SS&C Technologies Canada Corp. has won only US$11 million instead of the US$890 million it wanted, but it still scored a final moral victory against Bank of New York Mellon for violating the terms of its market data contract with the financial technology giant. The Ontario Court of Appeal let stand a lower trial court's ruling criticizing BNY's bad conduct and went even further in highlighting … [Read More...]
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BofAML’s Fake Trade Reports: Governance Breakdown?
How could Bank of America Merrill Lynch get away with giving institutional customers phony trade execution, transaction cost analysis and expense reports for five years?… [Continue Reading]
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Crypto Laundering: AML Regs Tighten
Anti-money laundering managers at banks and other financial institutions need to adapt their customer onboarding and transaction-monitoring approaches to cryptocurrency investors or risk regulatory fines,… [Continue Reading]
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GDPR: Final Call for US Asset Managers
Does Europe’s General Data Protection Regulation (GDPR) apply to me? If compliance and operations managers at US asset management firms are asking themselves that question,… [Continue Reading]
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Custody: Unchartered Waters for Digital Assets
Qualified custodian. That’s a term that compliance and operations managers at registered investment fund advisors, not to mention the US Securities and Exchange Commission, are… [Continue Reading]
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Striking an NAV: Fund Managers’ Contingency Options
(Editor’s Update on December 5, 2018: US fund managers are getting serious about striking back-up NAVs on their own. Milestone Group tells FinOps Report that… [Continue Reading]
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Readers’ Picks (Last Two Weeks)
- Time for US-Based Fund Managers to Join DORA Bandwagon September 19, 2024 (93)
- BNY Hit With Final US$11M Fine For SS&C Contract Breach September 27, 2024 (58)
- BNY Pershing’s US$1.4 Million FINRA Fine: Data… August 30, 2024 (43)
- SS&C: $890M At Stake in Legal Tussle With BNY Mellon March 6, 2024 (35)
- Striking an NAV: Fund Managers’ Contingency Options May 11, 2018 (31)
- No Shortcuts Reimbursing NAV Errors Says SEC November 22, 2016 (26)
Featured Posts
Time for US-Based Fund Managers to Join DORA Bandwagon
Europe's pending Digital Operational Resilience Act (DORA) should prompt fund managers in the US to review their third-party service relationships even if the legislation's cross-border impact is ill-defined, warn legal and other experts. Effective on … [Read More]
BNY Pershing’s US$1.4 Million FINRA Fine: Data Governance Flaw?
How could BNY Pershing have unintentionally stored and distributed the wrong interest rates on domestic and international variable rate securities to clients for years? Easily if the firm didn't have the right checks and balances to ensure data quality, … [Read More]
Private Fund Managers: Hello AML Compliance Officers
Chief compliance officers (CCOs) at private fund management firms could be saddled with the extra title of anti-money laundering compliance officer and a lot more work if a proposed AML rule from the FinCEN unit of the US Treasury takes effect. FinCEN, … [Read More]
SS&C: $890M At Stake in Legal Tussle With BNY Mellon
A longstanding dispute over a market data contract with SS&C Technologies, which could cost BNY Mellon up to a whopping US$890 million in damages, highlights the danger of intentionally violating or even misinterpreting a critical element of such an … [Read More]
NY’s New Cyber Law Shines Stronger Light on C-Level
C-level executives at most financial firms operating in New York will have one more reason besides the fear of a data breach to change their corporate governance for cybersecurity this year-- New York State's amended regulation. Electronic securities … [Read More]