Search results for: "paper compliance program"
Lessons on Effective Supervision
Radical Compliance rarely looks at corporate misconduct as obscure as a broker-dealer improperly trading in the market for U.S. Treasurys, but trust me on this: a FINRA enforcement action last week on exactly that issue does indeed offer the larger compliance community a few lessons worth learning. Let’s take a look. The broker-dealer in question…
Read MoreDanske Bank, Part II: Compliance Reforms
Today let’s continue to look at the settlement Danske Bank reached with the Justice Department earlier this week, for the huge money-laundering scheme that operated from the bank’s Estonia branch in the 2000s and 2010s. I’ve been reading the plea agreement in the case, and compliance officers have a lot to consider here. First, to…
Read More$2 Mill Fine for Weak Compliance
FINRA today hit broker-dealer firm Cantor Fitzgerald with a $2 million fine for sloppy compliance practices that lasted at least five years, in an enforcement action sure to warm a compliance officer’s heart. The offenses related to naked short selling, where an investor first borrows stock to sell at a high price, then buys it…
Read MoreFive Questions for SEC Nominee Jay Clayton
Let’s start with the obvious about Jay Clayton, the Trump Administration’s nominee to chair the Securities & Exchange Commission: barring some bombshell news, he’s going to be confirmed. The Senate Banking Committee will schedule a hearing for him soon, Democrats will posture, and then Republicans will push him through to run the SEC. So far compliance officers…
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