Law and regulation

Eileen Rominger, former head of the Securities and Exchange Commission’s Division of Investment Management, has decided get back to work after a year-long hiatus.

The rules the U.S. adopted last month make major changes — purifying what counts as capital, hiking the total amount required, slapping on a series of buffers to further insulate the largest banks and creating a global leverage ratio as a floor.

The organization is planning a new, broadly accessible online program now being developed in partnership with the University of Illinois.

The trade association representing credit unions believes that the Financial Accounting Standards Board’s recent proposal to redefine the meaning of a public business entity could open the door to more appropriate accounting standards for credit unions.

Investors are more concerned about improving the quality of financial disclosures rather than simply reducing the quantity of them, according to a new report from the CFA Institute, which takes aim at some recently proposed disclosure reforms that seek to cut down disclosure overload.

UBS AG, Switzerland’s largest bank, agreed to pay $120 million to settle claims by investors in Lehman Brothers Holdings Inc. securities in a lawsuit tied to the investment bank’s 2008 collapse.

The Federal Reserve governor leading the central bank’s effort to tighten financial regulation has a decision to make as its governing board is reshaped: Should he stay or should he go?

Morgan Stanley and Co. has agreed to pay $100,000 to the New Jersey Bureau of Securities.

A British charity sued a Bank of New York Mellon Corp. unit that managed its funds, saying risky investments caused losses of about 7.9 million pounds ($12.2 million).

Edward Jones’s James Weddle and Robert Keenan of St. Bernard Financial Services Inc. were elected to the Financial Industry Regulatory Authority’s Board of Governors at its annual meeting.

UBS AG will pay almost $50 million to settle U.S. Securities and Exchange Commission claims that a brokerage unit violated securities laws in the structuring and marketing of a collateralized debt obligation.

In recent months more than a dozen senior officials have left the agency, including its chief of staff, Garry Reeder, and chief operating officer, Victor Prince.

A FINRA panel has ordered Citigroup and a former branch manager to pay a combined $11 million in remuneration.

The CFP Board is hosting a webinar on "how to avoid misleading compensation disclosures" -- the very issue at the heart of the board's public sanction of former CFP Board Chairman Alan Goldfarb.

U.S. District Judge Ellen Segal Huvelle said the case was "not ripe for review" because the bank and others could not prove financial injury resulting from the new law.

One of the leading contenders to be the next chairman of the Federal Reserve, Lawrence Summers, has been a paid consultant to Citigroup and other financial institutions. Opponents of his nomination are sure to seize upon this.

The government should strip U.S. stock exchanges of the legal status that protects them from most lawsuits, a trade group for brokers said.

Former U.S. Senate aides Michael Piwowar and Kara M. Stein won confirmation as members of the Securities and Exchange Commission. The current SEC chairman Mary Jo White was also confirmed to a full term that expires June 5, 2019.

Wedbush has brought on the former president of First Washington amid questions over his supervision of a former employee.

Brokers who hold investors’ assets will have to file quarterly reports attesting to compliance with measures toprotect customer money and securities under rules adopted by the U.S. Securities and Exchange Commission.