Financial Regulatory Forum

Post-election SEC could emphasize enforcement over rule-writing, says former chair

By Guest Contributor
November 9, 2012

By Emmanuel Olaoye

WASHINGTON/NEW YORK (Thomson Reuters Accelus) - With the U.S. Congress still politically divided after the elections that returned President Barack Obama to office, the U.S. Securities and Exchange Commission is likely to take an enforcement approach to supervision rather than look to change conduct by writing new rules, former commission chair Harvey Pitt said.

Kill switches may be too difficult to implement despite new call by CFTC member, expert says

By Guest Contributor
October 17, 2012

By Emmanuel Olaoye, Compliance Complete

WASHINGTON, Oct. 17 (Thomson Reuters Accelus) - CFTC Commissioner Bart Chilton has called for high frequency traders, or “cheetahs” to face so-called kill switches that would shut down a broker dealer’s trading over erroneous orders or technology glitches. But a trading expert said the measure may be too difficult to implement in practice.

EXCLUSIVE: Credit derivatives market can expect specific rules, says regulator

By Guest Contributor
October 4, 2012

By Rachel Wolcott, Compliance Complete

LONDON, Oct. 4 (Thomson Reuters Accelus) - Credit derivatives dealers can expect to see specific rules and regulations to address some of the peculiarities of that market, said Edouard Vieillefond, director in charge of regulation policy and international affairs at French regulator Autorité des marchés financiers (AMF). Despite the huge amount of regulation already aimed at the broader derivatives market, there is concern that it will be insufficient to cover continuing questions that regulators have about its functioning.

SEC whistleblower program stricter than IRS bounty which paid $104 million to felon, former official says

By Guest Contributor
September 12, 2012

By Stuart Gittleman

NEW YORK, Sept. 12 (Thomson Reuters Accelus) - Rewards like the $104 million the Internal Revenue Service said Tuesday it would pay a convicted felon would not occur under a similar Securities and Exchange Commission program, a former official who helped develop the program told Compliance Complete. (more…)

Retaliation rate against U.S. company whistleblowers climbs, senior staff affected, survey finds

By Guest Contributor
September 6, 2012

By Julie DiMauro

NEW YORK, Sept. 6 (Thomson Reuters Accelus) - Retaliation against workplace whistleblowers is rising sharply, expanding into previously safe categories of employees such as senior-level managers and even in workplaces with notably strong ethical cultures, a study found.

Weak U.S. legal oversight puts burden on compliance pros to protect their firms, author says

By Guest Contributor
September 4, 2012

By Stuart Gittleman

NEW YORK, Sept. 4 (Thomson Reuters Accelus) - An inadequate government and industry response to the financial crisis will require compliance professionals to do more to protect their firms, customers and colleagues, Jeff Connaughton, who said he saw firsthand how reform withered in Congress, has told Compliance Complete.

INTERVIEW: Board members are accountable for compliance, SEC’s di Florio says

By Guest Contributor
August 31, 2012

By Emmanuel Olaoye

WASHINGTON, Aug. 31 (Thomson Reuters Accelus) – Directors who fail to take an interest in compliance risk the threat of enforcement action from the Securities and Exchange Commission, a top official from the agency said.

U.S. brokerage regulator warns of ‘unpleasant surprises’ on ETNs

By Guest Contributor
July 11, 2012

By Stuart Gittleman

NEW YORK, July 11 (Thomson Reuters Accelus) – The Financial Industry Regulatory Authority, the U.S. brokerage regulator, warned investors Tuesday in an alert of the features and risks of exchange-traded notes.

U.S. securities regulators focus rulemaking, exams on retirement products

By Guest Contributor
July 5, 2012

By Stuart Gittleman

NEW YORK, July 5 (Thomson Reuters Accelus) – The U.S. Securities and Exchange Commission will return its rulemaking and examination focus to retail sales of retirement products, a Division of Investment Management official told the Insured Retirement Institute, an industry group.

U.S. state oversight of small investment advisers takes effect; exams and enforcement loom

By Guest Contributor
June 28, 2012

By Jason Wallace

SAN DIEGO/NEW YORK, June 28 (Thomson Reuters Accelus) – A long anticipated and well-publicized deadline for “the switch” is here. According to recent estimates, 2,500 investment advisers with less than $100 million of regulatory assets under management will make the switch from the U.S. Securities and Exchange Commission oversight to registration and in one or more states, with the prospect of more frequent exams and vigorous enforcement.
Today’s deadline requires the firm to be registered in the applicable states and withdraw its SEC registration by the end of the day. Although the proverbial switch has been pulled, the regulatory changes have just begun. Newly transitioned mid-sized advisers will now face an imminent regulatory exam and be required to comply with unique state compliance requirements. (more…)