http://www.compliancereporter.com/RSS.aspx?FeedID=123©2010 Compliance Reporter60Top StoriesThe Securities and Exchange Commission's new pay-to-play rule is creating headaches for investment advisers to public pension funds. http://www.compliancereporter.com/Article/2658275/IAs-Gear-Up-For-Pay-To-Play-Rule.aspxFri, 27 Aug 2010 00:00:00 GMTChristopher Mahon, managing director for global equities and investment banking compliance at Deutsche Bank in New York, is leaving, while at Morgan Stanley's fixed-income compliance department, Raymond Ormerod has left and Don Whamond will do so shortly. http://www.compliancereporter.com/Article/2658281/Senior-Deutsche-Bank-Morgan-Stanley-COs-On-The-Move.aspxFri, 27 Aug 2010 00:00:00 GMTThe Securities and Exchange Commission has upheld the first litigated appeal of a Public Company Accounting Oversight Board disciplinary decision. http://www.compliancereporter.com/Article/2658283/SEC-Backs-Accounting-Reg-In-First-Appeal.aspxFri, 27 Aug 2010 00:00:00 GMTThe Securities and Exchange Commission is slated to hire John Ramsay, a former agency staffer and one-time deputy general counsel with Citigroup Global Markets, as a deputy director of the Division of Trading and Markets.http://www.compliancereporter.com/Article/2658286/SEC-To-Hire-Ex-Citi-Attorney-For-Senior-Post.aspxFri, 27 Aug 2010 00:00:00 GMTThe creation of a more harmonized, pan-European storage system for certain financial information disclosed by listed companies could ease burdens on compliance officers, according to Michael McKee, partner at DLA Piper. http://www.compliancereporter.com/Article/2658287/EU-Databank-May-Help-COs-Attorney.aspxFri, 27 Aug 2010 00:00:00 GMTThe Securities and Exchange Commission should cut back on the amount of order information it wants tagged and reported to its planned consolidated audit trail, according to the Securities Industry and Financial Markets Association. http://www.compliancereporter.com/Article/2658291/SIFMA-Ease-Up-On-Audit-Trail-IDs.aspxFri, 27 Aug 2010 00:00:00 GMTJonathan Eisenberg, the former co-head of global litigation, employment and regulatory affairs at Merrill Lynch, has joined UBS Wealth Management Americas as general counsel. http://www.compliancereporter.com/Article/2654213/UBS-Jefferies-Appoint-New-GCs.aspxThu, 19 Aug 2010 00:00:00 GMTThe Securities and Exchange Commission is investigating how registered investment advisers make alternative investment decisions. http://www.compliancereporter.com/Article/2654214/SEC-Scopes-Fund-Alt-Investments.aspxThu, 19 Aug 2010 00:00:00 GMTThe recently passed U.K. Bribery Act is driving banks and other financial institutions, including U.S. firms operating in the country, to strengthen their anti-corruption teams in London. http://www.compliancereporter.com/Article/2654215/Firms-Beef-Up-Anti-Graft-Muscle.aspxThu, 19 Aug 2010 00:00:00 GMTNew arbitration cases filed through the Financial Industry Regulatory Authority dropped sharply in the first months of the year. http://www.compliancereporter.com/Article/2654217/FINRA-Arb-Cases-Slump.aspxThu, 19 Aug 2010 00:00:00 GMTNYSE Amex has barred options traders from engaging in unbundling, or trade shredding.http://www.compliancereporter.com/Article/2654218/Amex-Bans-Trade-Shredding.aspxThu, 19 Aug 2010 00:00:00 GMTOn July 1, 2010, President Barack Obama signed into law the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010, or CISADA.http://www.compliancereporter.com/Article/2654548/Compliance-Clarified-Gearing-Up-For-New-Rules-On-Iran.aspxThu, 19 Aug 2010 00:00:00 GMTThe Financial Industry Regulatory Authority has launched a bid to become keeper of the consolidated audit trail. http://www.compliancereporter.com/Article/2650897/FINRA-Bids-For-Audit-Trail-Leadership.aspxThu, 12 Aug 2010 00:00:00 GMTThe Financial Industry Regulatory Authority has sent a plan to the