Ontario’s incoming securities whistleblower program will promote better compliance culture among market participants, but the limited incentives and confidentiality it offers to informants may hamper its effectiveness, legal experts have warned. (more…)
Financial Regulatory Forum
With the deadline for new valuation rules on certain money market funds only months away, compliance and risk professionals at fund management firms need to confirm they have taken the necessary steps to ensure that their systems are ready, as well as having communicated how such changes will impact their clients.
The struggle to instill stronger cultural values and ethics into U.S. banking organizations has shown signs of progress over the recent past, but maintaining momentum requires business leaders to remain committed to the process, according to senior bankers and regulators. Moreover, it remains to be seen whether the reforms banks have put in place prevent any future scandals from emerging. (more…)
A U.S. federal judge rescinded a government designation of MetLife as “too big to fail” and subject to increased regulatory oversight.
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.
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…)
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…)
A process of “derisking” is underway by financial firms exiting sectors that represent compliance landmines, bankers said on Tuesday, but a top U.S. sanctions enforcer said that is sometimes just the right move.
By Henry Engler, Compliance Complete
NEW YORK, Feb. 19 (Thomson Reuters Accelus) – The question of which regulator will take the lead in enforcing the complex Volcker rule took center stage this week, as U.S. lawmakers voiced concern over the lack of clear leadership among the five agencies in charge of the statute.
By Bora Yagiz, Compliance Complete
NEW YORK, Dec. 5 (Thomson Reuters Accelus) – Focusing on too-big-to-fail policies and hard-to-implement resolution plans may lead regulators to miss the next big financial failure, which could come in the areas of shadow banking and short-term financing, industry experts said.
This was the main message given by a panel of experts at a conference organized by the Clearing House, a banking association and payments company on Thursday. (more…)