When Regulation A+ went into effect earlier this month it lowered certain legal hurdles that made it difficult for small firms to tap public markets with an initial public offering. OTC Markets Group, an operator of three organized over the counter marketplaces, sees the new rule as creating a potential opportunity for smaller firms to come to its markets with "mini IPOs" that would have been too costly and logistically difficult to execute under the old rules.
It is estimated that global systemically important banks spend hundreds of millions of dollars on anti-money laundering compliance. As is often the case with large financial institutions, the challenge of managing data in one of the most arduous and costliest parts of the process.
U.S. Justice Department prosecutors investigating potential lapses in the anti-money laundering controls at Citigroup's Banamex USA have uncovered emailed warnings about AML problems that went...
One of the risks that regulators are reviewing in making determinations on whether large asset managers pose systemic risks is the possibility that a fund manager's distress might result in a run or "forced asset sales if redemptions cannot be met in a timely manner." But Pacific Investment Management Co. (PIMCO) says its own experiences after the abrupt departure of co-founder and chief investment officer Bill Gross last fall are a real-life case study in how large asset managers are prepared to weather stress.
In a letter sent to 18 regulatory bodies around the world, including the Securities and Exchange Commission, 11 financial industry trade groups voiced support for standardizing the way derivatives...
Stifel Financial Corp. announced earlier this week that it is acquiring Barclays' U.S. wealth management unit, which is made up largely of former Lehman Brothers employees. Terms of the deal were not disclosed, but Barclays said it would have minimal financial impact, according to Reuters.
Bond market volatility has prompted inter-dealer broker ICAP to consider implementing circuit breakers to temporarily halt trading during periods of large price movement. If implemented, it would be the first use of circuit breakers in the $12.5 trillion U.S. Treasury market.
Two industry groups are proposing alternatives to the Department of Labor's proposal to require brokers to adhere to fiduciary standards. A main point of contention the groups have with the DoL proposal is that they appear to desire protections for the commission-based broker compensation model.
A history of poor anti-money laundering controls is reportedly causing Citigroup to close its Banamex USA subsidiary, the Wall Street Journal first reported on Sunday. Regulators aren't demanding...
Different elements of the Securities and Exchange Commission's proposed rules for overhauling asset management reporting will likely both add and reduce costs and effort for the industry. Industry experts say it is still too early to tell how much new costs of systemic risk reporting and benefits of standardized electronic report distribution will offset each other.