Compliance

Securities and Exchange Commission Chairman Mary Schapiro answered Paul Scott Stevens’ volley with one of her own in front of the Committee on Banking, Housing, and Urban Affairs of the United States Senate.

Gurudeo “Buddy” Persaud believed the earth’s gravitational forces impacts stock prices and that, under the influence of the moon, people tend to feel more dejected and sell off securities. In return, the SEC charged him with fraud.

On June 21, 2012, Securities and Exchange Commission Chairman Mary Schapiro today answered Paul Scott Stevens’ volley with one of her own in front of the Committee on Banking, Housing, and Urban Affairs of the United States Senate.

The CFP Board permanently revoked the right of William B. Smith of Grafton, Mass., to use the CFP designation after investigating allegations that he fraudulently used $1.2 million in client’s money for his own benefit and moved $25,000 from another client to his own account.

On June 21, 2012, Paul Schott Stevens, president and chief executive officer of the Investment Company Institute, gave his perspectives on money market reforms today in front of the Committee on Banking, Housing, and Urban Affairs in Washington, DC.

The regulator announced Thursday it fined Merrill for “supervisory failures” and “for failing to provide certain required trade notices.” Merrill has provided $32 million in remediation, plus interest, to the affected customers.

Fed Chairman Ben Bernanke suggested that the Volcker Rule to ban proprietary trading would have helped to prevent the $2 billion credit loss at JPMorgan.

On June 20, 2012, if money market mutual funds shift to a floating net asset value, impose redemption holdbacks or seek additional reserve capital through fees, corporations say they would stop investing in these vehicles and most likely reduce or fully liquidate their holdings, according to data released today by the Association for Financial Professionals.

In the puzzle of oncoming financial regulation, how to properly oversee a firm’s liquidity is one of the largest pieces regulators are now working to get right.

James E. Putman, the founder and former CEO of an Appleton, Wis., investment firm, was disciplined by the CFP Board for allegedly accepting $1.24 million in kickbacks for steering clients’ money into dubious investments.

As Comptroller Curry discloses concerns about JPMorgan Chase's risk management, lawmakers continue their debates over agency funding, derivatives oversight and other issues of the reform effort.

After breezing through a Senate hearing last week, Jamie Dimon faced tough questions from members of both parties at a hearing before the House Financial Services Committee.

The Foreign Account Tax Compliance Act (FATCA) is likely to radically alter how asset managers conduct business on a global scale.

On June 19, 2012, Fidelity Investments sent a letter to the European Commission on its Green Paper on Shadow Banking detailing the Commission’s use of the term as “confusing” and “misleading”.

Eileen Rominger, Director of the Division of Investment Management at the Securities and Exchange Commission, will be retiring in July.

Additional regulation of money-market mutual funds could increase short-term borrowing costs for state and local governments, leading municipalities to raise taxes or cut spending on infrastructure and other critical projects, according to a paper released Monday by a Georgetown University professor.

On June 19, 2012, additional regulation of money-market mutual funds could increase short-term borrowing costs for state and local governments, leading municipalities to raise taxes or cut spending on infrastructure and other critical projects, according to a paper released Monday by a Georgetown University professor.

On June 18, 2012, Eileen Rominger, Director of the Division of Investment Management at the Securities and Exchange Commission, will be retiring in July.

Daniel J. Trolaro, a former planner and insurance agent from East Hanover, N.J., allegedly defrauded nine clients out of a total of $1.9 million, which he then used to gamble online, according to the New Jersey Office of the Attorney General.

The Northern Light Fund Trust and certain members of its current and former trustees as well as an unnamed chief compliance officer have received a “Wells notice” from the U.S. Securities and Exchange Commission.