Federal regulators are seeking public comments on proposed rulemaking that could greatly increase the capital buffer the nation’s largest banks must hold. Public comments are sought for the notice of proposed rulemaking (NPR) issued jointly by the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System , and Federal […]
Joe Mont
Posted inUncategorized
Court Decision Narrows Protections for Whistleblowers
Companies trying to score a recent court decision on employee whistleblower protection will find that it could go down and a win and a loss. The ruling by U.S. Court of Appeals for the Fifth District Circuit demands that whistleblowers must report their concerns directly to the Securities and Exchange Commission if they want to […]
Posted inUncategorized
Despite Gridlock in Congress, a Full Plate Awaits
This week, President Barack Obama convened a meeting of regulators to discuss their progress, or lack thereof, in implementing provisions of the Dodd-Frank Act. Rulemaking associated with the sweeping slate of financial reforms, enacted three years ago, has been a slow slog. Obama’s meeting with heads of the Securities and Exchange Commission, Commodity Futures Trading […]
Posted inAccounting & Auditing
Regulators Push Companies to Improve Continuity Plans
With this year’s hurricane season underway, and memories of last year’s Superstorm Sandy painfully fresh, regulators are prodding public companies, particularly those in the financial sector, to reconsider their business continuity and disaster recovery plans. New guidance was jointly released by the Securities and Exchange Commission, Commodity Futures Trading Commission, and the Financial Industry Regulatory […]
Posted inFrom the Archive
Michael Piwowar Officially Joins SEC as a Commissioner
The Securities and Exchange Commission now has a full compliment of commissioners. On Thursday afternoon, the seat left vacant by the departure of Commissioner Troy Paredes earlier this month was filled by Michael Piwowar. President Barack Obama nominated Piwowar to the SEC on May 23. The U.S. Senate confirmed his nomination on Aug. 1, along […]
Posted inFrom the Archive
JPMorgan Traders Face Criminal Charges for ‘London Whale’ Losses
The “London Whale” may have escaped prosecution – at least for now – but two of his former colleagues at JPMorgan Chase face federal charges and sanctions by the Securities and Exchange Commission. Javier Martin-Artajo and Julien G. Grout, two former traders at JPMorgan Chase & Co., are accused of fraudulently mismarking investments in a […]
Posted inFrom the Archive
Nasdaq Seeks To Pull Back Some Trading Oversight From FINRA
A proposed rule change filed by Nasdaq OMX Group with the Securities and Exchange Commission would give the exchange greater responsibility for regulatory oversight and reclaim some of the surveillance activity it has traditionally outsourced to the Financial Industry Regulatory Authority. The Securities Exchange Act requires that national securities exchanges enforce their members’ compliance with […]
Posted inFrom the Archive
CFTC Harmonizes CPO Compliance Requirements With SEC
The Commodity Futures Trading Commission on Tuesday issued a final rule that allows commodity pool operators dually registered with both it and the Securities and Exchange Commission to rely on the latter’s disclosure, reporting, and recordkeeping compliance requirements. The rule also amends the CFTC’s regulations to allow CPOs to use third-party service providers to maintain […]
Posted inRegulatory Enforcement
More Power Coming to CCOs; Careful What You Wish For
At first glance, the 2013 Compliance Trends Survey—a comprehensive study of modern compliance functions released last week by Deloitte and Compliance Week—confirms a longstanding trend among compliance officers: a perpetual demand for more staff and greater resources. That’s no surprise, and any other department head would likely make the same plea. Scratch below the surface, […]
Posted inRegulatory Enforcement
Is the Volcker Rule Already Working?
As any police officer walking the beat knows, sometimes all you need is a warning shot to deter misconduct. Washington may be seeing something similar these days with Wall Street banks and the Volcker Rule. That would be the rule to prohibit commercial banks from investing depositors’ money into propriety trading—and which also hasn’t actually […]
