Regulation and Compliance News
Compliance: FSA proposes FinRegEurope
The Financial Services Authority moved a step further towards the UK Labour Government's clandestine absorption into a federalised Europe yesterday with the proposal for a centralised European financial services regulator. For sure, that's one step away from the current proposal - but it's a small step.
Compliance: UK's FSA publishes its proposals for new regulation
Commercial and investment banks should not get in bed together, says the FSA. Or if they do, they must each keep on foot on the floor.
UK Treasury issues notice following FATF
The UK Treasury has issued a notice following up on the Financial Action Task Force's comments relating to risks relating to Turkmenistan, Pakistan, and Sao Tome and Principe and other jurisdictions. Northern Cyprus is removed from a warned list.
Compliance: FinCEN proposes new information sharing between institutions
The Financial Crimes Enforcement Network (FinCEN) has proposed revised rules and new guidance that permit certain affiliates of depository institutions as well as broker-dealers in securities, mutual funds, futures commission merchants, and introducing brokers in commodities, to share suspicious activity reports (SARs) within a corporate organisational structure for purposes consistent with Title II of the Bank Secrecy Act ("BSA").
Compliance: FINRA fines E*Trade
In the world of US regulatory fines, USD1 million's paltry. But the action against E*Trade marks an important milestone.