These are some compliance-related stories that recently caught my eye: JP Morgan explains the euro crisis with LEGO/a> by Feliz Salmon The woman with an oversized carrot and her friend in overalls with a shovel represent the Social Democrats and Greens. Anti-Corruption Research Paper Competition Open for Submissions We are asking young scholars from around … Read more »
The SEC Overhaul
On July 11, 2011, the President issued Executive Order 13579, “Regulation and Independent Regulatory Agencies,” which states that independent regulatory agencies should promote the goals set forth in Executive Order 13563 of January 18, 2011 that applies to executive agencies. He is asking the SEC, CFTC and other independent agencies to focus on a regulatory … Read more »
The EU Directive On Alternative Fund Managers Is in Effect
The chaos around the Swiss Franc may be a sign of a coming crisis in the European Union. For private fund managers, a different crisis may be the new European regulatory regimes for private funds. With all of the flux in the United States over the regulation of private funds, it’s been easy to forget … Read more »
No One Would Listen
You can’t really criticize Harry Markopolos. He was right. He had spotted something wrong with Bernie Madoff years before the biggest Ponzi scheme collapsed. Unlike many others, Markopolos contacted the Securities and Exchange Commission about his suspicions. They ignored him. Markopolos went to the press, but no meaningful article came of it. When Madoff’s scheme … Read more »
One of the Problems with Low Interest Rates
From XKCD Read more »
Compliance Bits and Pieces – UK Edition
The first case under the new Bribery Act in the United Kingdom has come down, so I’m devoting this roundup of posts to that story. BREAKING: First Bribery Act charges brought in record time in BriberyAct.com The Press Association is reporting that a court official in London is the first person charged under Section 2 of the … Read more »
Limiting Redemptions by Limited Partners
Hedge funds usually give their limited partners an ability to redeem their interests at certain periods during the investment period. That ability is often subject to a “gates provision” that limits a quick outflow of capital. The provision is general there to avoid a liquidity crisis in the hedge fund which could hurt the remaining … Read more »
Enforcement of the Massachusetts Data Privacy Law
It’s been almost 18 months since the Massachusetts Data Privacy Law went into effect. Belmont Savings Bank has become one of the first charged with violating the law. Belmont Savings Bank maintained personal information on an unencrypted backup data tape and then lost the tape. According to surveillance footage the tape was likely discarded inadvertently by … Read more »
More from FINRA on Social Media and Mobile Devices
In January 2010, FINRA issued Regulatory Notice 10-06 in an attempt to provide guidance on the application of FINRA rules governing communications with the public to social media sites. The guidance did not provide much that was new. Largely, FINRA pointed out that the existing communication and record-keeping rules applied. Too bad that the site … Read more »
Compliance Bits and Pieces for August 26
These are some compliance related stories that recently caught my attention: Does the SEC’s Revolving Door Raise Conflicts of Interest? by Bruce Carton in Securities Docket Every year about four percent of the employees working at the Securities and Exchange Commission decide for various reasons to voluntarily leave the agency and seek greener pastures. Having … Read more »