Compliance

While some financial companies worry about the ramifications of the sweeping financial reform that is set to pass, asset managers appear safe, according to a report released Monday by Keefe Bruyette & Woods.

The Supreme Court ruled against the Public Company Accounting Oversight Board in a 5-4 decision, finding that the way board members are appointed is unconstitutional.

While some financial companies worry about the ramifications of the sweeping financial reform that is set to pass, asset managers won’t feel the heat.

The Supreme Court ruled this morning to uphold the tenets of the PCAOB and Sarbanes-Oxley rule in the Sarbanes Oxley Act of 2002 (SOX), Free Enterprise Fund v. Public Company Accounting Oversight Board. However, the Free Enterprise Fund and others could stage a shareholder campaign to remove board members, the high court said.

Legislators finally reached a compromise on the fiduciary standard bill late Thursday after fierce last-minute wrangling over its contents.

New York officials reached a handshake deal on the city's $62.9 billion budget late last week and spent the weekend trying to hammer out the final details as the state budget remained in legislative limbo.

The reform bill that was agreed upon by House and Senate conferees today is not likely to resolve what activities get split off from banks and how other specifics of its provisions get implemented, financial industry executives said Friday.

Those looking for clear winners and losers after the conference committee struck a historic final agreement early Friday on regulatory reform legislation are bound to be frustrated.

After a week of fierce wrangling, the House and Senate reach a shaky compromise over fiduciary bill.

After a marathon final day of debate, the regulatory reform process ended in the early hours of Friday in the same dramatic manner it had been conducted for more than a year: with a near breakdown followed eventually by a miraculous save.

While several critical regulatory reform issues remained in limbo late Wednesday, House and Senate conferees agreed to several key provisions, including one allowing banks to pay interest on business checking accounts.

House and Senate conferees are expected Thursday to add language to the final regulatory reform bill that would strengthen a provision to ban proprietary trading and restrict investment in private-equity firms and hedge funds.

House and Senate conferees were set Tuesday to deal national banks a setback, agreeing on final language that would make it harder for federal regulators to preempt state consumer protection laws.

FINRA has struck an agreement with the Australian Securities and Investments Commission to enhance the work efforts between the two regulators.

WASHINGTON — The Federal Reserve Board and the other banking regulators finalized guidance governing executive compensation practices on Monday and announced its review of pay at the largest holding companies had turned up significant flaws.

CHICAGO — The Securities and Exchange Commission has launched a review of a failed investment by five southeastern Wisconsin school districts in collateralized debt obligations that were intended to establish trusts to pay the districts’ non-pension retiree healthcare benefits.

The Securities and Exchange Commission charged ICP Asset Management LLC and its founder and President, Thomas Priore, with defrauding investors in four multi-billion-dollar collateralized debt obligations that were insured by American International Group.

Spectrem Group’s latest report finds many investors are satisfied with advisory firms’ communications regarding fees and variable products.

The Securities and Exchange Commission has launched a review of a failed investment by five southeastern Wisconsin school districts in collateralized debt obligations that were intended to establish trusts to pay the districts’ non-pension retiree health care benefits.

The Securities and Exchange Commission said Monday it charged ICP Asset Management LLC and its founder and president, Thomas Priore, with defrauding investors four multi-billion-dollar collateralized debt obligations