Securities and Exchange Commission that would empower it to force broker/dealers to drop custodians that aren't speedy in fulfilling FINRA requests to verify assets they hold on behalf of the B/D. http://www.compliancereporter.com/Article/2650898/FINRA-Seeks-Muscle-To-Nix-Custodians.aspxThu, 12 Aug 2010 00:00:00 GMTHedge fund advisers can speak a little more freely about their firms now that the Securities and Exchange Commission has approved its long-awaited update to Form ADV Part 2. http://www.compliancereporter.com/Article/2650899/ADV-Revamp-To-Loosen-Hedge-Fund-Lips.aspxThu, 12 Aug 2010 00:00:00 GMTThe Financial Industry Regulatory Authority's plan to register back-office personnel could end up forcing people who are not even employed by a member firm, such as third-party vendors, to be subject to FINRA rules, according to the National Society of Compliance Professionals. http://www.compliancereporter.com/Article/2650900/Compliance-Group-Back-Office-Plan-Needs-Tweaks.aspxThu, 12 Aug 2010 00:00:00 GMTThe Commodity Futures Trading Commission has revised its plans to amend the rules on acknowledgment letters that firms must get from depositories holding its segregated customer funds. http://www.compliancereporter.com/Article/2650901/CFTC-Revamps-Acknowledgment-Letter-Plan.aspxThu, 12 Aug 2010 00:00:00 GMThttp://www.compliancereporter.com/Article/2650932/Ask-An-Attorney-Form-ADV-Part-2-Disclosures.aspxThu, 12 Aug 2010 00:00:00 GMTMembers of the North America Securities Administrators Association's investment adviser group will sit down with Securities and Exchange Commission officials in the coming weeks to work out an orderly transition for the thousands of IAs expected to make the switch from SEC to state oversight. http://www.compliancereporter.com/Article/2646937/States-SEC-To-Meet-Over-IA-Switch.aspxFri, 06 Aug 2010 00:00:00 GMTBanks and associations have presented the Securities and Exchange Commission with a laundry list of concerns over its blockbuster plans to revamp asset-backed securities regulation following the financial meltdown. http://www.compliancereporter.com/Article/2646938/Industry-Weighs-In-With-ABS-Reform-Concerns.aspxFri, 06 Aug 2010 00:00:00 GMTA little-noticed proposal to merge the U.K. Listing Authority with the Financial Reporting Council could lead to compliance staff at some financial institutions in London, including U.S. firms operating there, having to deal with multiple separate regulatory authorities. http://www.compliancereporter.com/Article/2646939/Listings-Governance-Plan-Sparks-CO-Fears.aspxFri, 06 Aug 2010 00:00:00 GMTThe Financial Industry Regulatory Authority has nominated its favored candidates to fill two vacancies on the National Adjudicatory Council, which reviews initial decisions in the self-regulatory organization's disciplinary and membership proceedings. http://www.compliancereporter.com/Article/2646944/FINRA-Nominates-Review-Panel-Members.aspxFri, 06 Aug 2010 00:00:00 GMTThe Securities and Exchange Commission recently proposed Rule 13h-1, which would establish a reporting regime to help the agency obtain information about large traders--those who engage in substantial U.S. trading activity.http://www.compliancereporter.com/Article/2646994/Compliance-Clarified-Get-Ready-For-Large-Trader-Reporting.aspxFri, 06 Aug 2010 00:00:00 GMTThe Financial Services Authority is requesting more information from regulated firms, including U.S. institutions operating in the U.K., ahead of carrying out its Advanced Risk-Responsive Operating frameWork, or ARROW, visits. http://www.compliancereporter.com/Article/2641299/FSA-Requests-More-Pre-Exam-Info.aspxThu, 29 Jul 2010 00:00:00 GMTHigh-profile hedge fund firms Millennium Partners, Tudor Investment Corporation and Talpion have all added senior compliance officers in recent