Edition:
United States

Henry Engler

CFTC's Glencore investigation seen reflecting broader U.S. anti-corruption strategy

Jul 24 2019

NEW YORK(Thomson Reuters Regulatory Intelligence) - Foreign bribery cases in the U.S. have traditionally been led by the Justice Department, often in partnership with the Securities and Exchange Commission, which has civil-enfocement authority. But recent news that Glencore, one of the world’s largest commodity traders, is being investigated by the Commodity Futures Trading Commission for possible corrupt practices, opens a new enforcement front that commodity firms need to be wary of. Some argue the shift may reflect the Trump administration’s broader strategy in combating foreign corruption.

Blockchain: a work still very much in progress in the U.S. securities industry

Jun 13 2019

NEW YORK(Thomson Reuters Regulatory Intelligence) - While blockchain has made inroads in the financial world, when it comes to the U.S. securities market, much work remains to increase adoption, a recent conference sponsored by the Securities and Exchange Commission revealed.

CROSS-CULTURE: What finance can learn about compliance culture from Volkswagen, Novartis & Tenneco

May 01 2019

NEW YORK(Thomson Reuters Regulatory Intelligence) - Prompt acknowledgement of internal wrongdoing and transparency over the lessons learned from conduct failures were just some of the keys to a strong corporate culture cited in a recent wide-ranging discussion on what financial firms can learn from corporations in other sectors. The need for compliance to deepen its partnering role with employees, as well as the drawbacks of excessive rules, were also highlighted in an event sponsored by Thomson Reuters Regulatory Intelligence.

INTERVIEW: BNP Paribas puts front-line business in charge of conduct; behavior is 'evolving frontier'

Apr 01 2019

NEW YORK(Thomson Reuters Regulatory Intelligence) - BNP Paribas put its front-line businesses in charge of overseeing conduct within the bank, by embedding "chief conduct and control officers” who are responsible for spotting behavior that could put the institution at risk, according to Eric Young, chief compliance officer for the French lender’s operations in the Americas.

U.S. regulators lack sufficient data standards ahead of next financial crisis – ex-Treasury official

Feb 20 2019

NEW YORK (Thomson Reuters Regulatory Intelligence) - The U.S. financial system has failed since the 2008 financial crisis to sufficiently improve the standards and quality of data used by regulators and institutions to identify trouble spots, a former senior U.S. Treasury official argues in a new study.

INTERVIEW: U.S. CFTC official warns of 'cliff edge' effect in 'no-deal' Brexit; encouraged by clearing deal

Feb 12 2019

NEW YORK(Thomson Reuters Regulatory Intelligence) - The lack of a negotiated exit of the UK from the European Union could lead to a so-called "cliff edge" effect in over-the-counter (OTC) derivatives markets, given the legal uncertainty that would emerge over contractual obligations between counterparties, a regulator warned. Meanwhile, recent steps taken by European authorities to ensure continuity in cleared transactions was a positive sign, Eric Pan, director of international affairs at the Commodity Futures Trading Commission (CFTC), told Thomson Reuters Regulatory Intelligence.

SocGen's $1.3 billion U.S. settlement challenges DOJ vow to avoid 'piling on'

Dec 06 2018

NEW YORK(Thomson Reuters Regulatory Intelligence) - Societe Generale’s recent billion-dollar settlement with multiple U.S. agencies is prompting some to question the credibility of a policy shift announced by the Department of Justice earlier this year against so-called “piling on” in enforcement cases. While the case involving five agencies each extracting millions for SocGen's violation of U.S. sanctions and money-laundering laws appears to be just the sort of piling on the department was pledging to avoid, others argue the DOJ’s policy is more nuanced and leaves room for interpretation, particularly over conduct.

INTERVIEW: Banks can strengthen culture with small steps and executive patience –UK policy director

Sep 24 2018

LONDON/NEWYORK (Thomson Reuters Regulatory Intelligence) - Listening to employees and taking small steps to address their concerns can over time do much to improve an organization’s internal culture, a reality that many in senior management might fail to appreciate, said a director of the UK’s Banking Standards Board.

BOOK FEATURE: 'Bad apples' vs. 'corrupting barrels': a new view of banking misconduct

Jun 13 2018

NEW YORK (Thomson Reuters Regulatory Intelligence) - Large banks have a huge blind spot in their conduct and cultural reform programs by focusing their efforts too narrowly on individual employees rather than understanding the climate of the teams in which they operate. In other words, they look for “bad apples” and ignore the corrupting role of the barrel.

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