Financial Regulatory Forum

UPDATED: IMPACT ANALYSIS: Saba Capital sued by investor over valuation practices; is SEC next?

By Guest Contributor
October 20, 2015

By Todd Ehret, Regulatory Intelligence

NEW YORK, (Thomson Reuters) – A recent U.S. lawsuit filed by the Public Sector Pension Investment Board of Canada against hedge fund manager Saba Capital Management has drawn attention to fund valuation procedures.

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.

Not a good start to the year: Goodyear Tire fine and the FCPA lessons

By Guest Contributor
March 3, 2015

By Julie DiMauro, Compliance Complete

NEW YORK, March 3, 2015 (Thomson Reuters Accelus) – The due diligence that companies must perform before acquiring overseas companies and the anti-bribery controls required of foreign subsidiaries came into clear focus this week when the U.S. Securities and Exchange Commission (SEC) sanctioned Goodyear Tire & Rubber Co. $16.2 million for alleged Foreign Corrupt Practices Act (FCPA) violations.

Eight products on FINRA examiners’ watch lists in 2015

By emmanuelolaoye
January 30, 2015

The Financial Industry Regulatory Authority’s 2015 exam priorities letter named eight products that it plans to monitor for risks to investors.

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.

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

By Guest Contributor
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…)

SEC bars, fines advisory owner for misrepresenting GIPS compliance

By Guest Contributor
June 3, 2014

By Stuart Gittleman, Compliance Complete

NEW YORK, June 3, 2014 (Thomson Reuters Accelus) – The Securities and Exchange Commission has barred an investment adviser’s president and owner from the advisory and brokerage industries for misrepresenting his firm’s performance and its compliance with GIPS, the global investment performance standards.

Big banks fall short on data requirements, but regulators may share in the blame

By Guest Contributor
February 11, 2014

By Bora Yagiz, Compliance Complete

NEW YORK, FEB. 11 (Thomson Reuters Accelus) – An international study for a bank regulators’ group has found deficiencies in the way banks measured and reported counterparty exposures. But the regulators themselves may share responsibility for the shortcomings, as they have provided little specific guidance for the banks.

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.