QUOTE OF THE DAY: Solomon Yue, Republican National Committee
"I see FATCA just like Obamacare." -- Solomon Yue, Republican National Committee official leading the party's effort to repeal the Foreign Account Tax Compliance Act, or FATCA. For full story, please...
View ArticleHong Kong negotiating for Model 2 FATCA agreement, says industry official
Hong Kong authorities are in the process of negotiating a Model 2 intergovernmental agreement (IGA) for compliance with the U.S. Foreign Tax Compliance Act (FATCA), and an agreement could be reached in...
View ArticleRepublican Party considers push to repeal U.S. FATCA anti-tax dodging law
The Republican Party is expected to approve a resolution this week, calling for repeal of an Obama administration law that is designed to crack down on offshore tax dodging. In what would be the...
View ArticleForeign correspondent banks: FinCEN identifies countries subject to Section...
The USA PATRIOT Act’s (PDF) section on foreign correspondent banks has always contained a trigger (in section 312(a)(1)(2)(a)(2) (PDF)) that requires banks and some other regulated financial...
View ArticleU.S. swaps regulator to review reporting requirements amid flood of data
The U.S. swaps regulator will review its requirements for swaps transaction recordkeeping and reporting under Part 45 reporting rules, as it struggles to cope with a flood of newly mandated data. The...
View ArticleU.S. banks and retailers trade barbs over data breaches
Community banks from across the United States and some of the country's biggest retailers are at each other's throats over whose job it is to protect consumers from the kind of cyber attacks suffered...
View ArticleCanadian investment regulator stresses accountability, oversight in new...
Canadian investment dealers bear ultimate responsibility for regulatory compliance in tasks outsourced to third-party service providers, the Investment Industry Regulatory Organisation of Canada...
View ArticleU.S. SEC judge bars "Big Four" China units for 6 months over audits
Chinese units of the global "Big Four" accounting firms should be suspended from auditing U.S.-listed companies for six months, a judge in the United States ruled, in an escalation in a long-running...
View ArticleSEC bars former Oppenheimer private fund manager for misrepresenting valuations
The Securities and Exchange Commission on Wednesday sanctioned a former Oppenheimer & Co. portfolio manager for misrepresenting the valuation of a fund consisting of other private equity funds. The...
View ArticleJPMorgan CEO Dimon says government cases were "unfair"
JPMorgan Chase & Co Chief Executive Officer Jamie Dimon said on Thursday that government legal cases, including those over mortgage securities the company settled for more than $13 billion, were...
View ArticleHome and host supervisors should communicate and cooperate all the time, not...
The home and host regulators of an internationally active bank should continuously collaborate and share information, not only when they meet physically and formally as the bank’s supervisory college....
View ArticleCORRECTED-INTERVIEW: Mexico eyes seven multinationals in tax avoidance probe
Mexico is probing seven multinational companies, most of them American and some listed, to investigate whether they avoided paying their taxes amid an international crackdown, a top government tax...
View ArticleU.S. regulators to scrutinize big non-bank money transfer firms
The U.S. consumer watchdog on Thursday proposed extra scrutiny for big non-bank firms that provide international money transfers. The Consumer Financial Protection Bureau (CFPB) can already examine...
View ArticleCanadian regulators propose debt transaction reporting rule
To improve the oversight and surveillance of Canada's debt markets, securities regulators have proposed (PDF) a new transaction reporting regime for dealers. The Investment Industry Regulatory...
View ArticleIMF warns more work is needed to tackle big bank risk
Big banks still pose a threat to the world financial system because there is a general assumption that governments will come to their rescue in case of trouble, an International Monetary Fund executive...
View ArticleFinancial industry-U.S. government exercise tests for continuity impact of...
Even as the global financial system is preparing itself against cyberwar, utility and weather-related risks, it faces a major threat from another yet seemingly unlikely source, public health and...
View ArticleU.S. fines Clearstream $152 million in Iran-sanctions probe, issues guidance...
The U.S. Treasury Department on Thursday said it had fined Luxembourg-based Clearstream Banking SA nearly $152 million for allegedly violating U.S. economic sanctions against Iran, and the department...
View ArticleU.S. to adjust rules to let banks handle marijuana money -Holder
U.S. treasury and law enforcement agencies will soon issue regulations opening banking services to state-sanctioned marijuana businesses even though cannabis remains classified an illegal narcotic...
View ArticleJPMorgan directors raise Dimon's pay after prior cut
Jamie Dimon, chairman and chief executive of JPMorgan Chase & Co, got a 74 percent pay increase for 2013, when $20 billion of legal settlements weighed on the bank's income. The CEO received $20...
View ArticleICE CEO Sprecher wants regulators to look at ‘maker-taker’ trading
Stock market regulators should take a hard look at the ‘maker-taker’ form of trading that now dominates share transactions in the United States, Jeffrey Sprecher, CEO of the IntercontinentalExchange...
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