The Securities and Exchange Commission staff released a new ComplianceAlert letter identifying common deficiencies and weaknesses that SEC examiners have recently found during compliance examinations of firms that are registered with the SEC. The ComplianceAlert is intended to foster robust
A US court has reversed an earlier ruling that allowed a stockbroker to have a customer's complaints removed from his record, the Indianapolis Star reports. The earlier ruling allowed the disagreement between the broker and a client to be removed
A partner at UK stockbroker Cazenove has been charged with insider dealing by the financial regulator. The Financial Services Authority (FSA) made the move yesterday, in only its second such charge since it was empowered to make them in 2004.
Swiss bank UBS has been sued by New York attorney general Andrew Cuomo over its auction rate security sales. According to the suit, which was filed yesterday, the firm misrepresented the risk of these investments, fraudulently presenting them as safe.
The city attorney of San Diego has filed suit against the Countrywide mortgage lending unit of Bank of America. Falling house prices and rising repossession rates in the US are at the root of the legal action, as the official
New guidance from the UK's financial regulator might mean that public disclosure of emergency loans extended to banks might be delayed, in order to avoid consumer panic. The Financial Services Authority (FSA) is to change the rules in the wake
UK banks should be forced to pay in to a compensation fund for savers who lose money in collapsed institutions. This is the proposal of Bank of England governor Mervyn King, who also says that the fund should run into
A broad based coalition from the financial services industry launched a public relations campaign to educate lawmakers about the negative consequences of imposing unnecessary regulations on investors participation in the commodity markets. The Coalition to Protect Competitive Markets was organized
The Chancellor of the Exchequer has launched a consultation on the 'special resolution regime' which is designed to reduce the impact of a failing bank. The consultation document is published jointly by HM Treasury, the Financial Services Authority and the
The Financial Services Authority (FSA) will consult on a proposal that financial institutions in receipt of liquidity support from a central bank will have a legitimate interest for delaying the public disclosure of such support. Today's proposal is the next