Morgan Stanley & Co., a registered futures commission merchant and swap dealer, will have to pay a $300,000 civil monetary penalty for failing to hold sufficient U.S. dollars in segregated accounts as regulators appear to be paying closer attention to firms missing or neglecting regulatory reporting and related requirements. The CFTC cited Morgan Stanley for… Read More >>
Goldman Pays $1.8M to FINRA for Reporting Errors
Goldman Sachs’ clearing arm was recently forced to pay $1.8 million by the Financial Industry Regulatory Authority (FINRA) for trade reporting errors that spanned several years, a move industry observers say signals a renewed focus on this area on the part of regulators. Goldman Sachs Execution and Clearing L.P. agreed to pay in response to… Read More >>
FINRA Fines Barclays Capital $800,000
The Financial Industry Regulatory Authority (FINRA) has fined broker-dealer Barclays Capital $800,000 for equity trade reporting violations and related violations of FINRA’s supervisory procedures, according to documentation made public by FINRA. BarCap will pay $650,000 for the equity trade reporting violations and $150,000 for the supervisory violations, according to the letter of acceptance, waiver and… Read More >>
EFS Advisors Automates Web Scans to Prevent Rogue Reps
When it comes to images, records and social media postings available via the Web, most people are worried about insipid selfies, photos that reveal too much, and public documents that may be prove embarrassing. For securities firms, though, the concerns are more profound than drunken postings. They are under pressure by regulators to do a… Read More >>
PageFreezer Bundles Social Media Compliance for Small Firms
PageFreezer, a Vancouver, British Columbia-based software-as-a-service (Saas) provider of website and social media archiving solutions, has unveiled new website and social media compliance bundles intended for financial services firms with fewer than 100 employees. The bundles simplify Financial Industry Regulatory Authority (FINRA) and SEC compliance for financial services firms by automatically archiving websites, blogs and… Read More >>
Mary Schapiro Joins LSE Board as a Non-Exec Director
London Stock Exchange Group (LSEG) officials report that former head of the SEC, Mary Schapiro, will join the LSEG board as a non-executive director, effective on the first of July. In addition, David Weisbrod, CEO of LCH.Clearnet, has been named LSEG’s U.S. country head. “In this new role, David will work closely with the business… Read More >>
SEC Approves Pilot Project for New Tick Sizes
The SEC has approved a proposal by national securities exchanges and the Financial Industry Regulatory Authority (FINRA) for a two-year pilot program that will test the waters on implementing tick size regulations for some stocks, officials say. In a nutshell, the program will widen the minimum quoting and trading increments – also known as tick… Read More >>
Michael Atkin: ‘DCAM Harmonizes the Data for the Prime Goal’
Non-profit trade association, the Enterprise Data Management (EDM) Council has just released the Data Management Capability Assessment Model (DCAM), a collection of best practices for the management of data across an enterprise. The new DCAM documentation is intended to help firms “align data across multiple internal repositories in order to operate more efficiently and meet… Read More >>
SIFMA Pushes Back on Revamp of Retirement Savings Rules
President Barack Obama announced Monday that he wants to see “major actions” taken to update the rules governing retirement savings that will focus on conflicts of interest. The White House will be directing the Department of Labor (DOL) to “crack down on Wall Street” in order to protect investors from conflicted retirement advice, officials say…. Read More >>
Hearsay Social Targets Advisers with Platform
Social media compliance vendor Hearsay Social has rolled out a comprehensive social media platform for financial advisers and insurance agents, dubbed “Predictive Social Suite,” officials say. The platform aims to “enable these relationship managers to identify multi-channel client buying signals and share the right information at the right time, increasing the quality and quantity of… Read More >>