weeks. http://www.compliancereporter.com/Article/2641301/Millennium-Tudor-Talpion-Pocket-Senior-COs.aspxThu, 29 Jul 2010 00:00:00 GMTThe Securities and Exchange Commission's plans to revamp fund distribution fees are likely to create headaches on several fronts for compliance officers at mutual fund firms. http://www.compliancereporter.com/Article/2641303/Fund-COs-Sweat-Over-12b-1-Reforms.aspxThu, 29 Jul 2010 00:00:00 GMTCompliance departments are looking for outside help as they try to beef up their policies and procedures relating to social media Web sites. http://www.compliancereporter.com/Article/2641305/Firms-Hunt-Social-Media-Answers.aspxThu, 29 Jul 2010 00:00:00 GMTThe Securities and Exchange Commission's examinations team is taking greater care with its referrals to enforcement.http://www.compliancereporter.com/Article/2641309/OCIE-Eyes-Enforcement-Referrals.aspxThu, 29 Jul 2010 00:00:00 GMTThe Commodity Futures Trading Commission has taken the unusual step of siding with the industry--and a man it is suing--in trying to stop the Federal Energy Regulatory Commission from encroaching into futures regulation. http://www.compliancereporter.com/Article/2636343/CFTC-Fends-Off-FERC-Futures-Foray.aspxThu, 22 Jul 2010 00:00:00 GMTThe just-signed Dodd-Frank Act has turned out to include a little-noticed provision that sets up mutual fund whistleblowers for a payday, according to CR sister publication Fund Action.http://www.compliancereporter.com/Article/2636345/Fund-Snitches-To-Be-Paid-By-SEC.aspxThu, 22 Jul 2010 00:00:00 GMTCompliance officers at foreign firms operating in the U.S. will face unique challenges in ensuring their institutions follow Wall Street reforms. http://www.compliancereporter.com/Article/2636346/Non-US-Firms-Face-Reform-Challenges.aspxThu, 22 Jul 2010 00:00:00 GMTA Securities Industry and Financial Markets Association task force is preparing a proposal on a fiduciary duty for broker/dealers.http://www.compliancereporter.com/Article/2636347/SIFMA-Preps-BD-Fiduciary-Duty-Proposal.aspxThu, 22 Jul 2010 00:00:00 GMTThe National Association of Independent Broker/Dealers has urged the Financial Industry Regulatory Authority to reconsider implementing its proposed rule on encrypting portable media because of the compliance burden. http://www.compliancereporter.com/Article/2636349/FINRA-Urged-To-Set-Aside-Encryption-Plan.aspxThu, 22 Jul 2010 00:00:00 GMTIn June, the U.S. Supreme Court had appeared to settle the uncertainty over the extraterritorial reach of the U.S. securities laws with its ruling in Morrison v. National Australia Bank.http://www.compliancereporter.com/Article/2636837/Guest-Column-Dodd-Frank-Revives-Foreign-Litigation-Doubts.aspxThu, 22 Jul 2010 00:00:00 GMTAn administrative law judge has taken the Securities and Exchange Commission's Enforcement Division to task for quietly launching a second probe of Morgan Keegan that apparently violated the agency's internal rules of conduct. http://www.compliancereporter.com/Article/2631602/Judge-Busts-SEC-Over-Follow-On-Probe.aspxThu, 15 Jul 2010 00:00:00 GMTThe U.K. Financial Services Authority's turnaround time for approved person applications has lengthened recently from 1-2 days to around two weeks.http://www.compliancereporter.com/Article/2631603/FSA-Approval-Times-Mushroom.aspxThu, 15 Jul 2010 00:00:00 GMTThe Securities and Exchange Commission is zeroing in on books and records and internal controls provisions under the Foreign Corrupt Practices Act.http://www.compliancereporter.com/Article/2631604/SEC-Targets-Books-Controls-In-FCPA-Enforcement.aspxThu, 15 Jul 2010 00:00:00 GMTCitigroup will assemble a task force headed by a senior business person, not a compliance officer or a lawyer, as it scrambles to keep abreast of the coming onslaught of rules and laws posed by the financial reform overhaul, according to Michael Helfer, general counsel and corporate