Financial Regulatory Forum

The growing role of the insurance compliance officer

September 24, 2015

The role of the insurance compliance officer has evolved from a purely advisory role into a proactive one with internal audit characteristics in the last few years according to a white paper by Ethical Corporation, a global business publication.  (more…)

COMMENTARY: ‘Get tough’ law enforcement needs ‘get tough’ governance, too

By Guest Contributor
September 23, 2015

By Scott McCleskey, Regulatory Intelligence Expert

NEW YORK, Sept. 23, 2015 - The U.S. Justice Department’s initiative to focus on individual culpability in corporate crimes is long overdue and holds the potential, if vigorously pursued, to put teeth into efforts to enforce the law by deterring criminal activity. There are costs and perils to this approach, but the continuing litany of corporate misbehavior despite rising corporate fines suggests that other approaches have been less than effective. (more…)

COMMENTARY: Citigroup surveillance lapses: “but for the grace of God”

By Guest Contributor
September 9, 2015

By Scott McCleskey, Regulatory Intelligence Expert

NEW YORK, Sept. 9 - The recent SEC enforcement action against Citigroup for trade surveillance lapses provides an embarrassing lesson about the pitfalls of technology and the importance of the “third line of defense”, an effective audit of the processes of compliance and other control functions. (more…)

U.S. industry group balks at higher capital standards for insurance companies

September 2, 2015

A U.S. financial services trade group has urged industry regulators to reject additional capital requirements for big insurance firms, as proposed by the International Association of Insurance Supervisors.

Promontory, by settling, bows to realities of legal challenges against regulators

August 25, 2015

In a swift reversal of its earlier determination to sue the New York State Department of Financial Services, the Promontory Financial Group, a leading consultant to the industry, took what some observers say is the kind of advice it typically offers clients when accused of wrongdoing: settle. (more…)

SEC examinations grow aggressive, sometimes intrusive – industry panel

May 15, 2015

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.

SEFs 2015 outlook: industry sees more flexible execution rules; harmonization

January 13, 2015

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.

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.

Reversal of Dodd-Frank swaps rule ignores lessons from financial crisis, ‘London whale’

December 18, 2014

The decision by U.S. Congress last week reverse the so-called swaps ”pushout” rule for certain derivatives contacts will put a greater responsibility on regulators to demonstrate they have effective oversight over bank activities of the sort that played a role in the 2008 financial crisis and ‘London whale’ trading debacle.

U.S. compliance education expands as demand increases – Part Three: other countries

By Guest Contributor
December 8, 2014

By Julie DiMauro, Compliance Complete

NEW YORK, Dec. 8, 2014 (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. But when it comes to formal training programs, countries outside the United States have often led the way.