Edition:
United States

Richard Satran

Lessons from SEC Tesla action: Time to refresh social-media compliance

Oct 11 2018

NewYork(Thomson Reuters Regulatory Intelligence) - Corporate executives who feel left behind or simply lack time to build a Twitter following must have experienced a bit of schadenfreude when Tesla Chief Executive Elan Musk fell victim to his own tweets, which landed him a $20 million fine and a job demotion at the insistence of the U.S. Securities and Exchange Commission. But lessons about the role of compliance in managing the controls over executive-suite social media can be drawn from the curious case of Musk and his Twitter account.

Top SEC, FINRA officials say downtrend in enforcement cases not caused by pullback

Oct 10 2018

NEW YORK(Thomson Reuters Regulatory Intelligence) - Enforcement cases have trended lower over the past two years for the two leading U.S. securities regulators as new leadership has taken over at both. Top officials said on Wednesday in separate speeches that they remain committed to policing Wall Street fraud and cited other factors for the downturn.

BNP Paribas U.S. compliance chief wants all staff "data comfortable" -- not "rocket scientists"

Aug 10 2018

NEW YORK (Thomson Reuters Regulatory Intelligence) - Compliance professionals must be "data comfortable" but they don't need to be rocket scientists to stay relevant in the digital transformation of finance underway, said the Americas compliance chief for BNP Paribas. The BNP Paribas executive and other industry professionals gave their views on a Harvard Business Review article in LinkedIn postings.

Six red flags from first-ever FINRA early exam results: Cyber security No. 1

Dec 20 2017

NEW YORK (Thomson Reuters Regulatory Intelligence) - The Financial Industry Regulatory Authority for the first time has released an interim report on findings of early broker-dealer compliance exams, as the industry self regulator works to examine every firm over the next four years.

U.S. foreign bribery cases fast-tracked due to statute of limitations ruling - SEC enforcement chief

Nov 15 2017

NEW YORK (Thomson Reuters Regulatory Intelligence) - A recent decision by the U.S. Supreme Court that places a five-year limit on payments of disgorgement will require the Securities and Exchange Commission to speed up its pending Foreign Corrupt Practices Act cases, a top agency official said on Thursday.

New York proposes cyber security rules for credit-reporting, warns banks after Equifax breach

Sep 21 2017

NEW YORK (Thomson Reuters Regulatory Intelligence) - The New York Department of Financial Services on Monday responded to the Equifax cyber attack by proposing to extend its ground-breaking data protection rules to credit reporting firms, in an attempt to fill a perceived regulatory gap. The New York regulator also issued a warning to banks on potential risk from the massive data breach and issued guidelines on how to limit damage.

ANALYSIS: 'Sea change' in enforcement shows regulatory ease, possible rise in individual prosecutions

Jul 11 2017

NEW YORK (Thomson Reuters Regulatory Intelligence) - The Commodity Futures Trading Commission’s non-prosecution deal with three former Citigroup traders for cooperating in an investigation of their past employer gave one of the clearest signs yet of the direction the Trump administration will take in enforcement actions. The case shows U.S. agencies’ new willingness to strike such agreements in prosecuting complicated cases.

Treasury plan could change U.S. consumer financial oversight, despite obstacles

Jun 28 2017

NEW YORK (Thomson Reuters Regulatory Intelligence) - There is much for critics of the U.S. "administrative state" to like about the Treasury Department’s case for curbing the Consumer Financial Protection Bureau. The long-awaited study is short, however, on the kind of practical, political vision needed to reform an agency that the Trump administration appears to have grudgingly accepted as here to stay in one form or another.

ANALYSIS: WannaCry attack shows trend toward 'economic' cyber threats, rising regulatory risk

Jun 22 2017

NEW YORK (Thomson Reuters Regulatory Intelligence) - The cyber attack last month known as the WannaCry ransomware incident did little damage to U.S. financial firms but it sent a warning shot for the securities industry and its regulators. The self-replicating worm infected over 200,000 computers in 150 countries, showing the potential harm fast-moving attacks can inflict and fueling new calls from regulators for firms to manage cyber risk.

Six social media 'can do's' from FINRA update on rules, and red flags for each

May 10 2017

NEW YORK (Thomson Reuters Regulatory Intelligence) - The Financial Industry Regulatory Authority has clarified some grey areas on how broker dealers and their financial advisers can use social media without violating rules on advertising and communications with the public.

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