The U.S. Commodity Futures Trading Commission approved the final rule today to segregate customer funds for cleared swaps. The rule is set to prohibit clearing organizations from using collateral of non-defaulting, innocent customers to protect themselves and their clearing members in swap trades. “For the first time, customer money must be protected individually all the […]
Reese Darragh
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Study Finds Compliance Officers Are Highly Stressed
Many compliance and ethics professionals will tell you that they are under a tremendous amount of stress, and a recent study conducted by the Society of Corporate Compliance and Ethics (SCCE) and the Health Care Compliance Association (HCCA) confirmed their claims. According to the study, an increase in public attention on corporate integrity has resulted […]
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Study: Whistleblowers Want Anonymity, Monetary Rewards
A recent poll indicates that more than a third of Americans say they have firsthand knowledge of misconduct at their workplaces. So why aren’t they reporting it? The same poll says that most of them would, but only under certain circumstances. According to the survey conducted by law firm Labaton Sucharow of 1,007 adults, 78 […]
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CFTC Final Rule on Real Time Public Reporting on Swap Data
The Commodity Futures Trading Commission issued a final rule today outlining the requirements for swap dealers and participants to provide real-time swap transaction, volume, and pricing information to the public. The rule, which is intended to promote transparency and to enhance price discovery while protecting the anonymity of market participants, goes into effect on March […]
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SEC Changes Its Policy on Admitting or Denying Guilt … Sort of
The Securities and Exchange Commission will strip off the option to “neither admit nor deny” for companies that admit to criminal wrongdoing in securities fraud cases only. The Commission said the changes were made last week after discussions between senior enforcement staff and the Commissioners. According to a statement from SEC enforcement director Robert Khuzaimi, […]
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Survey Shows Potential Significant Ethics Decline Ahead
A new study warns of a serious decline in workplace ethics. The survey, by the Ethics Resource Center, found an increase in cases of retaliation against employee whistleblowers, a rise in the number of companies with weak ethical cultures, and more employees who report pressure to compromise standards. ERC says that the survey “captures a downturn […]
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SEC Delays Rulemaking on Executive Compensation Yet Again
Here’s a gift from the Securities and Exchange Commission to compliance officers and executive compensation committees to usher in the new year: The SEC recently updated its schedule for Dodd-Frank Act rulemaking for the year, and it has pushed back the deadline to propose and implement some of the rules on executive compensation, including the […]
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Obama to Use Recess Appointment to Put CFPB Director in Place
President Obama announced that he is using a recess appointment to name Richard Cordray as the director of the Consumer Financial Protection Bureau. The announcement came during a speech on the economy in Cordray’s home state of Ohio this afternoon. Senate Republicans have blocked a vote on Cordray’s nomination, insisting on changes to how the […]
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SEC Ends 2011 Still Well Behind Its Dodd-Frank Schedule
Agencies tasked with the responsibility of writing rules under the Dodd-Frank Act ended 2011 with a total of 149 missed deadlines out of 400 rulemaking requirements slated for last year. As of Dec. 31, 2011, a total of 200 of the 400 total rulemaking requirement deadlines under Dodd-Frank have passed. Of these 200 deadlines, 149 […]
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FINRA Retreats From Social Media Posting Regulations
The Financial Industry Regulatory Authority (FINRA) has decided to exclude messages on online interactive forums from a post-use filing requirement for all member firms in response to comments it received from the securities industry, according to a filing it submitted with the Securities and Exchange Commission in late December. The financial industry regulator has been […]