05/29/2015
FINRA CEO Criticizes DOL Fiduciary Proposal
Ketchum highlighted several areas of concern regarding the DOL’s re-proposed fiduciary rule.
Legal, Regulation & Compliance
05/29/2015
Op-Ed: Why Banning Mandatory Securities Arbitration Would be a Mistake
Arbitration in the securities industry – between broker-dealers and their customers – wasn’t always mandatory
05/28/2015
Fried Frank Extends Asset Management Practice to Europe
Fried, Frank, Harris, Shriver & Jacobson LLP announced today that Mark Mifsud, Kate Downey and Alexandra Conroy will join the Firm as partners in the Asset Management Practice, resident in the London office
05/28/2015
International law firm extends asset management practice to Europe
This team has extensive experience in advising private fund managers in relation to the structuring and establishment of a wide range of private investment funds.
05/28/2015
Chuck Blazer, former football official turned FBI informant, is the man at epicenter of FIFA arrests
Once the most important man in US soccer, Charles "Chuck" Blazer turned on FIFA to become the central figure in a wide-ranging graft investigation
05/28/2015
Four Banks Reach Resolutions Under Department of Justice Swiss Bank Program
The department is currently investigating accountholders, bank employees, and other facilitators and institutions based on information supplied by various sources, including the banks participating in this Program. Our message is clear – there is no
05/27/2015
SEC Charges Deutsche Bank With Misstating Financial Reports During Financial Crisis
Deutsche Bank agreed to pay a $55 million penalty to settle the charges.
05/26/2015
JPMorgan’s Guilty Plea Puts Wealth Unit in Spot With Regulators
With its new felony record, America’s biggest bank needs to seek the Department of Labor’s permission to keep managing money in the $8 trillion private pension market.
05/25/2015
Division of Investment Management Issues Cybersecurity Guidance-- Securities and Exchange Commission
The staff of the Division of Investment Management of the SEC published a Guidance Update addressing cybersecurity risks and the need for funds and advisers to protect confidential
05/25/2015
Barclays facing explosive allegations it engineered computer systems to rig financial markets
Last night experts said the allegations would ‘beg even more serious questions’ about these giants if they are proved to be true.
05/24/2015
US regulator gets tough on asset managers’ shadow banking
Asset managers will have to make unprecedented disclosures about their so-called “shadow banking” activities as part of new reporting rules proposed by the US regulator
05/24/2015
Genworth Financial faces lawsuit for Australian arm
US pension fund New Bedford Contributory Retirement System has joined a class action against Genworth Financial
05/22/2015
RIA Suing SEC Hit with Fraud Charges
Under Georgia law, public pension funds can invest in alternatives
05/22/2015
A Morgan Stanley wealth manager who had an affair with a client could cost the bank $400 million
A source present at the FINRA hearing says Morgan Stanley could be on the hook for a $400 million loss: $100 million in compensatory damages, and an additional $300 million in punitive damages.
05/22/2015
Can Paul Volcker Fix the Balkanized U.S. Regulatory System
The ex–Fed chairman wants to merge the SEC and CFTC, create a new super-supervisor at arm’s length from the central bank and shield financial stability panel from political interference.
05/22/2015
I worked in real-life ‘Wolf of Wall Street’ den: NFL player’s wife
The wife of an NFL player says she worked in a real-life “Wolf of Wall Street’’ office where co-workers sexually harassed her and openly mocked her marriage to a black man.
05/21/2015
FINRA Needs Next Gen Talent Too
FINRA has about 3,400 employees
05/21/2015
Ex-Madoff Employee Turned Cooperator Gets Home Detention
The sentencing came one day after another cooperating defendant, former Madoff controller Enrica Cotellessa-Pitz, also avoided prison.
05/21/2015
SEC Votes to Propose New Asset Manager Reporting Rules
The proposal will "vastly improve the type and format of the information that funds provide to the commission and to investors"
05/21/2015
Where will Bank of America’s latest fine go?
When banks are fined by the government, the money doesn’t always go entirely to the Treasury.