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News & Commentary
Content tagged with Compliance posted in October 2007
Oppenheimer & Co. fined $1M by FINRA
News  |  10/30/2007  | 
Oppenheimer & Co. Inc. has agreed to pay $1 million to settle charges it produced "flawed, incomplete and untimely data" in breakpoint self-assessment, the Financial Industry Regulatory Authority said.
FSA Dives into Hedge Funds and Sets Out Guidelines to Prevent Market Abuse
News  |  10/29/2007  | 
The UK's FSA is launching a formal assessment of the systems hedge fund managers have in place to prevent market abuse, after being "disappointed" by the controls at firms it visited.
SEC heightens battle against "rampant" insider trading among Wall Street professionals, hedge funds, international rings
News  |  10/29/2007  | 
The SEC is stepping up its efforts to fight what a senior official called "rampant" insider trading among Wall Street professionals, and has formed a working group to focus on the crime. The agency is seeing a trend in larger rings involving more people, international cases, as well as those involving securities professionals and hedge funds.
MiFID Uncertainty Persists as Implementation Day Approaches
News  |  10/24/2007  | 
With the implementation of the Markets in Financial Instruments Directive (MiFID) just days away, a new study has found that a massive 93% of financial services institutions do not believe that MiFID will be consistently implemented and enforced across Europe.
How can Companies Avoid Fines? Ex-SEC commissioner Offers Some Clues
News  |  10/23/2007  | 
Former SEC acting chairman and commissioner Laura Unger suggests that to keep ahead of the regulators and avoid costly fines, Wall Street firms should adopt cutting-edge technology and....
Regulator Probes Bear Stearns
News  |  10/19/2007  | 
Bear Stearns is being investigated by Massachusetts securities regulators over whether the bank improperly traded with two in-house hedge funds that collapsed last summer, burdening investors with added losses.
SEC sues New York Hedge Fund Over Illegal Trades
News  |  10/15/2007  | 
The Securities and Exchange Commission (SEC), which recently heightened its scrutiny of the hedge fund industry, is suing a New York hedge fund and its principal, alleging the fund made more than $1.48 million in profits from illegal trading.
Trading Technologies wins $3.5 million patent suit against eSpeed
News  |  10/11/2007  | 
A U.S. District Court for the Northern District of Illinois jury has awarded Trading Technologies $3.5 million after finding that certain versions of eSpeed's futures-trading software infringed on its patents...
Regulators slap Morgan Stanley with another $7.5 million fine
News  |  10/10/2007  | 
Morgan Stanley has agreed to pay a $7.5 million fine to settle charges that over a five year period it provided customers with insufficient written trade confirmations for municipal securities and bonds, the Securities and Exchange Commission (SEC) said. It is the second, unrelated but substantial fine that Morgan Stanley has settled in less than two weeks.
EU Regulators Probe Thomson-Reuters deal
News  |  10/9/2007  | 
The European Commission has opened an in-depth investigation into the $18.4 billion takeover of Reuters by Canadian financial information company Thomson, saying the merger raises "serious doubts" about fair competition in the financial information business.
NYSE fines Citigroup, DeutscheBank, UBS, JP Morgan and 11 other Wall St firms $10.4 million
News  |  10/8/2007  | 
The New York Stock Exchange (NYSE) fined 15 Wall Street firms a total of $10.4 million for violating rules governing delivery of prospectuses and other information to investors...
Pump-and-dump spam down 30 percent following SEC drive
News  |  10/8/2007  | 
Pump-and-dump spam touting particular stocks has become one of the most common type of nuisance e-mail worldwide. But the Securities and Exchange Commission (SEC)'s anti-spam drive, code-named Operation Spamalot, has now caused a massive drop in this type of spam, according to new findings.
SEC Enforcement Cases Rise for the first time Since 2003
News  |  10/5/2007  | 
The U.S. Securities and Exchange Commission (SEC) has been particularly busy this year, increasing enforcement actions in fiscal 2007 for the first time in four years. Accusations against companies or individuals have ranged from charges of insider trading to backdating of stock options...

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