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Cybersecurity Wrap Up – Take Two

The  Securities and Exchange Commission’s Office of Compliance Inspections and Examinations issued a new Risk Alert this week on cybersecurity. The risk alert summaries observations from their phase 2 cybersecurity examinations conducted in 2015 and 2016. In phase 2, OCIE examined 75 firms, including broker-dealers, investment advisers, and registered funds. The examinations focused on written policies and […]

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Cybersecurity: a growing risk imperative #CFOandCOO

I’m attending the PERE CFOs & CCOs Forum. These are my notes from the session. On a scale of 1 to 5 the attendees created a classic bell curve on how confident we felt about our cybersecurity programs, with most choosing “3.” The panel labeled social engineering as the upcoming threat. There were several stories […]

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senator bob corker

Do As I Say, Not As I Do

As financial firms are the recipients of more and more reporting obligations from government regulators, I find it amusing to note when the lawmakers fail in their own reporting obligations. The Wall Street Journal is reporting that Senator Bob Corker failed to disclose millions of dollars in his financial reports. The senator is the third-ranking […]

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The State of CCO Enforcement Actions

I was at the IA Watch conference titled “Coping with Regulatory Change” and several presenters from the Securities and Exchange Commission in different panels took a fair amount of time saying that the SEC is not targeting CCOs for enforcement actions. This was in light of several SEC actions against compliance officers in the last […]

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The New Rule 506(d) and Bad Actors

At its latest meeting, the Securities and Exchange Commission approve the rule that lifted the ban on general solicitation and advertising for certain private placements. The SEC also adopted the new rule that disqualifies felons and other bad actors from participating in certain securities offerings. The first rule was mandated by the JOBS Act. The […]

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rolling stone

How Wall Street Killed Financial Reform

I’m sure you heard in the news that JP Morgan lost $2 billion in a trades using complex derivatives tied to corporate bond defaults. But didn’t we fix this two years ago when Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act? It seems like JP Morgan’s mistakes should be the first test […]

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A Conversation with Paul Volcker

In a night out that only a compliance geek would love, I spent Monday night listening to Malcolm Salter talk with Paul Volcker, former Chairman of the Federal Reserve. Harvard University’s Edmond J. Safra Center for Ethics and the Center’s director, Lawrence Lessig, hosted the event in the Ames Courtroom at Harvard Law School. The […]

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The Case for Professional Boards

If you want to improve governance at a corporation, do you need professional directors? Did SOX merely add a layer of legal obligations of board, and do little to improve the quality of those serving as directors? Robert C. Pozen makes the case in The Case for Professional Boards in the December issue of the […]

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Facebook, Capital and Liquidity

There have been many stories written about the Goldman Sachs investment in Facebook. On one hand, there is the chatter about the investment placing the valuation at $50 billion. On the other, there hand there is the talk about how this affects a possible IPO by Facebook. There are two main reasons for an public […]

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New York Stock Exchange and Corporate Governance

Last week, the NYSE Euronext released the final report of the NYSE–sponsored Commission on Corporate Governance. The report identified 10 core governance principles. They cover the scope of the board’s authority, management’s responsibility for governance and the relationship between shareholders’ trading activities, voting decisions and governance. The Commission on Corporate Governance was established in the […]

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