Is a chief compliance officer (CCO) at a broker-dealer automatically on the hook for any regulatory mishaps at a firm? Not necessarily, says FINRA, the self-regulatory organization (SRO) for U.S. broker-dealers. FINRA officials issued a regulatory notice last month that sets out to clarify a CCO’s role. The notice focuses on the scope of Supervision… Read More >>
Do Regulators Need to Clarify CCO Liability?
“Regulators, compliance officers and the investing public would all benefit from the adoption of a framework for evaluating potential cases against chief compliance officers (CCOs) in the financial sector.” So says the New York City Bar Association, which has offered a proposal for doing just that. The proposal, a follow-up to the committee’s February 2020… Read More >>
Broadridge Adds Fourth Senior Manager from Asset Control
Broadridge Hires for Data Management Experience Lake Success, N.Y.-based Broadridge Financial Services reports that it has added four former Asset Control executives, all of whom have extensive experience with data management software. Robert Revesz has been named senior director, with a focus on reference data client services and implementations, Broadridge says, noting that he joins… Read More >>
Hedgie CFOs Worry Over EU’s Push to Split Research, Commissions
As European authorities consider a “hard unbundling” of research payments from commissions, a majority of chief financial officers (CFOs) at hedge funds recently polled by execution broker and research provider ITG say they would prefer to segregate the accounts of their European clients and use commission sharing agreements (CSAs) for their non-European clients. ITG surveyed… Read More >>
Regulatory & Investor Demands Spur New Respect for Risk Ops
Risk management operations is finally coming into its own as post-Great Recession regulatory and investor pressures begin to bear down on buy- and sell-side firms in the U.S. and the European Union. On the sell side, big banks in the U.S. and the EU are being forced to take action by the crack of the… Read More >>