secretary. http://www.compliancereporter.com/Article/2631605/Citi-Lawyer-Lays-Out-Firms-Reg-Reform-Strategy.aspxThu, 15 Jul 2010 00:00:00 GMTThe Securities and Exchange Commission imposed stiffer penalties against Richard Campanella, the former chief compliance officer and later president of vFinance Investments, by barring him after he appealed an administrative law judge's decision to fine him $30,000 over allegations that he willfully violated recordkeeping and production requirements, as well as aided and abetted similar violations. http://www.compliancereporter.com/Article/2631606/SEC-Ups-Ex-CCO-Sanction.aspxThu, 15 Jul 2010 00:00:00 GMTThe Securities and Exchange Commission's Office of Compliance Inspections and Examinations will collaborate more with the agency's other divisions and offices when designing and executing sweeps, Carlo di Florio, director of OCIE, told CR.http://www.compliancereporter.com/Article/2627004/OCIE-To-Collaborate-Internally-On-Sweeps.aspxThu, 08 Jul 2010 00:00:00 GMTMembers of the European Parliament's influential Economic and Monetary Affairs Committee (ECON) will seek talks with the U.K. authorities over how the country's planned new regulatory architecture will affect implementation of tough EU rules on bankers' pay and bonuses.http://www.compliancereporter.com/Article/2627010/EU-Lawmakers-Seek-UK-Talks-On-Bonus-Rules.aspxThu, 08 Jul 2010 00:00:00 GMTBob Beauchamp, head of regulation at the London Stock Exchange's Alternative Investment Market, has left the exchange and is expected to take up a senior role in the Financial Services Authority's enforcement division, dealing with wholesale issues. http://www.compliancereporter.com/Article/2627012/London-Stock-Exchange-Reg-Boss-Heads-To-FSA.aspxThu, 08 Jul 2010 00:00:00 GMTThe Securities and Exchange Commission wants certain investment advisers in New York and New Jersey to tell it about any employee who has been terminated during the past year.http://www.compliancereporter.com/Article/2627014/SEC-Seeks-Info-On-Fired-IA-Staffers.aspxThu, 08 Jul 2010 00:00:00 GMTA Financial Industry Regulatory Authority hearing panel has permanently barred Edward Brokaw, a former broker who worked in the Greenwich, Conn., branch office of Deutsche Bank Securities. http://www.compliancereporter.com/Article/2627015/FINRA-Panel-Bars-Ex-Deutsche-Bank-Broker.aspxThu, 08 Jul 2010 00:00:00 GMTCompliance officers at retail brokerages are taking steps to prepare their firms to be held to a fiduciary standard, even while it is far from settled that such a standard will be imposed on them. http://www.compliancereporter.com/Article/2622954/Retail-BDs-Dig-In-For-Fiduciary-Duty.aspxThu, 01 Jul 2010 00:00:00 GMTThe financial reform bill has already cranked up the job market for compliance officers.http://www.compliancereporter.com/Article/2622955/CO-Salaries-Head-North-Hiring-Drive-Expected.aspxThu, 01 Jul 2010 00:00:00 GMTFirms are struggling to come to grips with the growing demands of e-discovery, which requires them to produce often vast amounts of electronically stored discovery in civil litigation. http://www.compliancereporter.com/Article/2622972/Firms-Flounder-With-E-Discovery.aspxThu, 01 Jul 2010 00:00:00 GMTThe number of suspicious activity reports fell slightly last year, the first decline since 1996. http://www.compliancereporter.com/Article/2622974/FinCEN-Sees-Mixed-Results-On-SARs.aspxThu, 01 Jul 2010 00:00:00 GMThttp://www.compliancereporter.com/Article/2623038/A-CO-To-Do-List.aspxThu, 01 Jul 2010 00:00:00 GMTOver the past several months, the Securities and Exchange Commission has adopted two new circuit breaker restrictions. http://www.compliancereporter.com/Article/2623035/Compliance-Clarified-The-New-Circuit-Breaker-Rules.aspxThu, 01 Jul 2010 00:00:00 GMTState securities regulators are gearing up for a wave of investment advisory firms looking to