These are some of the compliance related stories that recently caught my attention.
Luis Aguilar recalls harrowing times at SEC by Jeff Benjamin in Investment News
Mr. Aguilar, who served as an SEC commissioner from July 2008 through December 2015, recalls his first year as being “the most active period with internal restructuring and changes in the regulatory environment. And this was all before Dodd-Frank.” On dealing with such high-profile regulatory fumbles as Bernie Madoff’s infamous Ponzi scheme, Mr. Aguilar said there was plenty of confusion and fear. [More..]
Finra Fines Credit Suisse Unit Over Money-Laundering Failures by Samuel Rubenfeld in the Wall Street Journal
Credit Suisse expected its registered representatives to flag suspicious transactions for the anti-money laundering compliance department, which was then required to investigate the activity, Finra said. But the firm’s systems and procedures were not designed to detect transactions in order to cause the filing of a suspicious-activity report with the U.S. Treasury Department, Finra alleged. [More…]
The Domestic Corrupt Practices Act Arrives According to the SEC by Steve Quinlivan in Dodd-Frank.com
The Securities and Exchange Commission announced that the parent company of United Airlines has agreed to pay $2.4 million to settle charges for providing a public official with more convenient flight options. The parent company did not admit or deny the SEC’s findings …
Wow. So the books and records provisions can be interpreted like it’s the Domestic Corrupt Practices Act. I wonder if it will become in vogue to self-report these sorts of issues and spawn another web of FCPA, Inc. like practices to advise on these matters.[More…]
How Will the SEC Reach Quorum With Only Two Commissioners? by Broc Romanek in TheCorporateCounsel.net
No worries. Back in the 90s, President Clinton was slow to nominate new members to federal agencies and the SEC dropped down to a level of two Commissioners for a spell – Chair Levitt & Commissioner Wallman. In order to get business done, the SEC amended its rules to accommodate the Commission when it drops to such a low level. “The Rule of 2” – adopted in 1995 – is still on the books: [More…]
