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SEC Exams 2025: T+1 Post-Mortem?

November 14, 2024 By Chris Kentouris Leave a Comment

T+1 settlement isn’t over for the US Securities and Exchange Commission. Chief compliance officers at US fund management firms and broker-dealers must be prepared to show how they are meeting the challenge of a one-day settlement cycle, otherwise known as T+1 settlement,  if requested by an examiner from the SEC next year. The onus appears […]

Filed Under: Compliance, Data, Risk, Rules Tagged With: Brokerage Ops, Compliance, Data, Fund Ops, Regulators, SEC, Standards

BNY Pershing’s US$1.4 Million FINRA Fine: Data Governance Flaw?

August 30, 2024 By Chris Kentouris Leave a Comment

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, based on the Financial Industry Regulatory Authority’s account of why it fined the giant clearing firm […]

Filed Under: Clearing, Compliance, Regulations, Trading Tagged With: Brokerage Ops, Clearing, Compliance. Rules, FINRA, Regulators, SEC

T+1: Fund Managers Tackle Pain Points

June 18, 2023 By Chris Kentouris Leave a Comment

Operations directors at fund management firms are starting to review post-trade communications, securities lending, liquidity management, and corporate actions as the critical processes keeping them awake at night when preparing for a one-day settlement cycle (T+1) for US securities in May 2024. Analyzing internal workflow and interactions with broker-dealers and custodian banks is essential to […]

Filed Under: Compliance, Infastructure, Post-Trade, Regulations, Settlement, Trading Tagged With: Brokerage Ops, Custodians, DTCC, Fund Ops, Investment Ops, Matching, SEC

Industry Squeezes SEC on Sec Loan Reporting

June 14, 2022 By Chris Kentouris Leave a Comment

Wall Street continues to turn up the heat against the US Securities and Exchange Commission’s proposal for transaction reporting on securities loans, citing its contradictory analysis on short position and short activity reporting as well as potential operational shortcomings. The SEC recently reopened the comment period for its proposed securities loan reporting plan to adopt […]

Filed Under: Risk, Sec Lending Tagged With: Brokerage Ops, Compliance, Custodians, Fund Ops, SEC, Sec Lending

Chief Compliance Officers Revisit Personal Liability

February 10, 2022 By Chris Kentouris Leave a Comment

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 […]

Filed Under: Compliance, Regulations, Rules Tagged With: Brokerage Ops, FINRA, Fund Ops, Regulators, SEC

US SEC Loan Reporting: Ops Cost of Transparency

January 18, 2022 By Chris Kentouris Leave a Comment

The operational and legal challenges of complying with the US Securities and Exchange Commission’s potential requirement to report information on securities loan transactions to the Financial Industry Regulatory Authority could outweigh the benefits of transparency to investors, say operations and legal experts. Instead of offering any feedback to the SEC’s proposal, some industry players asked […]

Filed Under: Risk, Sec Lending Tagged With: Brokerage Ops, Compliance, Custodians, Fund Ops, SEC, Sec Lending

LIBOR: Transition 1-2-3 in 2022

December 15, 2021 By Chris Kentouris Leave a Comment

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 […]

Filed Under: Compliance, Regulations, Reporting, Rules Tagged With: Brokerage Ops, Compliance, Data, Fund Ops, Regulators, Reporting

Uncleared Margin Rules Phase Six: Five Step SCOPE Approach

September 7, 2021 By Chris Kentouris Leave a Comment

With the fifth phase of initial margin requirements for uncleared swap transactions recently effective, collateral management and compliance managers at hundreds of fund management shops need to start preparing for the final phase of uncleared swap rules to avoid finding themselves in hot water with regulators or counterparties, warn operations and legal experts. Fund management […]

Filed Under: Compliance, Data, Margining, Regulations Tagged With: Brokerage Ops, Collateral, Compliance, Data, Derivatives. Fund Ops

Cryptomarket Rejects New Certification for Trading, Ops Execs

July 24, 2021 By Chris Kentouris Leave a Comment

Should Wall Street executives trading and processing digital securities transactions be legally required to pass licensing or mandatory in-house training programs? The answer to the question raised in a comment letter sent to the US Securities and Exchange Commission in April concerning its December 2020 framework for the custody of digital securities appears to be […]

Filed Under: Compliance, Data, Innovation, Regulations, Standards, Trading Tagged With: Blockchain, Brokerage Ops, Compliance, Crypto, Fund Ops, Hedge Funds, Regulators, SEC

Legal Experts Debate Personal Liability for Chief Compliance Officers

July 2, 2021 By Chris Kentouris Leave a Comment

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 […]

Filed Under: Compliance, Regulations, Rules Tagged With: Brokerage Ops, Compliance, FINRA, Fund Ops, Regulators, SEC

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