Financial Regulation >>>
Standard Chartered Plc expects U.K. regulations requiring it to hold capital against theoretical stress scenarios will cost $300 million in lost earnings by the end of the year, said Richard Meddings, the bank’s finance director. Click here to continue reading.
The Australian Securities and Investments Commission in a report on client money handling practices in the retail over-the counter derivatives sector found a number of compliance weaknesses, including a small number of licensees that issue OTC contracts for difference or margin foreign exchange contracts to retail clients that didn’t perform client money reconciliations on a daily basis [...]
Brokers would have to tell customers about recruiting bonuses and other compensation arrangements they earn when moving to a new firm, under a plan the Financial Industry Regulatory Authority voted yesterday to put out for comment, according to a person familiar with the meeting. Click here to continue reading this sample article from Financial Regulation.
By Dana Wilkie Principal Financial Group Inc., the seller of life insurance and retirement products, is seeking to exit banking to limit U.S. oversight. The insurer filed a draft application to end its status as a savings and loan holding company to avoid Federal Reserve regulation that may limit investing and require the Des Moines, Iowa-based company to [...]
Investment adviser firms registering for the first time as commodity pool operators (CPOs) or commodity trade advisers (CTAs) may spend up to $450,000 to get new computer systems, software and employees up to speed with U.S. Commodity Futures Trading Commission requirements, according to Karen Barr, general counsel of the Investment Advisers Association. The costs, which include figuring [...]
Codification of the U.S. Securities and Exchange Commission’s so-called automation review policy, or ARP, program is attracting more attention as a next step to strengthening market technology rules for exchanges and clearing agencies. The voluntary ARP program, which most market centers already treat as mandatory, has long deserved revisiting in the form of a mandatory set of rules, according [...]
Deutsche Bank AG would be required to hold more capital and Bank of America Corp.’s burden stands to be reduced as global regulators shuffled the competitive balance among the world’s biggest banks. Citigroup Inc., HSBC Holdings Plc and JPMorgan Chase & Co. join Deutsche Bank as firms that will be targeted for a capital surcharge of 2.5 [...]
The securities industry misinterpreted rules it assumed allowed as many as nine months to start moving swaps into clearinghouses that are meant to limit risks to the financial system. Firms dealing in $648 trillion of outstanding swaps contracts expected that trading during a phase-in period wouldn’t need to be processed by central clearinghouses, according to an Oct. 5 [...]