Data management, trading, post-trade operations and compliance managers at buy-side and sell-side firms might one day no longer have to worry about their organizations being forced to pay for US identification codes and could even celebrate their winning over US$1 billion in compensation from CGS and others. Judge Katherine Polk Failla of the Southern District […]
SEC’s Proposed New Custody Rule Fails Industry Litmus Test
Fund management and custodian operations and legal experts are warning the US Securities and Exchange Commission that its proposed changes to its custody rule, which requires registered investment advisers to select a qualified custodian to safeguard their assets, are far too impractical and costly. “The new proposed rule is contrary to existing business practice and […]
LIBOR: Transition 1-2-3 in 2022
Breakups can be messy and switching from the London Interbank Offered Rate (LIBOR) to alternative reference rates (ARRs) will be no exception for trading, operations, fintech, risk and compliance managers in 2022. An ounce of preparing next year can translate into a pound of preventing errors in 2023, caution LIBOR operations and legal experts who […]
Broker-Dealer Alert: Filing Suspicious Activity Reports Could Get Harder
Anti-money laundering analysts and compliance managers at US broker-dealers may need to work a lot harder and worry a lot more before filing suspicious activity reports if Alpine Securities, a US penny stockbroker, loses its appeal to the Supreme Court over whether the Securities and Exchange Commission has the right to enforce the Bank Secrecy […]
Symbiont Scores Legal Win Against Ipreo, IHS Markit
US syndicated loans operations managers must bid farewell to a wannabe blockchain-based competitor to IHS Markit’s ClearPar platform based on a recent decision by a Delaware state judge who also awarded Symbiont a whopping US$70 million in its lawsuit against former partner Ipreo and Ipreo’s parent IHS Markit. Vice Chancellor J. Travis Laster of Delaware’s […]
Europe’s SFDR: Shades of Green Cause Ops Headache
Non-green, light green and dark green. Investment, compliance, and legal managers at fund management shops who must classify their funds in one of those three categories under Europe’s Sustainable Finance Disclosure Regulation (SFDR) are finding the road to explaining how their investments are helping or harming the environment and society paved with good intentions but […]
Crypto Industry to SEC: Safe Harbor for Broker Custodians Isn’t Safe
The US Securities and Exchange Commission’s decision to give broker-dealers a five-year reprieve from any regulatory sanctions to custody digital security assets in a trial run under limited circumstances isn’t all that sound, caution some broker-dealers, cryptoasset market players, and legal experts. While praising the SEC’s effort, respondents to the SEC’s request for feedback and others discussing […]
Supreme Court Expert’s Decision on MoneyGram Unclaimed Checks: The Ops Effect
Unclaimed property operations and compliance managers at banks and broker-dealers are quickly reviewing their procedures for “lost accounts” in a wake of a recent recommendation by a legal expert appointed by the US Supreme Court that Delaware must return millions of dollars worth of uncashed “official checks” issued by MoneyGram to over 20 other states. […]
NYSE Puts FINRA in Hotseat For Proxy Distribution Fee Oversight
The issue of which self-regulatory authority will take over the job of setting the maximum fees issuers must pay broker-dealers and banks to mail proxy materials to beneficial shareholders has pitted the New York Stock Exchange against the Financial Industry Regulatory Authority. leaving proxy operations managers and corporate secretaries in a lurch. The NYSE, which […]
Schwab’s $1.2 M Customer Account Transfer Mistake: Now What?
Whoops, it happened again. This time it was a software glitch that led brokerage Charles Schwab to erroneously transfer US$1.2 million from a former retail client’s account to the customer’s new brokerage account at Fidelity Brokerage Services which has left operations managers at rival brokerages scratching their heads and Schwab forced to go to court. […]