U.S. senators slam study on systemic risks posed by asset managers
Five U.S. senators slammed a government report that raised red flags about risks posed by asset management firms in a letter to Treasury Secretary Jack Lew that was dated Thursday. The bipartisan group...
View ArticleRepublicans bash U.S. law targeting offshore tax dodgers
The Republican National Committee (RNC) on Friday called for the repeal of a U.S. anti-tax-evasion law, siding with big banks, libertarians and American expatriates that have criticized the Obama...
View ArticleU.S. munis regulator to consider best-execution standard for broker-dealers
The U.S. regulator of municipal securities is poised to issue a rule to extend broker-dealer best execution requirements into the sector. The aim is to provide retail investors with the best prices...
View ArticleEXCLUSIVE: Bank of America’s trading practices have been probed
The U.S. Department of Justice and the Commodity Futures Trading Commission have both held investigations into whether Bank of Americaengaged in improper trading by doing its own futures trades ahead...
View ArticleKnow your boss, futures monitor NFA warns in suspending fund manager for...
National Futures Association on Friday suspended Rylan Peters for five years for failing to diligently supervise the activities of QFC LLC, a former Cincinnati-based commodity pool operator where he...
View ArticleSEC fines KPMG $8.2 million over conflict of interest violations
The Securities and Exchange Commission fined auditing firm KPMG $8.2 million for violating rules that requires accounting companies to remain independent from the companies they’re auditing. The SEC...
View ArticleNo bank too big to indict, U.S. attorney general says
No American financial institution is too large to indict and no bank executive immune from criminal prosecution, Attorney General Eric Holder said in a television interview. In an interview with MSNBC...
View ArticleU.S. federal prosecutors target banks servicing payday lenders - report
The U.S. justice department is exploring civil and criminal actions against more than 50 big and small banks that conduct business with payday lenders, who are being increasingly scrutinized by...
View ArticleFINRA aims to ban deals that make clearing brokers' records easier
Wall Street's industry-funded watchdog will propose banning settlements in disputes between brokerages and investors that require investors to not oppose erasing details about complaints from brokers'...
View ArticleSwaps body to reform benchmark to make rigging less likely
A benchmark used in the $630 trillion market for swaps will be based on actual market transactions rather than quotes from banks this year in an effort to make it less vulnerable to rigging and to...
View ArticleFIUs need to adapt to stay relevant, says new Egmont Group chair
Financial intelligence units, which are regarded as one of the key defences against money laundering, need to be able to adapt and respond in order to remain relevant, according to the Egmont Group's...
View ArticleU.S. says has 106 Swiss requests to join anti-tax-dodging deal
The U.S. Justice Department has received 106 requests from Swiss entities to participate in a U.S. settlement program aimed at ending a long-running probe of tax-dodging by Americans using Swiss bank...
View ArticleTwo Hong Kong firms to pay $11 million to settle SEC insider trading charges
Two Hong Kong asset management firms have agreed to pay $10.9 million to settle charges by the U.S. Securities and Exchange Commission of insider trading ahead of a bid by China's CNOOC for Canadian...
View ArticleEx-strategist must arbitrate whistleblower claim against UBS - U.S. judge
A former UBS AG employee must arbitrate a claim that he was terminated for disclosing to superiors that he was pressured to publish misleading research reports. U.S. District Judge Katherine Polk...
View ArticleBurger King 'sandwich deal' yields U.S. criminal insider charges for broker,...
U.S. prosecutors have criminally charged a former Wells Fargo & Co broker and a banker with insider trading in Burger King securities ahead of a 2010 buyout of the fast-food chain. Waldyr Da Silva...
View ArticleCFTC commissioner urges agency to collaborate with EU, others on swaps reporting
The U.S. Commodities Futures Trading Commission needs to collaborate with European regulators and other foreign jurisdictions to harmonize the reporting rules on swaps trades, commission member Scott...
View ArticleU.S. issuers are now using general solicitation, raise $5.8 billion in three...
Issuers are taking advantage of the ability to generally solicit their offerings, this according to preliminary usage information released during a speech by the Securities and Exchange Commission...
View ArticleLegg Mason unit to pay $21 million over SEC, Labor Dept charges
A unit of asset manager Legg Mason Inc LM.N will pay more than $21 million to settle a pair of civil cases with the U.S. government that accuse the company of hiding losses from investors in their...
View ArticleSEC using new "big data" tools to help fight suspicious trading, agency chief...
The Securities and Exchange Commission is using a new tool to identify trades, even ones hidden in a sea of data, that may violate the federal securities laws, SEC Chair Mary Jo White warned on Monday....
View ArticleTwo bitcoin operators including industry advocate charged in money-laundering...
Two men who operate bitcoin exchange businesses, including an official in the leading industry bitcoin trade group, have been charged with money laundering for helping drug merchants exchange $1...
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