The looming turn of the calendar offers a good occasion for investment adviser compliance officers to make good on their promises.
Financial Regulatory Forum
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.
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.
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.
The Financial Industry Regulatory Authority’s 2015 exam priorities letter named eight products that it plans to monitor for risks to investors.
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.
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, 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.
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.
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.