sharpen their scrutiny after the 2008 financial crisis have had a limited impact on compensation trends, boutique recruiters and global firms told Compliance Complete.