In an August letter to the Securities and Exchange Commission that detailed its longstanding concerns, the Securities Industry and Financial Markets Association – which represents securities firms, banks and asset managers – made its case that regulators should reexamine whether exchanges, among them the New York Stock Exchange and Nasdaq, should have rulemaking and enforcement […]
Joe Mont
Posted inFrom the Archive
SEC Awards Whistleblower $14 Million, Largest Bounty Thus Far
With its largest reward yet, the Securities and Exchange Commission will give more than $14 million to a whistleblowerwhose information led to an enforcement action that recovered substantial investor funds. The SEC’s Office of the Whistleblower was established in 2011, as authorized by the Dodd-Frank Act. The program rewards “high-quality, original information” that results in […]
Posted inData Privacy
SEC Seeks More Comments on Additional Fundraising Rules
The SEC will reopen, for an additional 30 days, the comment period for rule changes tagged onto lifting the longstanding ban on general solicitation in private securities offerings. On July 10, the SEC adopted a rule to implement the Jumpstart Our Business Startups Act (JOBS Act) requirement to lift the ban on general solicitation and […]
Posted inUncategorized
Want to Change an SEC Rule? Petition the Commission
Ever wanted to step into the shoes of an SEC commissioner? Or pitch rulemaking mandates just like Congress does? Under a Securities and Exchange Commission process known as a Petition for Rulemaking, any person, organization, or business has the right to request that the SEC issue, amend, or repeal a rule. The longstanding practice is […]
Posted inRegulatory Enforcement
White Details SEC’s Enforcement Priorities, Focus on Fines and Guilt Admissions
Expect more big fines, targeting individuals, and demands for improved internal controls and compliance programs when it comes to enforcement activity by the Securities and Exchange Commission in the months ahead Speaking at the Council of Institutional Investors fall conference in Chicago on Thursday morning, SEC Chairman Mary Jo White described enforcement as a “key […]
Posted inFrom the Archive
Guidance Clarifies Use of Suspicious Activity Reports for Elder Abuse
Seven federal regulators issued guidance on Tuesday to clarify that privacy provisions of the Gramm-Leach-Bliley Act do still allow for financial institutions to report suspected elder financial abuse. The Gramm-Leach-Bliley Act generally requires that a financial institution notify consumers and give them an opportunity to opt out before nonpublic personal information is provided to a […]
Posted inUncategorized
Despite Concessions, Pay Ratio Disclosures Pose Many Challenges
While very few companies are cheering the Securities and Exchange Commission’s proposed “pay ratio” rule, issued last week, some are applauding the SEC’s plans to leave the exact method of calculating the ratio up to companies. Some say, however, that the flexibility offered by the SEC may create more problems than most companies realize. “With […]
Posted inAccounting & Auditing
TD Bank Slammed with $52.5 in Fines Related to Ponzi Scheme
Last week, JPMorgan Chase was the big bank in regulatory crosshairs. On Monday, TD Bank was the target, hit with $52.5 million in fines for violations of the Bank Secrecy Act and the actions of a former executive who helped facilitate a Ponzi Scheme. The Office of the Comptroller of the Currency and the Treasury […]
Posted inFrom the Archive
Compliance Deadline for New HIPAA Privacy Rules Arrives
Tough new privacy regulations for healthcare providers go into effect today. In January 2013, the Department of Health and Human Services proposed substantial changes to the Health Insurance Portability and Accountability Act’s (HIPAA) privacy and security rules. Those final rules took effect in March, with covered entities expected to comply by Sept. 23 or start […]
