Did Joshua Ashley Klayman, one of the US’ top blockchain attorneys, cost herself a partnership in a prominent global law firm, because she chose to focus on the novel field of blockchain and smart contracts, because was female, or because she got pregnant and took three maternity leaves? Those are among the many questions that […]
Wells Fargo’s Comp Plan: Will SEC’s Ops Rules Hurt Investors?
The US Securities and Exchange Commission’s plan for how investors in Wells Fargo’s stock will be compensated a total of US$500 million for the bank’s past wrongdoing could end up marred in operational snafus making it harder for some investors to be paid and disincentivizing others from filing the paperwork to collect any compensation. That’s […]
FREE WEBINAR: The Crypto Asset Market: What Fund Managers Should Know Before Investing
Hosted by CrossTower Save the Date: November 4, 2020 Time: 4:30 PM EST Contact: events@crosstower.com Cryptoassets aren’t just for retail investors any more. Hedge fund managers and some traditional fund managers have been buying Bitcoin and other cryptocurrencies as a buffer against inflation and market volatility has led to far higher returns on investment for […]
AML Managers Question FinCEN’s New Effectiveness Test
Define effectiveness. That’s what anti-money laundering compliance directors and legal experts want the US Treasury’s Financial Crimes Enforcement Network (FinCEN) to do after it announced late last month that it would update regulations issued under the Bank Secrecy Act (BSA). “Does anybody know what effective means?” was the question posed by over a dozen AML […]
SEC Fines Northern Trust for Not Stopping Criminal Hedge Fund Manager
The US Securities and Exchange Commission’s recent US$152,553 fine against mega hedge fund administrator Northern Trust provides a clear sign the regulatory agency will continue to hold a service provider accountable for any wrongdoing committed by its client if the SEC thinks it could have prevented the bad apple’s actions. The New York headquartered L-R […]
Free Webinar: Consolidated Audit Trail: Creating the Right Data Linkages
Join S3 and FinOps Report for a free webinar on creating the right data linkages for reporting to the Financial Industry Regulatory Authority’s Consolidated Audit Trail. Sponsored by S3 Save the date: Wednesday, October 21, 2020 Time: 4:30PM EST Contact: Michelle Lindenberger, S3 media/PR manager, at lindenberger.michelle@gmail.com for free dial-in details For broker-dealers’ trade operations, regulatory reporting, […]
CAT: FINRA’s Exams, Deadlines Won’t Be a Virtual Breeze
Trade compliance, regulatory operations, and technology managers at US broker-dealers will need to quickly cross their Ts and dot their I’s when it comes to documentation, data, and IT if they want to pass muster with the Financial Industry Regulatory Authority’s examiners for reporting to the new Consolidated Audit Trail (CAT) and survive one of […]
Federal Court Tells Interactive Brokers to Comply With FINRA Panel’s $1M Ruling: Right or Wrong
A US federal appeals court has just sent brokerages and their customers a somber message — a ruling by the Financial Industry Regulatory Authority’s arbitration panel is absolute regardless of its validity. The Fourth Circuit Court of Appeals in a 2-1 decision earlier this month ended a five-year dispute between Interactive Brokers and three former […]
National Banks as Digital Asset Custodians: Big Deal or Not?
When it comes to picking a custodian for cryptocurrencies and other digital assets, the US Office of the Comptroller’s decision to green light national and state banks might not be that much of a gamechanger for every fund manager. At least not in the short-term. Currently, investors holding cryptocurrency can keep their cryptocurrency in a […]
Prime Brokerage Enters Crypto Market, Sort Of
First it was digital asset custodians. Now it is aspiring prime brokers who are grabbing the spotlight in the evolution of the cryptoasset market as it tries to become an institutional investor-friendly industry, but with regulations still so murky cryptoasset prime brokers can only be pale reflections of their traditional prime brokerage peers. Although institutional […]