HSBC names new head of regulatory compliance
HSBC Holdings named a former auditor of the bank as its new head of global regulatory compliance on Monday in the latest move by Europe's biggest bank to beef up its compliance functions. HSBC said...
View ArticleBank lobby preached to the converted in liquidity talks
Lobbyists found themselves preaching to the converted: the European Central Bank and Bank of England needed little persuading in the end that new global liquidity rules for commercial banks needed...
View ArticleRisks of doing business with 'emerging' high risk countries prompts Jersey...
The hazards posed by higher-risk "emerging" countries have prompted the Jersey Financial Services Commission (JFSC) to introduce changes to the island's anti-money laundering regime which will take...
View ArticleCFTC to host public roundtable to discuss the "futurization of swaps"
The Commodity Futures Trading Commission on Friday announced that its staff will hold a public roundtable on January 31, 2013, from 9:30 a.m. to 3:15 p.m., to discuss the “futurization” of the swaps...
View ArticleGlobal securities body IOSCO publishes requirements for complex-products...
The International Organization of Securities Commissions has published a final report on "Suitability Requirements with respect to the Distribution of Complex Financial Products", which sets out...
View ArticleOppenheimer to pay $1.2 million in excessive trading case -panel
Oppenheimer & Co Inc must pay a total of nearly $1.2 million to a Texas-based investor in a dispute over allegations of excessive securities trading in his account, an arbitration panel has ruled....
View ArticleEx-U.S. Attorney White eyed for top SEC post -source
Mary Jo White, the former U.S. attorney for the Southern District of New York, is being considered as a candidate to head up the U.S. Securities and Exchange Commission, a source familiar with the...
View ArticleFINRA sanctions firm for failing to supervise broker's Ponzi-type after-hours...
The Financial Industry Regulatory Authority has sanctioned a broker-dealer, Lincoln Financial Securities Corp., for failing to supervise a registered representative who was operating outside business...
View ArticleCross-border derivatives rules, fact-seeking on fiduciary standard are on SEC...
Cross-border regulation of over-the-counter derivatives will be the "next step" in rulemaking at the U.S. Securities and Exchange Commission, agency Chairman Elisse Walter said in her first speech...
View ArticleU.S. Treasury warns banks over visa holders who launder fraud proceeds
Foreign nationals in the United States to work and study are playing a key role in laundering the proceeds of health-care fraud and tax-refund fraud schemes that cost the government hundreds of...
View ArticleIncreased global transparency forces banks to be tax compliant, says lawyer
The greater transparency which governments now demand of financial institutions globally means that tax matters now fall squarely within the remit of compliance officers. Edmund Leow, a tax lawyer in...
View ArticleConfidentiality for EU and U.S. insurance supervisors surprisingly similar,...
The European Union (EU) and U.S. insurance regulatory regimes are more similar than might have been thought on professional secrecy and confidentiality issues, EU-U.S. dialogue technical committee...
View ArticleFormer Nebraska Sen. Nelson new CEO of insurance regulator group
Ben Nelson, the former Nebraska senator and governor who spent most of his career in insurance regulation and management, on Tuesday was named chief executive of the National Association of Insurance...
View ArticleStanford ex-CFO Davis gets 5-year prison sentence
James Davis, the government's top witness in convicted swindler Allen Stanford's fraud trial, was sentenced on Tuesday to five years in prison for his role in a $7 billion Ponzi scheme. Davis, 64, who...
View ArticleU.S. securities fraud class actions tumble in 2012
Fewer investors are taking corporate America to court for fraud. The number of new federal securities fraud lawsuits seeking class-action status fell to a 7-year low in 2012, according to a study by...
View ArticleFINRA sanctions Waddell & Reed for failing to monitor and fix vendor's error
The Financial Industry Regulatory Authority has sanctioned Waddell & Reed, Inc., a broker-dealer and investment adviser, for failing to deliver purchase confirmations to advisory clients because of...
View ArticleEBA "recommends" cross-border recovery plans as stop-gap before EU framework...
The European Banking Authority, the agency that coordinates banking supervision in the European Union, has adopted a formal Recommendation that major EU cross-border banks should develop group recovery...
View ArticlePeregrine Financial fraud loss exceeds $200 million - U.S. prosecutors
Peregrine Financial Group's former chief executive embezzled more than $215 million from customers of his now-defunct futures brokerage, U.S. prosecutors said in court documents filed on Tuesday....
View ArticleU.S. Senator Corker urges regulators to simplify mortgage rule
An influential Republican U.S. senator on Monday urged regulators to carefully craft a mortgage rule so that it does not keep the mortgage market dependent on government support. Senate Bob Corker, a...
View ArticleDeutsche Bank settles U.S. power market manipulation case
German bank Deutsche Bank AG will pay nearly $1.7 million to settle allegations it manipulated electricity markets in California in 2010, federal regulators said on Tuesday. The settlement is the...
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