US regulators want to give foreign banks and overseas subsidiaries of US lenders a break from strict new derivatives rules, which include higher capital requirements, the mandated posting of margins and tighter business conduct standards that’ll take a bite out of bank earnings. The Commodity Futures Trading Commission is looking to grant a temporary exemption […]
UK financial regulators have failed to penalize John Pottage, the former chief executive of UBS’s UK wealth management, for inadequate supervision during his watch and for his inability to prevent serious fraud. The case was straightforward; the FSA was seeking to fine Pottage £100,000 for misconduct after uncovering a series of compliance problems in UBS. […]
On March 28, 2012, a hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a settlement agreement between the IIROC staff and Paul Laverne Johnson.
On April 3, 2012, a hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a settlement agreement between IIROC staff and BMO Nesbitt Burns Inc.
The Financial Industry Regulatory Authority (FINRA) has fined Goldman Sachs $22 million for failing to supervise equity research analyst communications with traders and clients, and for failing to adequately monitor trading in order to detect information breaches by research analysts.
Following a disciplinary hearing held February 28, 29 and March 1, 2012, an IIROC hearing panel found Sandy Joseph Bortolin liable for his breach of IIROC Dealer Member Rule 29.1. He engaged in undisclosed financial dealings and misled IIROC staff in their investigations.
The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) are implementing a new regulatory framework for the use of orders entered without pre-trade transparency, referred to as dark orders.
The Canadian Securities Administrators has published for comment CSA Consultation Paper 91-405 - Derivatives: End-User Exemption. The paper is part of a push to improve regulatory oversight of over-the-counter derivatives.
In its decision and reasons dated April 5, 2012, the hearing panel accepted the settlement agreement, and IAIG has paid a $25,000 fine and $2,500 in costs.
Investors who had their assets frozen in the third-party Asset-Backed Commercial Paper fiasco of 2007 are now one step closer to their money.