06/12/2017
Canada To Amend Voluntary Disclosure Program
The Government's proposed changes narrow the eligibility for VDP and impose additional conditions on applicants.
Legal, Regulation & Compliance
06/12/2017
Deutsche Bank reaches $170 million Euribor-rigging settlement
Investors accused banks of conspiring to rig Euribor and fix prices of Euribor-based derivatives from June 2005 to March 2011 to profit at their expense, in violation of U.S. antitrust law.
06/12/2017
RBS in advanced talks over £3.5bn-plus mortgage mis-selling fine
RBS and the FHFA are in detailed talks about a multibillion-pound fine that could be announced within weeks, Sky News learns.
06/11/2017
Supreme Court imposes five-year limitation on SEC disgorgement
The Supreme Court chronicled the evolution of disgorgement in SEC enforcement proceedings, finding that, at the inception of the agency, the only stated remedy available was an injunction.
06/11/2017
Fiduciary rule is creating concern for some, opportunity for others
Smaller adviser firms and solo practitioners that rely largely on a commission-heavy brokerage business may struggle to adapt to the new changes in comparison to their larger counterparts with expansive networks, more resources and large compliance teams
06/09/2017
US Fed fines Deutsche Bank $41m for AML problems
The bank also must enlist a third party to conduct a comprehensive review of BSA/AML compliance, customer due diligence and foreign correspondent banking activity.
06/08/2017
Ex-HSBC Banker Scott Arrested in U.K. in American Currency Case
U.S. has accused Scott, Johnson of using inside tip on trade
06/08/2017
DOL Takes First Step to Fiduciary Rule Review
The move marks the very beginning of a formal review and rule-making process, but it doesn’t automatically lead to a revamp of the original rule, the newswire writes.
06/07/2017
When Robos Go Bad
Tom Baker, professor at the University of Pennsylvania Law School, says robo advisors are not immune from conflicts of interest.
06/07/2017
Ameriprise Drops Hundreds of Funds Offered to Brokerage Clients
Advisors will no longer be able to offer clients hundreds of investments, but few assets managed by the brokerage will be affected.
06/07/2017
Fed gives extension on complying with part of Volcker rule to three banks
The rule, part of the 2010 Dodd-Frank Wall Street reform law, limits the types of trading banks can conduct with their own money, as a way to curb speculation in financial institutions.
06/07/2017
Mexico: Regulations for Capital Repatriation 2017
Please note that the repatriation is about previously undeclared assets, since taxpayers are only forced to pay the mentioned flat rate of amounts that have not paid the corresponding Mexican tax income.
06/07/2017
FINRA Hearing Panel Bars Registered Representative For Failing To Disclose Private Securities Transactions Totaling $100 Million In EB-5 Investment
As noted in the decision, by the end of 2013, the offering was fully subscribed with all partnership units sold to 200 different investors contributing $500,000 each, totaling $100 million.
06/06/2017
Global transparency
In recent years, significant changes in global finance regulations mean that every investor should re-examine their personal need for such offshore structures.
06/06/2017
Lawyers not embracing opportunities from technology, Deloitte report finds
Deloitte’s focus on the general counsel community is especially interesting.
06/06/2017
FATCA Update: FFI Agreement Renewal Function Now Available
Along with system fixes, the update within the registration application includes the removal of the classification of “limited” for financial institutions and branches.
06/06/2017
Ex-State Street exec to plead guilty in U.S. to fraud scheme
No plea hearing has been scheduled yet for Pennings, who lives in the United Kingdom. Lawyers for Pennings and Boomgaardt did not respond to requests for comment.
06/06/2017
Prudential Financial Undergoing N.J. Regulator Review
Shares of Prudential Financial were declining by 2.12% to $103.33 on Tuesday morning.
06/05/2017
In Securities Fraud Case, Prosecutors Allege Novel Money Laundering Scheme to Circumvent FATCA Reporting Obligations
The scheme was designed to launder a portion of the fraudulent proceeds from the stock manipulation scheme from the United States through offshore accounts
06/02/2017
Global Foreign Exchange Code Of Conduct Published
We share the view that the global code plays an important role in assisting that process and in helping improve market functioning.