These are some of the compliance-related stories that recently caught my attention.
The Most Thankless Job on Wall Street Gets a New Worry: Recent enforcement actions find compliance officers personally liable
by Emily Glazer in the Wall Street Journal
Those officers on Wall Street in charge of ensuring that traders and other employees stay on the right side of laws and regulations are increasingly in the cross hairs themselves.
Several recent enforcement actions found compliance officers personally liable for mistakes within their firms. Meanwhile, New York’s principal financial regulator, backed by New York Gov. Andrew Cuomo, wants the power to seek criminal charges against compliance officers in some cases. [More…]
Implications of Mutual and Private Fund Convergence by Wulf Kaal in the CLS Blue Sky Blog
Mutual funds are becoming more like hedge funds as a matter of investment strategy while hedge funds are becoming more like mutual funds as a matter of the regulatory framework. The growth of the private fund industry and the proliferation of retail alternative funds in combination with the fundamental regulatory reform of the private fund industry through the Dodd-Frank Act and the JOBS Act make the convergence of mutual and private funds possible. Such convergence has large implications for the evolution of the private fund industry and the growth of the retail alternative fund market.[More…]
The Perils of Combining Audit and Compliance by Matt Kelly in Radical Compliance
Few compliance and audit executives believe that integrating those two functions is a wise idea, but good news for those of you forced by your CEO to march down that dubious path—you have some fresh guidance on how to make the trip with minimal missteps. [More…]
Crowdfunding Portals Begin to Register With the SEC by Steve Quinlivan in Dodd-Frank.com
The SEC registration process for Title III crowdfunding portals was recently commenced. So far we are aware of one Form Funding Portal that has been filed to begin the registration process. So that is good news.
The Rise of “Culture of Compliance” in Numbers in WSJ.com’s Risk & Compliance Journal
