Financial Regulatory Forum

Reforming banking’s risk culture requires breaking “accountability firewall”

September 11, 2013

By Henry Engler, Compliance Complete

NEW YORK, Sept. 11 (Thomson Reuters Accelus) – If there is one part of the cultural makeup of Wall Street that remains firmly in place despite the financial crisis and subsequent avalanche of regulations, it is the reticence among those who lose money to come clean early.

Goldman standards review reflects new compliance landscape

May 30, 2013

By Nick Paraskeva, for Compliance Complete

NEW YORK, May 29 (Thomson Reuters Accelus) – Goldman Sachs’ report on new business ethics and practices voiced lofty ambitions that are both frequently aired and difficult to implement. But it also articulated higher standards on issues such as reputational risk, suitability and conflicts of interests, which are increasingly demanded by customers, regulators and investors.

New regulations require cleaner data

April 18, 2013

By Mark Davies, contributing author for Compliance Complete

LONDON, Apr. 18 (Thomson Reuters Accelus) – Continuing efforts by financial regulators and by firms themselves to monitor and offset risk have affected almost all areas of firms’ operations, including the management and maintenance of data. The overhaul of global systems following the financial crisis has led to an audit of data, and specifically of the information which firms hold about themselves and their counterparties or clients, known as business entity reference data.

AML again a top priority for broker-dealer exams, FINRA says

January 17, 2013

By Stuart Gittleman, Compliance Complete

(Additional reporting by Suzanne Barlyn of Reuters)

NEW YORK, Jan. 17 (Thomson Reuters Accelus) – Anti-money laundering compliance will again be a focus of Financial Industry Regulatory Authority examinations this year, particularly at broker-dealers with higher-risk business models due to their clients, products and service mix, or locations.

Europe’s naked short selling ban leaves investors with skin in the game

December 4, 2012

By Christopher Elias

LONDON/NEW YORK, Dec. 4 (Business Law Currents) – New European short selling regulations are dressing naked short sellers in a regulatory straightjacket, but ill-fitting provisions may leave investors with skin in the game.

Consumer groups see momentum building against more White House authority over regulators

November 20, 2012

By Emmanuel Olaoye, Compliance Complete

WASHINGTON, Nov. 20 (Thomson Reuters Accelus) – A coalition of public-interest groups is urging Congress to reject a bill that would allow the White House to review major rules proposed by the Securities and Exchange Commission and the Commodities Futures Trading Commission.

Suit against U.S. Consumer Financial Protection Bureau could force it to define limits to its authority, says banking industry lawyer

June 29, 2012

By Emmanuel Olaoye

NEW YORK, June 29 (Thomson Reuters Accelus) – Even if a small bank’s lawsuit challenging the authority and leadership of U.S. Consumer Financial Protection Bureau fails in court, it could force the bureau to publicly define its limits, a top banking industry lawyer said.

UK gets election fever

May 6, 2010

The UK goes to the polls today in what promises to be the tightest election for 18 years. Acres of newsprint and millions of cubic feet of hot air have been expended on all the possible outcomes: from an outright Conservative majority in the House of Commons, to a Labour-Liberal Democrat coalition.
Each different permutation of power means a different path for UK policy on regulating banks, financial services and markets. Will the Liberal Democrats insist on their regulatory policy as the price for their participation in a coalition with the Conservatives or Labour? Could a minority Conservative government force through its plan to blow apart the tripartite regulatory regime? (more…)

US Sen Shelby: financial watchdog powers paramount

March 2, 2010

    WASHINGTON, March 2 (Reuters) – The top Republican on the U.S. Senate Banking Committee said on Tuesday that the powers granted to a new financial government consumer watchdog are more important than its location in the federal bureaucracy. (more…)

U.S. financial scandals seen sparking 2010 zeal

December 30, 2009

By Dan Margolies

WASHINGTON, Dec 29 (Reuters) – The year of the Ponzi scheme will be followed by heightened regulation and more aggressive prosecutions, experts say, as U.S. officials respond to past failures.