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GRC headlines
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Compliance Complete North America –
The International Organization of Securities Commissions (IOSCO) will take tougher measures to encourage members who have not yet signed its Multilateral Memorandum of Understanding (MMoU) to do so. The global body is also streamlining its organization and seeking ways to beef up its finances. IOSCO's annual conference in Beijing approved a resolution allowing it to take tougher measures to... |
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Compliance Complete North America –
LONDON/FRANKFURT - The JPMorgan Chase & Co. unit that lost more than $2 billion through a failed hedging strategy had looser risk controls than the rest of the bank, according to people familiar with the situation. The risk of losses is tallied by the bank using a so-called value at risk (VaR) calculation. However, the Chief Investment Office, the unit responsible for the high-profile loss... |
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Compliance Complete North America –
NEW YORK - CtW Investment Group, a labor-backed shareholder group, last year warned JPMorgan Chase & Co that its risk management committee was not up to the task and sought to remove one of its members, Ellen Futter, who had been a director at American International Group Inc (AIG) before its near-collapse in 2008. "We are deeply concerned that the current three-person risk policy committee,... |
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Compliance Complete North America –
CHICAGO - A U.S. Securities and Exchange Commission probe into the way the operator of the Chicago Board Options Exchange polices itself could result in censure or a fine, CBOE Holdings Inc said in a regulatory filing. "While we do not know the outcome of the SEC's investigation, should it determine to act, the SEC could, among other things, censure CBOE, impose monetary or other penalties and... |
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Compliance Complete North America –
Lapses in anti-money laundering (AML) controls led to sanctions against Salt Lake City broker-dealer ACAP Financial Inc. and Gary Hume, its AML compliance officer, U.S. brokerage regulator the Financial Industry Regulatory Authority said. FINRA fined ACAP $10,000 and ordered the firm to have an independent consultant review the adequacy of its AML program, policies, systems and procedures and to... |
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Compliance Complete North America –
Regulators overseeing the mortgage servicing industry are focusing on seven key compliance topics including foreclosure processes and loss mitigation, Jonice Gray Tucker, an attorney specializing in consumer compliance matters said Tuesday. The regulators' agenda comes in the wake of an April settlement between state attorneys general and the five largest mortgage servicers, and as the Consumer... |
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Compliance Complete North America –
NEW YORK - Regulators first raised concerns in April about trading positions that led to a $2 billion-plus loss at JPMorgan Chase & Co, and they posed questions to senior management at the bank, a source familiar with the situation said on Tuesday. The U.S. Federal Reserve - JPMorgan's primary regulator - as well as the Office of the Comptroller of the Currency and the UK Financial Services... |
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Compliance Complete North America –
The U.S. Dodd-Frank Act's extraterritorial reach is worrying Asian banking and financial institutions dealing with U.S. swaps, said a Hong Kong-based lawyer. Jeffrey Chen, a partner with law firm Cadwalader, Wickersham & Taft in Hong Kong, said many regional institutions were actively looking at ways to prepare for its impact. "Compliance officers at banking and financial institutions in Asia... |
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Compliance Complete North America –
TAMPA, Fla. - The FBI has opened a probe into trading losses at JPMorgan Chase & Co, stepping up the pressure on the bank after the U.S. Securities and Exchange Commission and the Federal Reserve said they were also looking into the wrong-way bets that led to the losses. Yet at the same time, shareholders backed embattled Chief Executive Jamie Dimon at the bank's annual shareholders meeting... |
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Compliance Complete North America –
Member states of the European Union will be allowed to impose stricter capital requirements than those set out in the Capital Requirements Regulation (CRR), under a compromise that member states agreed unanimously on 15 May. At the regular meeting of the Economic and Financial Council (Ecofin) in Brussels, member states agreed a common position on the proposed CRD 4 package, which comprises the... |