Managers of Wealth Americas

New York banking regulator probing Barclays, Deutsche Bank's FX algorithm

The New York banking regulator is investigating if Deutsche Bank and Barclays Plc used algorithms on their trading platforms to manipulate foreign exchange rates,

Withers Regulatory Watch News - December 2014

Welcome to the December issue of Withers' Regulatory Watch.

FINRA Fines 10 Firms a Total of $43.5 Million for Allowing Equity Research Analysts to Solicit Investment Banking Business and for Offering Favorable Research Coverage

FINRA's research analyst conflict of interest rules make clear that firms may not use research analysts or the promise of offering favorable research to win investment banking business

Feds Seek $190M From Deutsche Bank For Alleged Tax Dodge

Federal prosecutors on Monday sued Deutsche Bank AG, seeking $190 million from the German bank for allegedly engaging in a tax evasion scheme by setting up shell companies to hide profits on the appreciation of stock that the bank purchased in 1999.

SEC Orders 3 Ex-LPL Advisors to Pay More Than $1.5M

What's unclear is whether Concord's founders also hid this practice from LPL Financial

Bill Calls for Moratorium on Bitcoin Regulation

A bill has been introduced in the House of Representatives which seeks a five year moratorium on statutory restrictions or regulations on cryptocurrencies such as Bitcoin.

Penningtons Manches Opens In San Francisco

This builds upon the firm's considerable network of clients and contacts in San Francisco and Silicon Valley.

Indian Fund Manager Asked to Pay USD 390K Settle Charges

Shah was at the time a portfolio manager at an asset management firm that managed billions of dollars in mutual funds and a hedge fund.

SEC sanctions foreign bank for failure to register - Withers

The US Securities and Exchange Commission (SEC) has issued a cease and desist order and has imposed remedial sanctions upon a foreign bank which failed to register as a broker-dealer or as an investment adviser.

Operator of Bitcoin Stock Exchange Penalized By the SEC

The SEC’s order further finds that Burnside and BTC Trading Corp. failed to register the LTC-Global exchange

SEC Sanctions Eight Audit Firms for Violating Auditor Independence Rules

The firms, which consented to the orders without admitting or denying the findings, will collectively pay $140,000 in penalties and must comply with a series of remedial undertakings designed to prevent future violations of these independence requirements

Bad news for Bernie Madoff victims

Court limits effort to access some profits

Citibank Sued in Abu Dhabi; Accused of Self-Dealing, Defrauding Investors, and Hiding Losses

Citibank was sued by investor Dr. Sami Abbas Hussein Ali before the Abu Dhabi Commercial Court of First Instance on 08/12/2014.

Bank of America Corp Waiver Appraised By SEC Member, Calls It “Breakthrough”

The regulatory waiver given to the largest bank of the U.S., Bank of America Corp, has been praised by another Securities and Exchange Commission member who called it a “breakthrough” in commission’s methods to handle waivers.

Barclays Hid Traders’ Role After Questions: Schneiderman

Barclays Plc asked that a federal judge in New York handle claims it hid the role of high-frequency traders in its dark pool, saying the evidence in the case is “incredibly complex” and includes millions of trading records.

Wall St called out by regulators for stalling on risky swaps rule

US regulators are getting fed up with Wall Street’s attempts to stall a restriction on risky swaps trades.

Top NY Cushman exec departs firm

Former COO left after her $20M age and gender discrimination lawsuit was “resolved”

Swiss Banker Seeks Bail in U.S. Tax Case Without Going to Court

A Swiss banker accused of helping U.S. clients cheat on their taxes wants a judge to grant him bail without his having to appear first in a New York courtroom.

Tight new rules may boost shadow banks, U.S. risk watchdog warns

Tough new rules to make banks safer after the credit crisis are imperfect and could boost less-regulated activities in the so-called shadow banking system,

Clifford Chance Expands Leading Structured Finance Practice

Five-lawyer securitization and mortgage finance team brings new capabilities to the Firm's Washington, D.C. office

Legal, Regulation & Compliance