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06:24 AM, Sep. 03, 2010
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Top Stories   

  • IAs Gear Up For Pay-To-Play Rule
    08/27/2010

    The Securities and Exchange Commission's new pay-to-play rule is creating headaches for investment advisers to public pension funds.

  • Senior Deutsche Bank, Morgan Stanley C/Os On The Move
    08/27/2010

    Christopher 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.

  • SEC Backs Accounting Reg In First Appeal
    08/27/2010

    The Securities and Exchange Commission has upheld the first litigated appeal of a Public Company Accounting Oversight Board disciplinary decision.

  • SEC To Hire Ex-Citi Attorney For Senior Post
    08/27/2010

    The 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.

  • EU Databank May Help C/Os: Attorney
    08/27/2010

    The 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.

  • SIFMA: Ease Up On Audit Trail IDs
    08/27/2010

    The 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.

  • UBS, Jefferies Appoint New GCs
    08/19/2010

    Jonathan Eisenberg, the former co-head of global litigation, employment and regulatory affairs at Merrill Lynch, has joined UBS Wealth Management Americas as general counsel.

  • SEC Scopes Fund Alt Investments
    08/19/2010

    The Securities and Exchange Commission is investigating how registered investment advisers make alternative investment decisions.

  • Firms Beef Up Anti-Graft Muscle
    08/19/2010

    The 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.

  • FINRA Arb Cases Slump
    08/19/2010

    New arbitration cases filed through the Financial Industry Regulatory Authority dropped sharply in the first months of the year.

  • Amex Bans Trade Shredding
    08/19/2010

    NYSE Amex has barred options traders from engaging in unbundling, or trade shredding.

  • Compliance Clarified: Gearing Up For New Rules On Iran
    08/19/2010

    On July 1, 2010, President Barack Obama signed into law the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010, or CISADA.

  • FINRA Bids For Audit Trail Leadership
    08/12/2010

    The Financial Industry Regulatory Authority has launched a bid to become keeper of the consolidated audit trail.

  • FINRA Seeks Muscle To Nix Custodians
    08/12/2010

    The 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.

  • ADV Revamp To Loosen Hedge Fund Lips
    08/12/2010

    Hedge 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.

  • Compliance Group: Back-Office Plan Needs Tweaks
    08/12/2010

    The 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.

  • CFTC Revamps Acknowledgment Letter Plan
    08/12/2010

    The 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.

  • Ask An Attorney: Form ADV Part 2 Disclosures
    08/12/2010

  • States, SEC To Meet Over IA Switch
    08/06/2010

    Members 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.

  • Industry Weighs In With ABS Reform Concerns
    08/06/2010

    Banks 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.

  • Listings, Governance Plan Sparks C/O Fears
    08/06/2010

    A 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.

  • FINRA Nominates Review Panel Members
    08/06/2010

    The 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.

  • Compliance Clarified: Get Ready For Large Trader Reporting
    08/06/2010

    The 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.

  • FSA Requests More Pre-Exam Info
    07/29/2010

    The 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.

  • Millennium, Tudor, Talpion Pocket Senior C/Os
    07/29/2010

    High-profile hedge fund firms Millennium Partners, Tudor Investment Corporation and Talpion have all added senior compliance officers in recent weeks.

  • Fund C/Os Sweat Over 12b-1 Reforms
    07/29/2010

    The 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.

  • Firms Hunt Social Media Answers
    07/29/2010

    Compliance departments are looking for outside help as they try to beef up their policies and procedures relating to social media Web sites.

  • OCIE Eyes Enforcement Referrals
    07/29/2010

    The Securities and Exchange Commission's examinations team is taking greater care with its referrals to enforcement.

  • CFTC Fends Off FERC Futures Foray
    07/22/2010

    The 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.

  • Fund Snitches To Be Paid By SEC
    07/22/2010

    The 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.

  • Non-U.S. Firms Face Reform Challenges
    07/22/2010

    Compliance officers at foreign firms operating in the U.S. will face unique challenges in ensuring their institutions follow Wall Street reforms.

  • SIFMA Preps B/D Fiduciary Duty Proposal
    07/22/2010

    A Securities Industry and Financial Markets Association task force is preparing a proposal on a fiduciary duty for broker/dealers.

  • FINRA Urged To Set Aside Encryption Plan
    07/22/2010

    The 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.

  • Guest Column: Dodd-Frank Revives Foreign Litigation Doubts
    07/22/2010

    In 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.

  • Judge Busts SEC Over Follow-On Probe
    07/15/2010

    An 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.

  • FSA Approval Times Mushroom
    07/15/2010

    The U.K. Financial Services Authority's turnaround time for approved person applications has lengthened recently from 1-2 days to around two weeks.

  • SEC Targets Books, Controls In FCPA Enforcement
    07/15/2010

    The Securities and Exchange Commission is zeroing in on books and records and internal controls provisions under the Foreign Corrupt Practices Act.

  • Citi Lawyer Lays Out Firm's Reg Reform Strategy
    07/15/2010

    Citigroup 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.

  • SEC Ups Ex-CCO Sanction
    07/15/2010

    The 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.

  • OCIE To Collaborate Internally On Sweeps
    07/08/2010

    The 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.

  • EU Lawmakers Seek U.K. Talks On Bonus Rules
    07/08/2010

    Members 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.

  • London Stock Exchange Reg Boss Heads To FSA
    07/08/2010

    Bob 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.

  • SEC Seeks Info On Fired IA Staffers
    07/08/2010

    The 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.

  • FINRA Panel Bars Ex-Deutsche Bank Broker
    07/08/2010

    A 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.

  • Retail B/Ds Dig In For Fiduciary Duty
    07/01/2010

    Compliance 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.

  • C/O Salaries Head North; Hiring Drive Expected
    07/01/2010

    The financial reform bill has already cranked up the job market for compliance officers.

  • Firms Flounder With E-Discovery
    07/01/2010

    Firms 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.

  • FinCEN Sees Mixed Results On SARs
    07/01/2010

    The number of suspicious activity reports fell slightly last year, the first decline since 1996.

  • A C/O To-Do List
    07/01/2010

  • Compliance Clarified: The New Circuit Breaker Rules
    07/01/2010

    Over the past several months, the Securities and Exchange Commission has adopted two new circuit breaker restrictions.

  • States Get Ready For IA Registration Gusher
    06/24/2010

    State securities regulators are gearing up for a wave of investment advisory firms looking to register.

  • Prudential Plots Social Media Policy
    06/24/2010

    Prudential 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.

  • Brokers, Advisers Face Multiple U.K. Regulators
    06/24/2010

    Stockbrokers 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.

  • Prisma Hires First GC
    06/24/2010

    Prisma Capital Partners has hired Anne Wynne as the firm's first general counsel.

  • SEC Eyes Streamlined Exchange Pauses
    06/24/2010

    The Securities and Exchange Commission plans to review the need for different sets of rules across exchanges to address volatility and liquidity issues.

  • Compliance Clarified: How To Avoid AML Enforcement Actions
    06/24/2010

    The Financial Industry Regulatory Authority's latest annual examination priorities letter, released in March, is a must-read for all broker/dealers.

  • FSA To Review Client Money Report Regime
    06/18/2010

    The U.K. Financial Services Authority is set to launch a consultation on authorized firms' use of client money audit reports later this year.

  • Outsiders Guide to the U.K. Regulators
    06/18/2010

    With 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.

  • Beneficial Ownership Guide Draws Fire
    06/18/2010

    A 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.

  • Canadian Regulator Bars Ex-CCO
    06/18/2010

    The 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.

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