Consumer Protection Securities Administrative Agency

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Hacked Investment Advisor Fined $75,000 for Lack of Cyber-Security Measures

Many in the investment advisory community are following the story of R.T. Jones Capital Equities Management, an investment advisor that, according to the Securities and Exchange Commission (SEC), suffered a hack exposing the...more

Agencies Finalize Diversity Policy Statement

On June 9, six federal agencies – the Federal Reserve, CFPB, FDIC, NCUA, OCC, and the SEC – issued a final interagency policy statement creating guidelines for assessing the diversity policies and practices of the entities...more

Final Diversity and Inclusion Standards Issued Jointly by Six Federal Agencies

Pursuant to a mandate contained in Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank or Act), six federal agencies jointly issued new Diversity and Inclusion (D&I) Standards today. These...more

ASIC announces proposed regulatory guide for review and remediation in the industry

After several high profile remediation programs by financial advice organisations, the Australian Securities and Investment Commission (ASIC) has decided to prepare guidance for industry participants in how to develop and...more

The SEC’s Telling Enforcement Shift

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 made numerous, and significant, changes to the Securities and Exchange Commission’s regulatory powers particularly with respect to regulated professionals...more

SEC and FINRA Announce 2015 Exam Priorities

The U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) recently announced their 2015 exam priorities for their respective examination programs. Both the SEC and FINRA have...more

The Results Are In: Investors Favor Additional Regulatory Protection

On November 6, 2014, FINRA released results from a survey of U.S. investors measuring the demand for additional regulatory protections. The survey polled 1,000 adults and revealed that an overwhelming majority felt that it...more

SEC Charges Recidivist Adviser, Co-Founders With Violations of Custody Rule

The SEC has brought a number of custody rule cases as part of its broken windows initiative. Its newest proceeding centered on the custody rule, however, is a contested administrative proceeding which names as Respondents an...more

SEC Cybersecurity Initiative: Five Steps ALL Broker-Dealers and Investment Advisers Should be Taking

Last week, the U.S. Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) released a Risk Alert announcing its Cybersecurity Initiative....more

Circuit Court Largely Rejects Challenges To SEC Conflict Mineral Rules

The SEC largely prevailed in the D.C. Circuit Court of Appeals in a suit changing the Rules promulgated by the agency under Dodd-Frank regarding conflict minerals. National Association of Manufacturers v. SEC, No.. 13-5252...more

SEC v. Douglas F. Vaughan, The Vaughan Company, Realtors, Inc., and Vaughan Capital, LLC, United States District Court for the District of New Mexico, Civil Action No. 1:10-cv-00263-MCA-WPL

Realtor charged in investment ponzi scheme

For thouse of you with losses in real esate investmetns it may be of interest to note the SEC is taking an interest. The Securities and Exchange Commission yesterday filed fraud charges against a prominent New Mexico...more

The End of Unlimited FDIC Insurance: How Banks Can Retain—and Depositors Can Protect—Their Uninsured Deposits

In an attempt to limit the flight of deposits from insured depository institutions resulting from the 2008 fiscal crisis, Section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act provided temporary,...more

Dodd-Frank Implementation: Navigating the Road Ahead

Table of Contents: Introduction; Financial Stability Reform; Resolution Planning; Agencies and Agency Oversight Reform; Securitization Reform; Derivatives Regulation; Investor Protection Reform; Credit Rating Agency...more

No-Action Relief Granted with Respect to Classification of Certain Persons as Owners of Broker-Dealers for Purposes of the Net...

On December 10, 2012, the Securities and Exchange Commission granted no-action relief in a situation in which a broker-dealer classifies: a person (in one or more classes of ownership of the broker-dealer) as an owner of the...more

Pennsylvania Enacts Changes to Banking Laws

Significant changes to Pennsylvania banking laws will take effect on December 24, 2012, as a result of three bills, known as the “Banking Law Modernization Package,” signed into law by Governor Tom Corbett....more

CFTC Issues Required Clearing Determination for Certain Credit Default and Interest Rate Swaps

In its first mandatory clearing determination, as required by the Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act), the Commodity Futures Trading Commission has determined that certain types of credit...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - November 23, 2012


NFA Launches FCM Financial Information Platform

The National Futures Association (NFA) has launched a new service that allows the public to obtain relevant information about any member futures commission merchant (FCM) more easily. NFA’s Background Affiliation Status...more

CFTC Proposes Rules to Enhance Protections for Customer Funds

The Commodity Futures Trading Commission published proposed rules that are designed to increase protections for customers and customer funds held by futures commission merchants (FCMs) and derivatives clearing organizations...more

New Rules for Remittance Transfer Providers

Money transfers sent abroad from inside the U.S., known as remittances, total in the tens of billions of dollars each year, according to the Consumer Financial Protection Bureau ("CFPB"). Beginning in January 2013, the CFPB,...more

Dodd-Frank Considerations for End-Users of Derivatives

More than two years after the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”), regulations under Title VII of that legislation have reached a sufficiently advanced point that...more

Current Issues in Securities Regulation (Presentation)

In this presentation, FMC's Mark Evans discusses the current issues in the area of Securities Regulation, including whether or not to settle in the face of civil risk, and the protection of elderly investors. Learn more...more

SEC Issues Final Rule on Extractive Industry Transparency

On August 22, the Securities and Exchange Commission ("SEC") voted two to one in favor of a final rule implementing Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Commissioners Schapiro and...more

Qualified Mortgage Rule Emerges as Critical Issue in Restructuring of Residential Mortgage Market Regulation

The Consumer Financial Protection Bureau (the “CFPB”) is currently charged with defining a “Qualified Mortgage” (a “QM”). The federal banking agencies, the SEC, the FHFA and the Department of HUD are jointly charged with...more

Financial Services Legislative And Regulatory Update -- July 30, 2012

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; Miscellaneous; and Upcoming Hearings. Excerpt from Leading the Past Week - With many of the world’s eyes turning to London this...more

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