U.S. IRS issues ruling on UBS whistleblower case - lawyers
WASHINGTON, (Reuters) - Lawyers for a whistleblower who helped the U.S. government in a major tax fraud case against Swiss bank UBS AG said on Monday that authorities have made a decision in their...
View ArticleSEC sanctions independent broker-dealer, president over supervisory failures
The Securities and Exchange Commission sanctioned an independent broker-dealer and its president Monday for failing to supervise its registered representatives so as to prevent or detect their...
View ArticleNasdaq unwavering on paybacks for faulty Facebook launch
Nasdaq OMX Group Inc stands by its $62 million compensation plan for firms harmed in Facebook Inc's glitch-ridden market debut and is prepared to defend against any potential litigation related to it,...
View ArticleCFTC clarifies dates for swap dealer registration
The U.S. futures regulator on Monday clarified rules on swap dealer registration, in response to expressions of frustration and uncertainty from the industry. The Commodity Futures Trading Commission...
View ArticleBrokerages stumble on following in-house supervision rules - study
Wall Street's brokerages are falling short when it comes to policing their brokers, according to a nationwide series of examinations by state regulators. The biggest issue: Many firms are not following...
View ArticleKnight Capital glitch likely to lead to regulatory changes, CEO says
The August 1 trading glitch that punched a $440 million hole in Knight Capital Group Inc's balance sheet and nearly sank the firm will likely prompt a review of the rules that govern electronic...
View ArticleWhistleblower in UBS tax case gets record $104 million
The whistleblower in a landmark tax-dodging case against Swiss bank UBS AG has won a record-setting $104 million reward from U.S. authorities in a strong show of support for the Internal Revenue...
View ArticleWall Street brokers asking to expunge disclosures at record pace
U.S. securities brokers are on record pace this year in making requests to clean up their public disclosure records, a lawyer for a national organization of state securities regulators said Tuesday....
View ArticleEuropean Commission wants 'single supervisory mechanism' in place on January 1
The European Commission has put forward its proposals (PDF) for a single supervisory mechanism (SSM) for banks in the euro area, which it wants to be in place on January 1 next year. It also wants...
View ArticleMarch towards Solvency II equivalency loses pace outside EU, says AM Best
The march towards Solvency II equivalency seems to be losing pace outside the European Union, according to AM Best. In a global reinsurance market review published this month, the ratings agency said...
View ArticleOregon imposes six-figure fine on state securities law violator for second...
The Oregon Department of Consumer and Business Services announced Wednesday it has imposed a six-figure fine on an Oregon securities law violator for the second time in 10 years. In an administrative...
View ArticleKansas and Oklahoma men swindled investors and laundered proceeds,...
Seven men in Kansas and Oklahoma have been indicted for allegedly bilking investors in companies that leased oil drilling rigs out of $132 million and laundering the proceeds. Those charged are:...
View ArticleCitigroup must pay investor $1.4 million for fund loss - panel
A Citigroup Inc nit must pay more than $1.4 million to an investor for losses tied to a municipal bond that was marketed as "safe," but was steeped in risky derivative securities, according to an...
View ArticleSEC's exam office names Drew Bowden as new deputy director
The Securities and Exchange Commission on Monday named Andrew J Bowden as the new deputy director of its Office of Compliance and Examinations. In his new role he will be working closely with OCIE...
View ArticleIA brief: Failing to “switch” may result in an ADV disclosure
Investment advisory firms that have failed to switch from Securities and Exchange Commission registration to state oversight face potential disclosure obligations as well as loss of registration by the...
View ArticleU.S. Senate panel to examine computerized trading
A U.S. Senate panel will examine computerized trading, after a recent series of technology glitches that has eroded investor confidence in financial markets and alarmed regulators. A Senate Banking...
View ArticleU.S. brokerage monitor sanctions firm, managers over variable annuity sales...
The Financial Industry Regulatory Authority has sanctioned a broker-dealer, Wedbush Securities, Inc., and two managers for failing to supervise the firm's registered representatives so as to detect and...
View ArticleBroker-dealer Rodman & Renshaw to suspend operations
Direct Markets Holdings Corp said its broker-dealer unit informed the Financial Industry Regulatory Authority that the unit was no longer in compliance with regulatory capital rules and would cease...
View ArticleU.S. exchanges consider "speed bumps" for trading firms
U.S. regulators and exchanges are looking at sweeping circuit breakers and other speed bumps for the high-speed world of electronic trading in case glitches occur, industry executives said on...
View ArticleBasel Committee dampens hopes of concessions on liquidity rule
A rule forcing banks to hold cash buffers to survive financial shocks must "raise the bar", according to a senior official from the Basel Committee on Banking Supervision. The comments have dampened...
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