These are some of the compliance-related stories that recently caught my attention in between bike rides.(It’s not too late to support my Pan-Mass Challenge ride to support cancer research.)
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SEC hires new private funds specialist by Katherine Bucaccio in Private Funds Manangement
Jennifer Duggins will join the commission later this month to co-head OCIE’s Private Funds Unit alongside Igor Rozenblit. [more..]
Is the Word Ethical Being Used in an Unethical Way? by Roy Snell in SCCE’s The Compliance and Ethics Blog
The point here is…are we using the word ethical correctly? If ethical means right from wrong, how can both parties involved in any debate both be ethical or both be unethical?
If the word ethical could speak for itself it might tell you it’s troubled by the recent use of the word ethical. [more…]
Email Hack Costs Cetera Advisor His Career by Ann Marsh in Financial Planning
It’s the kind of case that cybersecurity experts have been warning advisors about for years – and that they only expect to see more of.
A Cetera Financial advisor lost his 17-year career after falling for an email from a hacker who impersonated a client and persuaded him to illegally transfer $160,000 to a bank unconnected with the client or his wife. [more…]
SEC won’t second guess CCOs, but will bring enforcement action in cases of significant misconduct / failures by them. Speech by Mary Jo White
To be clear, it is not our intention to use our enforcement program to target compliance professionals. We have tremendous respect for the work that you do. You have a tough job in a complex industry where the stakes are extremely high. That being said, we must, of course, take enforcement action against compliance professionals if we see significant misconduct or failures by them. Being a CCO obviously does not provide immunity from liability, but neither should our enforcement actions be seen by conscientious and diligent compliance professionals as a threat. We do not bring cases based on second guessing compliance officers’ good faith judgments, but rather when their actions or inactions cross a clear line that deserve sanction.[more…]
Hemingway and Trust and Respect for Compliance Leadership by Thomas Fox in FCPA Compliance and Ethics Blog
I thought about Hemingway and his writing style when reading the most recent Corner Office column by Adam Bryant in the New York Times (NYT), entitled “To Work Here, Win the ‘Nice’ Vote”, where he profiled Peter Miller, the Chief Executive Officer (CEO) of Optinose, a pharmaceutical company. Miller has some interesting leadership concepts that are applicable to the position of Chief Compliance Officer (CCO) 2.0 and how a CCO 2.0 could use influence to lead, not only in the compliance function but also across an organization. [more…]
One way to mark an anniversary – 5 years after Dodd Frank created CFPB, it fines Citibank $700m
The Consumer Financial Protection Bureau (CFPB) has ordered Citibank, N.A. and its subsidiaries to provide an estimated $700 million in relief to eligible consumers harmed by illegal practices related to credit card add-on products and services. Roughly 7 million consumer accounts were affected by Citibank’s deceptive marketing, billing, and administration of debt protection and credit monitoring add-on products. A Citibank subsidiary also deceptively charged expedited payment fees to nearly 1.8 million consumer accounts during collection calls. Citibank and its subsidiaries will pay $35 million in civil money penalties to the CFPB. [more…]
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