register.http://www.compliancereporter.com/Article/2618260/States-Get-Ready-For-IA-Registration-Gusher.aspxThu, 24 Jun 2010 00:00:00 GMTPrudential legal and compliance officials are looking to revamp the firm's approach to social media Web sites such as Facebook and Twitter as part of a broader push to allow registered representatives at Prudential's broker/dealers to use such outlets to drum up business. http://www.compliancereporter.com/Article/2618262/Prudential-Plots-Social-Media-Policy.aspxThu, 24 Jun 2010 00:00:00 GMTStockbrokers and independent financial advisers face having to answer to separate authorities under the U.K.'s regulatory overhaul, increasing the workloads of compliance officers, including those at U.S. institutions operating in the country. http://www.compliancereporter.com/Article/2618265/Brokers-Advisers-Face-Multiple-UK-Regulators.aspxThu, 24 Jun 2010 00:00:00 GMTPrisma Capital Partners has hired Anne Wynne as the firm's first general counsel.http://www.compliancereporter.com/Article/2618268/Prisma-Hires-First-GC.aspxThu, 24 Jun 2010 00:00:00 GMTThe Securities and Exchange Commission plans to review the need for different sets of rules across exchanges to address volatility and liquidity issues.http://www.compliancereporter.com/Article/2618271/SEC-Eyes-Streamlined-Exchange-Pauses.aspxThu, 24 Jun 2010 00:00:00 GMTThe Financial Industry Regulatory Authority's latest annual examination priorities letter, released in March, is a must-read for all broker/dealers.http://www.compliancereporter.com/Article/2618307/Compliance-Clarified-How-To-Avoid-AML-Enforcement-Actions.aspxThu, 24 Jun 2010 00:00:00 GMTThe U.K. Financial Services Authority is set to launch a consultation on authorized firms' use of client money audit reports later this year. http://www.compliancereporter.com/Article/2603278/FSA-To-Review-Client-Money-Report-Regime.aspxFri, 18 Jun 2010 00:00:00 GMTWith the FSA headed to the boneyard and the Old Lady becoming a top cop again, the editors of Compliance Reporter have compiled an indispensible cheat sheet for compliance officers who may be unfamiliar with the cultural differences.http://www.compliancereporter.com/Article/2603303/Outsiders-Guide-to-the-UK-Regulators.aspxFri, 18 Jun 2010 00:00:00 GMTA coalition of industry groups has criticized guidance on beneficial ownership from the Financial Crimes Enforcement Network and other agencies as being out-of-step with current Bank Secrecy Act requirements for securities and futures firms and not appropriately tailored to their businesses. http://www.compliancereporter.com/Article/2603333/Beneficial-Ownership-Guide-Draws-Fire.aspxFri, 18 Jun 2010 00:00:00 GMTThe Ontario Securities Commission has barred Robert Levack, former chief compliance officer at Sextant Capital Management, for 10 years and fined him C$15,000 over an alleged failure to address or report multiple alleged securities violations at Sextant. http://www.compliancereporter.com/Article/2603279/Canadian-Regulator-Bars-Ex-CCO.aspxFri, 18 Jun 2010 00:00:00 GMTIn April 2010, the U.K. Financial Services Authority published draft guidance on when persons might be "acting in concert" or deemed to hold voting power under its controller regime. http://www.compliancereporter.com/Article/2603287/Compliance-Clarified-Tackling-Control-Issues-In-UK-Acquisitions.aspxFri, 18 Jun 2010 00:00:00 GMTThe Financial Industry Regulatory Authority is looking to hire roughly two dozen people across the country to serve as the frontline point of contact between firms and the regulator. http://www.compliancereporter.com/Article/2602657/FINRA-To-Bulk-Up-Frontline-Staff-Numbers.aspxThu, 17 Jun 2010 00:00:00 GMTOne of the greatest challenges firms now face in information security is being able to wed their security plans to their business goals. http://www.compliancereporter.com/Article/2602674/Firms-Lag-On-SecurityBusiness-Alignment.aspxThu, 