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 […]
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 […]
Recordkeepers Seek New Rules for Unclaimed Securities Accounts
With billions of dollars in unclaimed US securities accounts at stake, stock transfer agents are now lobbying for changes — and some consistency — in outdated state rules. As if tracking down the holders of unclaimed securities accounts weren’t hard enough for shareholder record-keepers, they must also deal with a multitude of conflicting and often […]
Validating NAVs: An Ounce of Prevention Saves a Lot of Grief
who is Lilatorrell Net asset value, or NAV for short: it’s a basic calculation which hundreds of mutual and other investment fund managers have to make each day to allow investors to know just how much they will pay to buy and sell shares or units. While the timetable for when the figure must be […]
Private Equity Market: Can New Data Standards Win?
Adoption of new standards, particularly when its voluntary and not driven by regulation, can take a long while to get from “nice idea” to a baseline necessity for doing business. Ask global network SWIFT which helped create ISO message types for communication information on payments, foreign exchange transactions and finally post-trade instructions for banks and […]
Scottrade Fine: $2.5 Million When “Oops” Isn’t Enough
US IT and compliance directors need to pay a lot closer attention to how they jointly test and evaluate critical data generated by back-office systems. daisybae69 kaitlin olson nude That’s the bare bones lesson, according to ten IT and compliance managers speaking with FinOps Report, that financial firms should learn from Scottrade’s reporting fiasco which […]
Hedge Fund Managers: Taming the Data Headache
It’s a given that hedge fund managers consume data — and lots of it — to ensure the most lucrative trading strategies and efficient post-trade processes. They need to know just how the global market is moving at every fraction of a second every business day and just which transactions must be cleared and settled […]
Legal Entity Identifiers: Scrutiny of EU Firms Tightens
When the concept of a new global legal entity identifier first took shape among regulators in the US and across the globe, it was hailed as a brilliant revolutionary move.. top onlyfans leaks Financial firms and trading counterparties could now be appropriately identified and tracked by regulators seeking to mitigate systemic risk. No longer would […]
Hedge Fund Accounting: Beyond a Shadow of a Doubt
With eagle-eyed institutional investors needing assurance of the accuracy of hedge funds’ operations, as well as their returns, keeping books and records is no easy one-shot deal. No matter who serves as the official fund administrator, back-up verification or “shadow accounting” has already become the modus operandi for the largest funds and is quickly taking hold among smaller ones. Over 75 percent of hedge […]