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 […]
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, […]
SEC’s Fair Value Rule: Don’t Drop Old Guidance, Say Critics
The US Securities and Exchange Commission’s new proposed rule for fund managers to fair value some of their assets has prompted a vocal minority of legal and valuation experts to question whether the regulatory agency should entirely scrap older guidance in favor of new accounting rules as the barometer for valuation. Fair value isn’t a […]
Etrading Software; Bloomberg-Kaiko Vie for Crypto ID Authority
If equities, bonds, and OTC derivatives have identification codes why shouldn’t digital assets? That’s the premise Etrading Software and the team of Bloomberg and Kaiko are betting on by recently throwing their hats in the ring to provide ID codes as the new registration authority for digital token identifiers (DTIs) expected to go live sometime […]
Fund Managers Find COVID-19 Makes Best Ex Best Effort
Complying with “best execution” requirements is nothing new for fund managers, but some could easily end up failing to meet their fiduciary obligations this year due to circumstances beyond their control — the unprecedented market volatility and remote working generated by the COVID-19 pandemic. About a dozen operations managers at US fund management firms who […]
Fair or Not: Fund Managers Face SEC’s New Valuation Rule
Registered investment advisers might find it operationally a lot harder and a lot more expensive to value hard-to-price assets held by mutual funds if the US Securities and Exchange Commission’s proposed modernization of fund valuation practices is adopted. Appointing a chief valuation officer could become necessary to handle the laundry list of new requirements. The […]
Coronavirus: How CCOs Can Manage (Virtually)
For chief compliance officers at financial firms, following the five Ps — prioritize, plan, protect, preserve, and paper– with the help of IT managers will become critical to ensure employees working remotely meet corporate and regulatory requirements. “Even the best designed business continuity plans likely didn’t take a global pandemic into account,” says Kristin Koloniaris, […]
SEC: CAT Reports Can Omit Some Customer Data
Data management units at US broker-dealers and the Financial Industry Regulatory Authority (FINRA) will be creating bogus codes for sending trade execution reports required by the Consolidated Audit Trail (CAT) to conceal the identities of investors and mitigate potential damage from cybersecurity breaches. The US Securities and Exchange Commission’s long-awaited decision earlier this month to […]