17 Jun 2010 00:00:00 GMTThe Securities and Exchange Commission is experimenting with a new way to gauge which of the thousands of currently uninspected investment advisers should be examined next. http://www.compliancereporter.com/Article/2593676/SEC-Regional-Offices-To-Probe-Unexamined-IAs.aspxThu, 10 Jun 2010 00:00:00 GMTIndustry officials are sounding early sirens about the potential compliance costs of the Securities and Exchange Commission's back-to-back plans to require new reporting about large traders and create a consolidated audit trail. http://www.compliancereporter.com/Article/2593677/COs-Fret-Large-Trader-Audit-Trail-Plans.aspxThu, 10 Jun 2010 00:00:00 GMTCompliance officers at U.K. and U.S. firms operating under the Financial Services Authority's watch are struggling with client money segregation rules.http://www.compliancereporter.com/Article/2593678/Client-Money-Segregation-Creates-Headaches.aspxThu, 10 Jun 2010 00:00:00 GMTCompliance officers at investment management firms need to be alert to performance-based accounts getting more lucrative trades than flat-flee accounts, and preferred funds being exempted from expense charges, according to Norm Champ, associate regional director for examinations in the Securities and Exchange Commission's New York office. http://www.compliancereporter.com/Article/2593679/SEC-Targets-Conflicts.aspxThu, 10 Jun 2010 00:00:00 GMTExchanges and self-regulatory organizations need to iron out small differences between their plans to implement single-stock circuit breaker pilot programs aimed at preventing a repeat of the May 6 flash crash, according to Christopher Nagy, managing director of order strategy at TD Ameritrade.http://www.compliancereporter.com/Article/2593680/Firms-Weigh-In-On-Flash-Crash-Plan.aspxThu, 10 Jun 2010 00:00:00 GMTThis week’s Ask An Attorney looks at the Securities and Exchange Commission’s new short sale circuit breaker rule.http://www.compliancereporter.com/Article/2593701/The-Short-Sale-Circuit-Breaker-Rule.aspxThu, 10 Jun 2010 00:00:00 GMTThe Financial Industry Regulatory Authority has placed municipal interest rate swaps among its enforcement priorities. http://www.compliancereporter.com/Article/2585158/FINRA-Enforcement-Targets-Muni-Swaps.aspxFri, 04 Jun 2010 00:00:00 GMTThe long-awaited update to the Financial Industry Regulatory Authority's supervision rules will give firms more latitude in deciding how they supervise than originally proposed. http://www.compliancereporter.com/Article/2585159/FINRA-Supervision-Plan-To-Be-Less-Prescriptive.aspxFri, 04 Jun 2010 00:00:00 GMTTD Ameritrade has hired James Reilly to be chief compliance office for its holding company.http://www.compliancereporter.com/Article/2585160/TD-Taps-Ex-TIAA-CREF-Staffer-As-CCO.aspxFri, 04 Jun 2010 00:00:00 GMTThe North American Securities Administrators Association has urged the Financial Industry Regulatory Authority to go further in expanding the information released via the self-regulatory organization's BrokerCheck Web site. http://www.compliancereporter.com/Article/2585161/States-Go-Further-On-BrokerCheck-Expansion.aspxFri, 04 Jun 2010 00:00:00 GMTThe Canadian Securities Administrators and the Investment Industry Regulatory Organization of Canada have unveiled a number of initiatives to tackle concerns and questions raised over developments in market structure, such as dark pools. http://www.compliancereporter.com/Article/2585163/Canadian-Regulators-Tackle-Market-Structure.aspxFri, 04 Jun 2010 00:00:00 GMTJames Shorris became executive director of enforcement at the Financial Industry Regulatory Authority earlier this year after Susan Merrill stepped down to return to private practice. http://www.compliancereporter.com/Article/2585202/Regulatory-Talk-James-Shorris-FINRA.aspxFri, 04 Jun 2010 00:00:00 GMT