08/28/2012
US banking reports put compliance in the spotlight
Standard Chartered and HSBC attract attention for compliance failures
Legal, Regulation & Compliance
08/28/2012
Morgan Stanley Win on Brokerage Would Be Pyrrhic Victory
Morgan Stanley’s $9 billion valuation implies the joint venture’s profit could shrink by as much as 12 percent annually over the long term, according to Goldman Sachs Group Inc. analysts.
08/28/2012
HSBC Investigated for Money Laundering
Furthermore, the investigators were also probing whether HSBC circumvented US law by transferring money through its American subsidiary for sanctioned nations, including Iran, Sudan and North Korea.
08/28/2012
US regulations probed at forum
The event was organised by the Bahrain Association of Banks and accountancy practice KPMG Fakhro to update the delegates on the best approach for Bahrain.
08/28/2012
Baker & McKenzie Retains Global Top Spot With Record Revenues
Baker’s profit per partner fell 9 percent to a three-year low of $1.09 million, however, with the firm’s profit margin dropping 4 percentage points to 34 percent.
08/27/2012
U.S. Regulators May Give Banks More Time to Run Stress Tests
The regulators proposed rules in December and January to require the big banks -- holding companies under the Federal Reserve and national banks under the Office of the Comptroller of the Currency -- to start self-testing their portfolios against adverse
08/27/2012
French banks investigate potential breach of U.S. sanctions
Neither would confirm whether the inquiries concerned U.S. sanctions against Iran, which have led to investigations at rival banks such as UniCredit and RBS and have already cost Standard Chartered a hefty fine.
08/27/2012
SEC charges former Sky Bell hedge fund manager Gary Marks for misrepresentations
In its complaint, the Securities and Exchange Commission (SEC) accused Marks of recommending various funds of funds through Sky Bell Asset
08/26/2012
Regulators should avoid product control, Citigroup CEO says
CEO says dividing Citibank would be an ‘artificial separation’
08/26/2012
Merrill brokers’ pay deal goes to US judge for approval
The judge said she will rule later on preliminary approval.
08/26/2012
Complaint filed with Israeli Banking Regulation against Bank HaPoalim
The conduct of the US government and Bank HaPoalim in this case is particularly unreasonable, given that the bank in question is located in Jerusalem - Corpus Separatum by international law.
08/26/2012
Kuwaiti investment firm targets Carlyle in $25m claim
"NIG argues that the investment contract is void because Carlyle, despite doing business for years in the Middle East, has never had a securities licence in Kuwait," the firm said.
08/26/2012
US investigates UniCredit over sanctions
Unicredit has confirmed it is co-operating with a US investigation into a possible breach of sanctions.
08/23/2012
Husband Sues Advest, Credit Suisse, And Two Stockbrokers Over Wife's Unauthorized Withdrawals
Respondents requested the expungement of the matter from Respondents Bilski’s and Clish’s Central Registration Depository records (“CRD”).
08/23/2012
Top CFPB Rulemaker Decamps for Law Firm
Chanin won't start until September, a media representative of Morrison & Foerster said.
08/22/2012
Law Firms Bank On Higher Demand While Bulking Up Talent
Two recent studies suggest hiring at major law firms is outpacing demand for legal services, but experts say most firms are wisely stocking up on talent in anticipation of demand picking up down the road.
08/22/2012
Merrill Lynch Puts Ex-Advisers' Deferred Pay Suit To Rest
Merrill Lynch & Co. Inc. has reached a deal to end a putative class action accusing it of breaching contracts by denying deferred compensation to thousands of financial advisers who quit after it was acquired by Bank of America Corp., according to a g
08/22/2012
Statement of SEC Chairman Mary L. Schapiro on Money Market Fund Reform
The proposed structural reforms were intended to reduce their susceptibility to runs, protect retail investors and lessen the need for future taxpayer bailouts.
08/22/2012
Baer Makes ‘Generous Assumption’ for U.S. Tax Matter, FuW Says
Julius Baer seems to have widespread shareholder support for acquiring Bank of America Corp.’s non-U.S. Merrill Lynch units, the Zurich-based newspaper reported, citing an interview with Enkelmann, who added that a “good portion” of the
08/22/2012
Commerzbank admits Iran sanctions investigation
Commerzbank has become the latest bank to admit it faces being fined as part of a US investigation into sanctions busting by international financial institutions.