Financial Regulatory Forum

Panama Papers and ‘who owns what’ — big implications for financial services

April 21, 2016

By Julie DiMauro, Regulatory Intelligence

(Thomson Reuters Regulatory Intelligence) – The mushrooming “Panama Papers” scandal is a warning to financial services firms that they cannot be complacent about their obligation to determine beneficial ownership, know their customers, and perform due diligence on all of their business associates. (more…)

‘Panama Papers’ spur calls for U.S. adviser rule on money-laundering controls

April 20, 2016

In the wake of revelations outlining how a Panamanian law firm helped the wealthy stash wealth offshore, 11 financial transparency advocacy groups on Monday urged the U.S. Treasury Department’s anti-money laundering unit to issue a final rule requiring investment advisers to help combat financial crime. An adviser trade group disputed the accuracy of the group’s criticisms, and the Treasury unit developing the rule says it is still weighing public comments. (more…)

COLUMN: Roots of the next financial crisis: the last one’s veterans give views

April 19, 2016

By Lawrence Hsieh, Practical Law for Regulatory Intelligence

(Thomson Reuters Regulatory Intelligence) – There is a general consensus that the next financial crisis will follow the familiar arc of bubble, falling asset values, a run, credit/liquidity crunch, finger-pointing, new regulation, financial innovation, and unintended consequences for both regulation and innovation. There is less consensus about the where, when, how, and why.

U.S. court throws out designation of MetLife as ‘too big to fail’

April 6, 2016

A U.S. federal judge rescinded a government designation of MetLife as “too big to fail” and subject to increased regulatory oversight.

Potential Supreme Court tie on Obamacare contraceptives could snarl health insurers

March 14, 2016

By Michael Blissenbach, Regulatory Intelligence

(Thomson Reuters Regulatory Intelligence) – The U.S. Supreme Court on March 23 will hear arguments in a major Obamacare case over insurance and contraception, with a range of potential outcomes that became more complicated with the death of Justice Antonin Scalia.

Ontario’s no-contest settlement with CI Investments a lesson in self-policing

February 25, 2016

The Ontario Securities Commission (OSC) has approved a C$164 million no-contest settlement agreement (PDF) with CI Investments Inc. to compensate investors for the firm’s failure to accurately calculate the value of certain mutual funds. It is the largest investor compensation package to result from a no-contest settlement since the OSC began using them in March 2014, and reflects the intended “self-policing” outcome of the OSC’s Revised Credit for Cooperation Program. (more…)

MetLife, AIG spinoffs of U.S. insurance units show “disruptive” fiduciary rules, not just capital needs

February 3, 2016

By Richard Satran, Regulatory Intelligence

(Thomson Reuters Regulatory Intelligence) – The American insurance industry is being rapidly reshaped from a state-regulated backwater by what an industry group calls the “disruptive” impact of government regulation — and it is not just the often-cited capital demands placed on them by regulators who want bank-like systemic risk protection and activist investors who want quick returns on their investments.

COMMENTARY: Populist politics and bank reform: poor aim at an easy target – McCleskey

January 25, 2016

By Scott McCleskey for Thomson Reuters,

NEW YORK – Elections, like other forms of reality TV, provide moments of great entertainment but are often short of actual reality. It seems both parties this year need to have (at least) one candidate who captures airtime and ink with populist ideas unmoored from the practical world of getting things done. Democrats, not to be out-Trumped by Republicans, feature Bernie Sanders and his platform for Wall Street reform.

Lessons from 2015: investor-centered compliance takes center stage in U.S.

January 13, 2016

By Julie Dimauro, Regulatory Intelligence

The course of regulatory developments in the United States in 2015 showed a decided focus on investor protections, tracking illicit financial flows, protecting data and ensuring overall cyber security. Furthermore, there was continuing discussion of the independence and financial commitment firms must give to compliance leadership.

IA Brief: Year-end chores list: do what you say

December 15, 2015

The looming turn of the calendar offers a good occasion for investment adviser compliance officers to make good on their promises.