Regulators detail new capital buffer for top insurers
Regulators published on Wednesday details of how the world's top nine insurers will calculate their first global capital buffer from 2019 to ensure policyholders are protected in a crisis. The...
View ArticlePwC must face $1 billion lawsuit over MF Global collapse
A federal judge on Wednesday rejected PricewaterhouseCoopers' request to dismiss a $1 billion lawsuit accusing the auditor of providing bad accounting advice that contributed to the October 2011...
View ArticleBNP pleads guilty, again, in $9 billion U.S. sanctions accord
BNP Paribas, for the second time in nine days, pleaded guilty on Wednesday to conspiring to violate U.S. sanctions, as part of a nearly $9 billion settlement in which the French bank admitted to...
View ArticleSEC charges adviser-broker over conflicts, disclosures and risks
The Securities and Exchange Commission on Thursday charged an investment adviser and broker-dealer representative with defrauding his clients by selling them distressed debt securities issued by a...
View ArticleEXCLUSIVE: Commerzbank may pay $600 million to $800 million to settle U.S....
German lender Commerzbank AG is expected to pay between $600 million and $800 million to resolve investigations into its dealings with Iran and other countries under U.S. sanctions, sources familiar...
View ArticlePayday lender to pay $10 million over collection tactics
The U.S. consumer watchdog on Thursday said payday lender ACE Cash Express must pay $10 million to settle accusations that it had used unfair debt collection practices, such as threatening to sue...
View ArticleIOSCO official calls for "serious" prison terms for financial sector misconduct
National regulators should put in place "serious" penalties to act as a deterrent against the types of financial sector misconduct seen in the benchmark and foreign exchange rigging scandals. David...
View ArticleU.S. FHFA seeks public comment on private mortgage insurance rules
A U.S. housing regulator on Thursday asked for public comment on proposals to tighten requirements for private insurers that do business with government-controlled mortgage finance firms Fannie Mae and...
View ArticleFed's Fischer sees little benefit in breaking up biggest banks
The Federal Reserve's new vice chair all but dismissed the idea of breaking up the largest U.S. banks, saying on Thursday it is unclear that such a complex task would help stabilize the country's...
View ArticleCanada closer to unity in securities regulation as Saskatchewan, New...
The goal of uniting Canada's 13 securities regulators into a national authority moved closer to reality this week, with Saskatchewan and New Brunswick joining the not-yet-operational Cooperative...
View ArticleSEC investor advisory committee clashes over accredited-investor definition
Supporters of seed-capital providers clashed with consumer advocates in meeting on Thursday of an advisory panel to the Securities and Exchange Commission. The issue was how the commission should...
View ArticleU.S. Treasury targets Lebanon-based electronics firm over alleged ties to...
The U.S. Treasury Department on Thursday blacklisted a Lebanon-based consumer electronics business and the brothers who own it for their alleged roles in the clandestine purchase of electronics on...
View ArticleTexas tycoon Wyly found not liable for insider trading
Texas tycoon Sam Wyly and his late brother, Charles, were found not liable for insider trading by a U.S. judge on Friday but still could face hundreds of millions of dollars in damages after a jury in...
View ArticleUndercover U.S. probe yields convictions on offshore money-laundering charges
Three men have admitted using Cayman Islands-based investment accounts to launder – and to conceal from U.S. tax authorities – funds they believed were the proceeds of bank fraud, federal prosecutors...
View ArticleUPDATED: Citi to pay $7 billion to settle mortgage securities investigation
Citigroup Inc has agreed to pay $7 billion to resolve claims it misled investors about shoddy mortgage-backed securities in the run-up to the financial crisis, in a deal that includes the largest civil...
View ArticleWall Street trade group SIFMA targets access fees, order data in...
A major Wall Street trade group on Monday called on regulators to consider adopting a series of reforms aimed at improving the transparency and resiliency of the U.S. equity markets. The Securities...
View ArticleErnst & Young to settle U.S. civil charges over lobbying
Accounting firm Ernst & Young will pay $4 million to settle civil charges that it violated auditor independence rules when one of its units lobbied congressional staff on behalf of its audit...
View ArticleVolume in Barclays' 'dark pool' plunged after New York lawsuit, data show
Volume in Barclays PLC's private U.S. trading venue, also known as a "dark pool," fell by more than a third after New York's attorney general filed a lawsuit accusing the British bank of giving an...
View ArticleFACTBOX: U.S. Justice Department enforcement of Bank Secrecy Act since 2002
Although the U.S. Justice Department has turned to new tactics and organization in a push to aggressively target financial institutions with weak anti-money laundering programs, its enforcement record...
View ArticleDespite privacy protections, firms can play role in fighting financial abuse...
Elderly investors shared common experiences of the financial crisis – their homes lost value, their fixed income investments paid negligible yields and their equity investments that survived the crash...
View Article