U.S. CFTC futures regulator details $325 milllion RBS fine in Libor case
The U.S. Commodity Futures Trading Commission on Wednesday announced it had ordered the Royal Bank of Scotland plc and RBS Securities Japan Limited to pay a $325 million penalty to settle charges of...
View ArticleRBS fined $612 million for Libor rigging, investment bank head to leave,...
Royal Bank of Scotland will pay $612 million to U.S. and British authorities to settle allegations it manipulated benchmark interest rates, and British regulators warned there is more to come in the...
View ArticleCredit Suisse sees no material issues from Libor probe
Credit Suisse said on Thursday it does not expect to have any material issues in relation to a global investigation into rigging of benchmark interest rates. The Zurich-based bank said it is...
View ArticleHSBC favours Franco-German proposals for total ban on proprietary trading
HSBC has come out in support of coordinated French and German plans to outlaw pure proprietary trading entirely from regulated banking groups. The global bank's position emerged during evidence that...
View ArticleCFTC enforcement order reveals RBS's supervision and control weaknesses
Poor internal controls and lack of supervision formed the background behind the reckless behavior that allowed Royal Bank of Scotland's employees to manipulate LIBOR ratings over a six year period....
View ArticlePEPwatch: U.S. government seizes offshore account it says belongs to corrupt...
The U.S. government has seized a bank account in Bermuda that allegedly holds more than $2.2 million in corruption funds belonging to a former Mexican tax official, federal prosecutors in Texas...
View ArticleLeverage ratios an essential factor of capital reforms, FDIC chief Norton says
Bank capital reforms would be incomplete absent a new and enhanced leverage ratio requirement, Federal Deposit Insurance Corp Director Jeremiah O. Norton, told the Florida Bankers Association Orlando...
View ArticleFutures SROs question CFTC's customer segregation proposal
Officials from the futures industry have questioned the Commodity Futures Trading Commission's plans to get an "exams expert" or a nationally recognized accounting firm to review the strength of their...
View ArticleJustice Department mulling over HSBC's choices for AML compliance monitor,...
The Department of Justice has received a shortlist of candidates from HSBC to serve as the bank's anti-money laundering (AML) compliance monitor for the next five years. Department officials are...
View ArticleFINRA sanctions brokerage for failing to supervise 'risky business'
The Financial Industry Regulatory Authority has sanctioned a broker-dealer, Leonard & Company, for failing to supervise retail sales of a security that regulators have long considered to be a...
View ArticleEU agrees new derivatives rules, stalls again on bank capital
European Union lawmakers pressed ahead with new rules for derivatives on Thursday, helping the bloc meet one global pledge to make markets safer as it struggles to meet another on raising bank capital...
View ArticleSEC staff offers FAQ on JOBS Act's broker-dealer exemption from registration
The staff of the Securities and Exchange Commission Division of Trading and Markets has posted guidance in the form of answers to frequently asked questions, or FAQs, on the exemption from...
View ArticleNew Jersey lawyers admit structuring deposits into trust account
Two lawyers with New Jersey law firm Sommer and Engelhart have pleaded guilty to conspiring to structure financial transactions, admitting they broke up more than $350,000 in cash into amounts under...
View ArticleU.S. Justice Dept, states weigh action against Moody's
The U.S. Justice Department and multiple states are discussing also suing Moody's Corp for defrauding investors, according to people familiar with the matter, but any such move will likely wait until a...
View ArticleNY attorney general probing three major rating firms - source
New York Attorney General Eric Schneiderman has kicked off an investigation into three major credit ratings agencies, according to a person familiar with the matter, a move that follows the U.S....
View ArticleTop U.S. financial regulators to appear before Senate committee
U.S. officials responsible for overseeing Wall Street will update lawmakers next week on their progress implementing the 2010 Dodd-Frank financial oversight law, a U.S. Senate committee announced on...
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Today's Compliance Complete email bulletins have been unable to display the full selection of news and analysis. Readers can, however, see the complete news of the day on our home page. Please click...
View ArticleIOSCO consults on supervision of intermediaries' client assets protection
The International Organization of Securities Commissions has published a consultation (PDF) on its recommendations protecting client assets, setting out proposed guidance to regulators on how to...
View ArticleNominee to U.S. SEC chair vows to avoid conflicts of interest
President Barack Obama's nominee to lead the Securities and Exchange Commission pledged to stay away from any matters involving her old law firm or former clients for one year, according to documents...
View ArticleJudge lets SEC pursue foreign bribery case versus telecom executives
A Manhattan federal judge said the U.S. Securities and Exchange Commission may pursue civil bribery charges against three former executives at a Hungarian unit of Deutsche Telekom AG. Friday's decision...
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