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 Technologies LLC (HT) , a global quantitative trading firm in the midst of civil and criminal litigation involving […]
Business of Human Rights in New EU Reg
Oversight of third-party vendors will soon take on a new human rights twist for many local and foreign financial firms doing business in the European Union thanks to the new Corporate Sustainability Due Diligence Directive. The European legislation, otherwise called CS3D, forces firms to impose a moral code of conduct on their direct and indirect […]
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, short for Financial Crimes Enforcement Network, has resurrected its longstanding desire for many […]
SEC Tells Mutual Fund Industry: Lost Accountholders Matter
Compliance directors at US mutual fund transfer agents and US mutual funds will have to follow the US Securities and Exchange Commission’s rules to a T and they will have more administrative work on their hands to inform investors about the perils of escheatment of unclaimed or “lost” accounts, based on the US Securities and […]
Will Wall Street Earn Windfall For US CUSIP ID Codes?
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 […]
Chief Compliance Officers Revisit Personal Liability
It’s all about context. That’s one key factor a group of financial service compliance professionals wants the US Securities and Exchange Commission and Financial Industry Regulatory Authority to consider when holding a chief compliance officer personally liable for the wrongdoing of his or her company’s employees. The recommendation of the National Society of Compliance Professionals […]
S in ESG Stands for Supply Chain
Do you know how green your third-party service providers are? That’s the question risk and vendor procurement managers at fund management firms, banks and broker-dealers must soon answer correctly or face reputational and regulatory consequences, say legal and data experts in environmental, social and governance policies. The vendors can be anyone from a fund administrator, […]
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 […]
Legal Experts Debate Personal Liability for Chief Compliance Officers
Chief compliance officers need a new operating model, not a new legal framework, to avoid being personally penalized unfairly by the US Securities and Exchange Commission for regulatory infractions, say some legal experts. The New York City Bar Association’s recent framework suggesting that the SEC be more understanding of the challenges faced by chief compliance […]