Attorneys General from three states—Oklahoma, South Carolina, and Michigan—have joined a lawsuit challenging the constitutionality of the Dodd-Frank Act and are asking the U.S. District Court for the District of Columbia to stop the creation of an Orderly Liquidation Authority established under Title II of the legislation. In June, the Competitive Enterprise Institute and co-plaintiffs […]
Joe Mont
Posted inFrom the Archive
FinCEN Pushes E-Filing for $10K-plus Cash Payment Reports
The Financial Crimes Enforcement Network (FinCEN) has announced that businesses that receive large, single-transaction cash payments—such as car dealers, boat dealers, and art merchants—are now able to electronically file Form 8300, “Reports of Cash Payments Over $10,000 Received in a Trade or Business,” using the Bank Secrecy Act Electronic Filing System. Form 8300 is required […]
Posted inFrom the Archive
European Union’s Extraction Payment Rules Could be Broader Than U.S.
On the heels of rulemaking by the U.S. Securities and Exchange Commission mandating the reporting of payments made to governments by oil, gas and mining companies, the European Parliament’s Legal Affairs Committee this week voted in favor of similar requirements. The European Parliament is the directly elected parliamentary institution of the European Union. The proposal […]
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Turf Wars: Tension Is Back Between State and Federal Regulators
When New York Attorney General Eliot Spitzer was earning his reputation as the “Sheriff of Wall Street” in the early 2000s clashes between state and federal regulators were common. Now, after a period of relative calm, those turf wars may be emerging again. As state and federal regulators continue to pursue financial firms that were […]
Posted inEthics & Culture
The Whistleblower Retaliation Epidemic
Whistleblowers have more reasons than ever to drop a dime on shady practices in the workplace, but those who do need to worry more about the threat of retaliation. According to a recent study by the Ethics Resource Center, retaliation rates against whistleblowers are reaching epidemic proportions. A full 15 percent of whistleblowers say they […]
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FDIC Director Wants U.S. to Bail on Basel III
If international efforts to craft new capital rules for banks don’t go back to the drawing board for a significant overhaul, the United States should abandon the Basel III effort while it still can, says Thomas Hoenig, a director of the Federal Deposit Insurance Corporation. “Given the questionable performance of past Basel capital standards and […]
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Siemens Taps Large Unit CEO for Chief Compliance Job
Hans-Jörg Grundmann has been named as Chief Compliance Officer of Siemens AG effective with the start of the company’s new fiscal year on Oct. 1. Grundmann, who for the past four years served as Chief Executive Officer of Siemens Mobility and headed its Rail Systems division, succeeds Josef Winter, who moves into a new role […]
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Hedge Funds Ask SEC to Limit Liability in Solicitation Rule
The Hedge Fund Association—which represents investors, hedge funds and service providers— has asked the Securities and Exchange Commission to specifically tell private fund managers what they will need to do to safely verify whether investors are accredited once a new rule allowing solicitation and advertising of private funds is finalized. Last month, the SEC approved […]
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OCC Sends Alert on New Rules for Corporate Debt Securities
A bulletin issued on Wednesday by the Office of the Comptroller of the Currency reminds federal savings associations that they will need to review a final rule and guidance issued in July by the Federal Deposit Insurance Corporation on investments in corporate debt securities. These institutions have until Jan. 1, 2013 to comply with that […]
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SEC Reschedules Market Technology Roundtable
The Securities and Exchange Commission has postponed a roundtable on market technology issues and measures to ensure stability that was originally set to take place on Friday. Due to scheduling conflicts and a greater-than-anticipated level of interest, the sessions will be pushed up to Thursday, Oct. 2. The roundtable, to be held at the SEC’s […]
