The Foreign Account Tax Compliance Act (FATCA), which aims to help the US Internal Revenue Service catch potential tax evaders outside its radar, has always been viewed as a difficult regulation for financial firms to follow and with key deadlines close at hand some fund managers still apparently overwhelmed. They are so overwhelmed that they are massively unprepared […]
Bad European Data Validation Rules Give Banks Reporting Jitters
joi evaaviolettt It’s hard enough for bank operations and financial reporting specialists to fill out all the data points and formats required by regulators in filing mandatory documentation evidencing financial soundness. But when a major banking regulatory watchdog — the European Banking Authority — issues 290 incorrect data validation rules, the whole reporting process can […]
Compliance and IT Experts: Strange Bedfellows in Managing Cybersecurity Risk
When it comes to newly heightened US regulatory oversight of cybersecurity risk, compliance directors face risks of their own. They will be on the front line when examiners from the Securities and Exchange Commission come calling to evaluate their cybersecurity programs. But to even answer the SEC’s questions, not to mention have an acceptable working program to […]
Investment Breaches: Prevention Better than Consequences
Portfolio compliance experts at fund management firms may not like to talk about their accidental breaches of investment guidelines, but they are quickly waking up to their need to do something about them. There is simply too much at stake. Portfolio compliance is a fundamental competence investors and regulators assume they’re getting. Admitting to even a few breaches doesn’t inspire confidence, […]
US Cost-Basis Reporting: Pay Up Now or Pay A Lot More Later
US tax experts are sounding a loud alarm bell for financial-firm clients this tax season. bickett nude TS BarbieDoll They had better be prepared to comply with the Internal Revenue Service’s new cost-basis reporting rules for debt instruments, or be prepared to face the music. They won’t like the tune. The IRS will fine not […]
AIFMD: No Pain, No Gain for Fund Managers
Alternative fund managers who might have been initially hot to take advantage of the new European Alternative Investment Fund Managers Directive (AIFMD) to more easily market their investment funds cross-border are quickly waking up to a cold reality: they might be ill-prepared to comply. With so little time left, they will need to warm up […]
European Regulators Tell Market: Failure Not an Option
Failing to settle or even match the details of European securities trades on time could become a lot more expensive and reputationally risky for banks, broker-dealers, and their fund manager customers, if European regulators have their way. Just how much more they will have to spend beyond the hefty internal administrative costs, and current fines […]
Fund Managers: A Risk-Based Approach to Tackling Cybersecurity Threats
Although Wall Streeters often criticize Washington, DC bureaucrats for being out of touch with their daily realities, the new Framework for Improving Critical Infrastructure Cybersecurity issued in February by the National Institute of Standards and Technology (NIST) might just be a notable exception. It has apparently become a hit among US investment management compliance and data security experts […]
Compliance Officers: Taking the Regulatory Heat, Personally
Chief compliance officers at financial firms have always had it tough. Working long hours to address changing regulatory, investor and internal requirements, are an accepted part of everyday life. Yet, chief compliance officers and legal experts now say that the stress is hitting closer to home on a personal level. Securities watchdogs are drawing even […]
UCITS V: Just When Are Depositaries Liable, or Not?
When operations executives, their relationship management colleagues, not to mention their compliance directors can’t agree on how to talk about a topic, it qualifies as organizational confusion. elizabeth berkley nude When it’s industry-wide, it’s a bona fide hot potato. That is the situation today as custodian banks in Europe, acting as depositaries for traditional investment funds, attempt to […]