FINRA brokerage exams to seek risks in new areas, with new methods
The Financial Industry Regulatory Authority plans to use a new exam process of "intrusive oversight" to verify that firms are acting in the customer's best interests as it focuses on concerns including...
View ArticleRBS clamps down on multi-dealer online chat rooms
Royal Bank of Scotland's markets division has banned the use of multi-dealer online chat rooms, the bank said, joining rival banks that have taken similar action in response to regulatory scrutiny....
View ArticleTexas financial planner diverted and laundered $1 million life insurance...
A federal jury in Texas has convicted a financial planner on fraud and money laundering charges for diverting a $1 million life insurance payout, federal prosecutors said Thursday. Caleb Deason, 34, of...
View ArticleCanada regulator accuses Silvercorp short seller of fraud
A Canadian securities regulator has accused a short seller who ran a high-profile campaign against miner Silvercorp Metals Inc two years ago of fraud. The British Columbia Securities Commission said in...
View ArticleGlobal regulators to soften rules to help revive securitisation
Global and European regulators have softened proposed new rules for securitisation in an attempt to kick-start a financing tool tarnished by the financial crisis. Central bankers and policymakers view...
View ArticleMortgage case against Deutsche Bank filed too late -New York court
A unit of Deutsche Bank AG won dismissal Thursday of a $330 million mortgage securities lawsuit, in a victory for banks who claim the statute of limitations has expired on many such cases. A New York...
View ArticleObama nominates Sharon Bowen to CFTC
President Barack Obama has chosen Sharon Bowen to fill a commissioner opening on the Commodity Futures Trading Commission, the White House said on Thursday. Bowen, a partner at the law firm of Latham...
View ArticleEx-Microsoft employee, day-trader charged with insider trading
The U.S. Department of Justice and the Securities and Exchange Commission charged two Seattle men on Thursday with 35 counts of illegally trading on private Microsoft Corp information, which...
View ArticleEx-broker pleads guilty to insider trading over 2009 IBM deal
A former stock broker pleaded guilty on Thursday to charges stemming from a conspiracy to engage in insider trading ahead of a 2009 acquisition by IBM Corp. David Weishaus, 33, told a federal judge in...
View ArticleU.S. Treasury signs anti-tax evasion pacts with six jurisdictions
The U.S. Treasury Department said on Thursday it has signed six more anti-tax evasion pacts with foreign governments, including several jurisdictions previously criticized as tax havens. The agreements...
View ArticleU.S. regulators say banks have time to sell securities under Volcker
The U.S. Federal Reserve said on Thursday banks do not need to sell certain securities immediately under the Volcker rule, but instead have until July 2015 to decide if the investments comply with the...
View ArticleU.S. orders mortgage servicer Ocwen to help underwater borrowers with $2 billion
U.S. officials on Thursday ordered the largest nonbank mortgage servicer to provide $2 billion in help to underwater borrowers to resolve allegations of misconduct that led to thousands of people...
View ArticleEXCLUSIVE: Washington-based bitcoin advocates to rate jurisdictions'...
In the wake of regulatory action in the United States and China that have made it difficult for the bitcoin industry to operate, a Washington-based advocacy group has begun developing guidance aimed at...
View ArticleGoldman Sachs bans multidealer chatrooms - source
U.S. investment bank Goldman Sachs has become the latest major financial institution to ban its dealers from using multilateral online chatrooms, a source familiar with the matter said on Friday. The...
View ArticleU.S. permits some foreign swaps rules, EU still unhappy
The United States granted foreign banks a reprieve from some of its new rules for risky derivatives, putting itself on a collision course with overseas regulators who want more reliance on home-country...
View ArticleWelcome for simpler and less stringent Basel framework for securitization
Proposals for the capital treatment of securitisation that the Basel Committee put out for consultation last week have been welcomed as simpler and more evidence-based than previous proposals it put...
View ArticleQuote of the Day: Skadden Arps
“Compliance with both the Volcker Rule and the eventual EU ring fencing requirements may increase the trend of subsidiarizing global banking operations with the attendant extra regulatory capital...
View ArticleCanadian dealers, advisors must use financial ombusdman body for dispute...
The Canadian Securities Administrators (CSA), the country's capital markets standard setter, have issued new rules requiring all registered dealers and advisers to use the Ombudsman for Banking...
View ArticleQuote of the Day: Richard Burger, law firm RPC.
"The level of cooperation and coordination between international regulators is an increasing threat to regulated firms. There is enormous political pressure on every single regulator to be seen to be...
View ArticleFed proposes rule to scale back emergency lending powers
The U.S. Federal Reserve Board of Governors unveiled a proposal on Monday that would limit the scope of its authority to bail out a large financial company on the brink of collapse through its...
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