The Securities and Exchange Commission’s Division of Enforcement took a bruising in 2009 from both Congress and the agency’s Office of Inspector General over its failings in the Bernard Madoff fraud scandal and other concerns.
Why should a corporation spend more money on compliance and ethics programs, particularly in this difficult economic environment? It's a question that a growing number of directors and senior managers feel compelled to ask.
The Committee of European Banking Supervisors plans to hire more staff to strengthen its risk assessment work. Giovanni Carosio, who took over as chairman this month (CR, 9/7), told CR the organization has focused on helping with rule-making and issuing guidelines, but is expanding.
The Investment Industry Regulatory Organization of Canada is planning to carry out industry sweeps in the next few months targeting best execution and firms' checks on financial instruments.
It has been just over a year since Canada gained a new national self-regulatory organization.
Senior officials in the Securities and Exchange Commission's Division of Enforcement, keen to speed up the investigatory process, are pushing staff attorneys to stick to Wells submission deadlines and limit meetings with outside counsel.
Lehman Brothers reopened for business under the Barclays Capital banner in September, but it's been a lot of work bringing the firms together.
Margaret Cole, director of enforcement at the U.K. Financial Services Authority, recently sat down with CR to talk about the restructuring of the division, bringing actions against senior management and dealing with investigations.
Bruce Karpati, assistant regional director in the SEC's New York Regional Office, also heads up the agency's hedge fund working group.