Staff members of the Office of Compliance Inspections and Examinations (OCIE) have identified cybersecurity and privacy control deficiencies among securities trading firms registered with the SEC and have issued a risk alert that reminds advisers and broker-dealers of their obligations. “In response to these observations, many of the registrants modified their written policies and procedures… Read More >>
FinTech Lab Gets a Regulator-in-Residence
Maria T. Vullo, the former Superintendent of the New York State Department of Financial Services (DFS), is the regulator-in-residence for the FinTech Innovation Lab New York and she will provide strategic counseling and mentorship to the companies in the lab. The lab, founded by Accenture and the Partnership Fund for New York City in 2010, focuses… Read More >>
ISITC to Scrutinize Disruptive IT at Spring Summit
David Scola, head of North America for the SWIFT financial messaging and services cooperative, will dive into the impacts of disruptive technologies such as open application programming interfaces (APIs), distributed ledger technology (DLT), artificial intelligence and machine learning at ISITC’s 25th Annual Securities Operations Summit later this month in Boston. Scola is serving as moderator… Read More >>
FINRA Alleges LPL Failed to Submit 400+ SARs
Boston-based LPL Financial has been fined $2.75 million by the Financial Industry Regulatory Authority (FINRA) on charges that, among other problems, its anti-money laundering (AML) efforts failed to assess approximately 400 incidents that should have been investigated as Suspicious Activity Reports (SARs). In addition, FINRA alleges that LPL “failed to file or amend registered representatives’… Read More >>
U.S. Regulators Levied the Most Penalties in 2017
U.S. regulators levied 99 percent of the total global penalties against individuals and 94 percent of the global total penalties against firms in 2017. That’s the topline finding from the fifth annual “Global Enforcement Review,” published by the Compliance and Regulatory Consulting Practice of Duff & Phelps. Duff & Phelps, owned by Permira, a European… Read More >>
Cyber-Security Is a Big Ops Concern: Q&A
(FTF News interviewed Steve Steffy, director of operations at Trilogy Global Advisors during the SS&C Deliver customer conference of SS&C Technologies in Las Vegas last month. Based in Winter Park, Fla., Trilogy is a boutique firm that specializes in emerging markets equities. Trilogy’s portfolios are a mix of both traditional growth companies and early-stage growth… Read More >>
Cybersecurity Regulation Deadline Looming via NY DFS
In case you may need another regulatory deadline, the New York Department of Financial Services (DFS) has issued a reminder to all the organizations it oversees that they have a cybersecurity regulation deadline coming up on Sept. 4, 2018. That is the day when “the third transitional period of New York’s first-in-the-nation cybersecurity regulation ends,”… Read More >>
MUFG Issues a Cyber Security Management Declaration
When it comes to cyber-attacks, my guess is that financial services firms are petrified that they will be hit hard by a rather successful invasion sooner than later. The potential of such attacks causes firms to clam up and pretend that have no problems until they are forced to acknowledge that a catastrophe is underway…. Read More >>
ACA Compliance Group to Acquire Cordium
Acquisition to Expand ACA’s Services in Europe ACA Compliance Group reports that it will acquire Cordium, a provider of governance, risk and compliance (GRC) services. ACA, a provider of risk management and technology solutions that focus on regulatory compliance, performance, financial crime, and cybersecurity, expects the transaction to close this summer, subject to regulatory approvals…. Read More >>
DTCC Pushes for Tougher Cybersecurity Response
In a way, the DTCC is thinking the unthinkable as it advocates for a better coordinated, cross-industry defense against a major cyber-attack that could cripple financial markets. “Ultimately, the industry cannot rely on the low feasibility of cyber-attacks with systemic consequences,” according to a new white paper report from the post-trade infrastructure services and solutions… Read More >>
