The Commodity Futures Trading Commission has prevailed against a lawsuit waged by industry trade groups against cross-border swaps rules and related guidance. It will, however, have to go back and conduct a more in-depth cost-benefit analysis for several of those rules. Last year, the Securities Industry and Financial Markets Association, the International Swaps and Derivatives […]
Joe Mont
Posted inRegulatory Enforcement
DoJ Official Stresses Compliance as Antitrust Remedy
Yet another federal official is stressing the importance of quality compliance programs, this time in the context of avoiding antitrust trespasses. In a speech delivered during a compliance workshop held by the International Chamber of Commerce and the U.S Council of International Business in New York, Brent Snyder, deputy assistant attorney general for the Department […]
Posted inBoards & Shareholders
Investors Want More Transparency on Director Evaluations
Is yet another corporate governance reform making its way from the United Kingdom to our shores? Just as shareholder say-on-pay voting made the migration to American proxies, investor advocates are hopeful the same will happen when it comes to improving disclosures about director self-evaluations. Since 2010, the U.K.’s Financial Reporting Council amended its corporate governance […]
Posted inRegulatory Enforcement
Big Regulatory Questions Linger as Year-End Approaches
As the leaves start to turn and the last quarter of the year is just weeks away, some burning regulatory questions remain. Congress adjourned, and regulators had breathing room to work on the various proposals and final rules that will demand their attention for the remainder of the year. As we head into the homestretch […]
Posted inUncategorized
Podcast: Regulators Focus on Mutual Funds
The SEC plans to develop rules that will require fund firms to disclose more about their portfolio holdings, ultimately ramping up the data it collects from the mutual funds to better monitor industry risk. This comes as the Financial Stability Oversight Council is said to be considering a move to designate some of the largest […]
Posted inRegulatory Enforcement
CFTC Fines Morgan Stanley for Records Failures
The Commodity Futures Trading Commission has fined Morgan Stanley Smith Barney $280,000 for improper supervision and records violations related to “know your customer” procedures. The firm also agreed to disgorge commissions it earned from the subject accounts in order to address its unlawful conduct. According to the CFTC, Morgan Stanley failed to diligently supervise the […]
Posted inRegulatory Enforcement
SEC Sweep Rounds Up Corporate Insiders for Late Filings
A Securities and Exchange Commission enforcement sweep has resulted in charges and fines against 28 officers, directors, and other shareholders for failing to promptly report required information about their holdings and transactions in company stock. Six publicly-traded companies were charged for contributing to filing failures by insiders or failing to report their insiders’ filing delinquencies. […]
Posted inUncategorized
CFTC Eases Marketing Restrictions for Hedge Funds, Private Issuers
The Commodity Futures Trading Commission is making it easier to market private securities offerings to the general public by harmonizing its rules with those amended last year by the Securities and Exchange Commission. A newly issued no-action letter by the CFTC’s Division of Swap Dealer and Intermediary Oversight eases marketing restrictions on private offerings by […]
Posted inRegulatory Enforcement
Sen. Warren Blasts Regulators for Lack of Prosecution Referrals
Once again, Elizabeth Warren (D-Mass.) is blasting federal bank regulators for their lack of criminal prosecutions following the financial crisis, and railing against the belief that executives are “too big to jail.” A hearing convened by the Senate Committee on Banking, Housing, and Urban Affairs on Tuesday gave legislators the opportunity to grill regulator representatives […]
