SEC

Status of Financial Regulatory Leadership Changes

+0
0 Views

As we head into the mid-term election season, we have updated our brief deck summarizing the leadership and staffing changes among federal financial regulators, including announced nominations, confirmations, resignations and expiring terms.  The first slide summarizes the state of play for the agencies’ principals; the later slides provide a deeper look on an agency-by-agency basis, including select senior staff.  We intend to continue to update th

Share
Category

Looking in SEC disclosures for the next LTCM

+0
0 Views

This September will see two important financial crisis anniversaries. Not only will it be ten years since Lehman Brothers filed for bankruptcy, but also twenty years since the near-collapse of the hedge fund Long-Term Capital Management. Amid all the reforms to the global banking system and trading infrastructure since 2008, it’s worth asking the question: could an outsized hedge fund threaten the financial system today in the same way that LTCM did in 1998?

Share
Category

Looking in SEC disclosures for the next LTCM

+0
1 View

This September will see two important financial crisis anniversaries. Not only will it be ten years since Lehman Brothers filed for bankruptcy, but also twenty years since the near-collapse of the hedge fund Long-Term Capital Management. Amid all the reforms to the global banking system and trading infrastructure since 2008, it’s worth asking the question: could an outsized hedge fund threaten the financial system today in the same way that LTCM did in 1998?

Share
Category

BofAML’s Fake Trade Reports: Governance Breakdown?

+0
1 View

How could Bank of America Merrill Lynch get away with giving institutional customers phony trade execution, transaction cost analysis and expense reports for five years? Ten brokerage operations and IT managers contacted by FinOps Report can only speculate after reading the scant details in separate settlement reports issued by the Office of the Attorney General […]

Share
Category

Custody: Unchartered Waters for Digital Assets

+0
1 View

Qualified custodian. That’s a term that compliance and operations managers at registered investment fund advisors, not to mention the US Securities and Exchange Commission, are now grappling with, when it comes to the safekeeping of digital assets. The reason is two-fold. For starters, it is unclear whether the SEC’s custody rule for RIAs investing in […]

Share
Category

Striking an NAV: Fund Managers’ Contingency Options

+0
1 View

We need a backup plan — yesterday. That is what fund management operations directors are quickly realizing when it comes to striking a net asset value. They can’t blindly rely on their administrators’ results because mathematical errors or, even worse, technological outages can happen. Then what? Potential regulatory fines, investor lawsuits and reputational risk can […]

Share
Category

Cybersecurity and GDPR: the Budget Battles

+0
1 View

Protecting critical data will top the list of challenges chief compliance officers face over the next three years. So will figuring out how to calculate and divide the budget with their IT, risk, finance and operations peers. Chief compliance officers are responsible for protecting their firms from reputational and legal risk. They are accustomed to […]

Share
Category

SEC 12b-1 Fee Amnesty: Costly Ops Work

+0
1 View

A, B, C. Those three simple letters of the English alphabet could cause plenty of administrative grief for compliance and middle office operations managers at US mutual fund management firms over the next few months. That is, if they hope to take advantage of the Securities and Exchange Commission’s leniency program on overcharges to investors in […]

Share
Category

You’ve Been Hacked! What Do You Say?

+0
1 View

Getting hacked is not only expensive in remediation costs and reputational damage. Now public corporations could also face regulatory penalties if they don’t explain the breach the right way and quickly. US compliance managers, legal counsel and IT managers of public firms need to devise a strategy for who tells whom, what and when about […]

Share
Category

US T+1 Settlement: Not So Fast 

+0
1 View

What is the logical next step after moving from a three day to a two-day settlement cycle? It isn’t automatically one day or real-time settlement. How about something in between, say 20 fund managers, broker-dealers and banks surveyed by FinOps Report over the past week. The overwhelming response: “It’s not as efficient as T+1, but easier to achieve,” says one […]

Share
Category