Chief compliance officers (CCOs) at registered investment advisers (RIAs) investing in cryptoassets shouldn't take the recent no-action letter (NAL) from the U.S. Securities and Exchange Commission (SEC) allowing them to select state-chartered trust companies (STCs) as qualified custodians lightly.The U.S. regulatory agency's decision allows RIAs to breathe a sigh of relief they will not be … [Read More...]
News You Can Use
FASTER Refunds for EU Withholding Taxes
Operations managers at custodian banks, broker-dealers, and other financial intermediaries, will soon face new administrative challenges and legal liability to secure quicker refunds of excess withholding taxes paid by investors in cross-border transactions for securities issued in the European Union (EU).Among the top concerns mentioned by attendees at the recent Americas Meeting event held … [Read More...]
DTCC Prepares Wall Street For New Cyberbreach Rule
Cybersecurity information security officers (CISOs) at U.S. broker-dealers and banks may soon need to overhaul their governance programs if the Depository Trust & Clearing Corporation (DTCC) has its way.US financial firms are in a logjam with DTCC's subsidiaries, Depository Trust Company (DTC), (National Securities Clearing Corporation (NSCC), and Fixed Income Clearing Corporation (FICC), … [Read More...]
Canada’s High Court to Rule on SS&C’s Spoilation Against BNY
"Failure to preserve and produce relevant documents is conduct worthy of censure" wrote Justice William Hourigan of the Court of Appeal for Ontario in the court's scathing September 2024 ruling against The Bank of New York Mellon Corporation, now called BNY, for breach of contract with SS&C Technologies Canada Corp. He went on to say that BNY's "tactical decision to ignore its obligations … [Read More...]
Featured Posts
Reducing Risk of Trade Secret Theft
Have we sufficiently protected our proprietary source codes?That is the question chief compliance officers, general counsel, and technology directors at Wall Street powerhouses should know how to answer if they want to avoid the fate of Headlands … [Read More]
Twenty-Four Hour Trading: Corporate Actions Snafu?
With 24-hour trading on US exchanges closer to becoming a reality, back-office operations managers at some US broker-dealers are starting to worry about possible glitches processing corporate actions.Twenty-four-hour trading doesn't mean 24 hours … [Read More]
Europe’s Artificial Intelligence Act Needs Real Action
Financial firms across the globe will likely have to think out of the box and pray they make the right AI governance strategy to comply with Europe's Artificial Intelligence Act (AI Act) over the next two years.Embracing AI's ability to reduce operating … [Read More]
Drug Cartels As Foreign Terrorists: AML Spotlight
US President Donald Trump's decision in January to classify drug cartels as foreign terrorist organizations and specially designated global terrorists has put anti-money laundering compliance executives at US financial institutions doing business in Latin … [Read More]
SEC: Clear Path For Crypto Asset Custody?
The US Securities and Exchange Commission's decision last year to fine Galois Capital for violating its custody rule as well as potential changes to that regulation under the new crypto-friendly Trump administration are fueling speculation about whether one of … [Read More]