Report urges New York to bring its anti-fraud laws into the 21st century
New York state laws against sophisticated frauds such as cybercrime and elder financial abuse need to be modernized and better aligned with laws in other states and the federal government, a task force...
View ArticleJPMorgan in talks with U.S. federal, state officials on $11 billion deal -...
JPMorgan Chase & Co is in talks with government officials to settle federal and state mortgage probes for $11 billion, two people familiar with the matter said on Wednesday. The sum could include...
View ArticleWarren urges Congress to tackle 'too-big-to-fail' by curbing bank activities
Three years after Congress passed the Dodd-Frank Act, the country's biggest banks are bigger than ever, while the risk to the financial system has grown out of proportion, Senator Elizabeth Warren told...
View ArticleU.S. judge criticizes lack of prosecution against Wall Street executives for...
The federal judge who oversaw the recent civil fraud trial against Bank of America Corp criticized the U.S. Department of Justice on Tuesday for failing to prosecute high-level executives over the...
View ArticleSome U.S. brokers still need buffers against trading errors -regulators
Some brokerages still do not have proper buffers in place to protect against technology errors or rogue algorithms which could rile markets, although many have improved their compliance with new rules,...
View ArticleTwo Toronto-area former executives charged in $30 million fraud
The Royal Canadian Mounted Police (RCMP), Canada's equivalent to the American FBI, have arrested and charged two former executives of Onco Petroleum Inc. with filing a false prospectus that resulted in...
View ArticleOntario Securities Commission annual report details widespread compliance...
The Ontario Securities Commission (OSC), Canada's largest and most influential securities regulator, continues to find serious compliance deficiencies among dealers, advisors, and fund managers....
View ArticleFINRA eyes new rule for clearing-firm data
Wall Street's industry-funded watchdog is developing a new rule that would require clearing firms to regularly provide it with data about brokerage transactions, U.S. regulators said on Tuesday. The...
View ArticleU.S. stock exchanges offer plans to prevent trading glitches
U.S. stock and option exchanges said on Tuesday they reached a general agreement on how to strengthen securities markets after federal regulators ordered them to come up with new rules in the wake of...
View ArticleU.S. banks may get power to challenge money laundering exams
Wall Street banks could get greater power to fight back against bad report cards on their efforts to combat money laundering under a proposal being discussed by U.S. regulators and the financial...
View ArticleIn a first, ex-hedge fund exec wins SEC leniency for helping thwart fraud
A former hedge fund administrator has reached an agreement with the U.S. Securities and Exchange Commission that marks the first time the regulator agreed not to begin an enforcement action against an...
View ArticleQuote of the day: Andrew Ceresney, Securities and Exchange Commission...
"The benchmark of an effective enforcement program is zero tolerance for any securities law violations, including violations that do not require manipulative intent." -- Andrew Ceresney, co-director of...
View ArticleShadow banking half the size of conventional bank system, FSB report finds
The global shadow banking sector grew by 7.5 percent last year, and is half as large as the banking system in asset terms, according to the Financial Stability Board’s third annual Global Shadow...
View ArticleSEC asks Goldman for compensation of ex-VP Tourre following fraud verdict
The U.S. Securities and Exchange Commission has asked Goldman Sachs Group Inc GS.N to disclose the salary and bonus of a former bank vice president who was found liable of securities fraud. A jury...
View ArticleFormer financial advisor cheated NHL players out of millions and laundered...
A former financial advisor to several National Hockey League players and an associate have been indicted for allegedly conspiring to swindle investors out of $15 million and launder the proceeds,...
View ArticleU.S. designates Nigeria militant groups as terrorists, targets transactions
The United States formally designated the Nigerian Islamist militant groups Boko Haram and Ansaru as foreign terrorist organizations on Wednesday, making it a crime to provide them with material...
View ArticleU.S. probe of JPMorgan hiring in China involves ex-Premier Wen's daughter -...
JPMorgan Chase & Co paid $1.8 million over two years to a small consulting firm run by the daughter of former Chinese Premier Wen Jiabao, The New York Times reported on Thursday, a relationship...
View ArticleEnforcement focus to move from financial crisis to post-crisis rules, U.S....
U.S. securities and futures regulators have brought all, or at least almost all, the financial crisis-related enforcement actions they plan to, and are moving on to new and potentially more challenging...
View ArticleU.S. Treasury signs pact with France for FATCA anti-tax evasion law
The United States has signed an anti-tax evasion agreement with France, the 10th country to join a U.S. global dragnet that goes into effect next July, the U.S. Treasury said on Thursday. The Foreign...
View ArticleQuote of the day: Rick Ketchum, CEO, Financial Industry Regulatory Authority
"We can't be happy having a 1980 exam oversight system" -- Rick Ketchum, CEO, Financial industry Regulatory Authority (FINRA). For full story "FINRA wants data "at its fingertips, will focus exams on...
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