Cybersecurity is the number one 2023 risk for global banks, but geopolitical risk tops European banks’ concerns. So say chief risk officers at global banks, according to a recent survey conducted by Ernst & Young (EY) and written by three senior EY executives. And for the next five years? “Global banking chief risk officers (CROs)… Read More >>
EY Penalized $100M via SEC’s Exam Cheating Case
The Securities and Exchange Commission has charged auditor Ernst & Young LLP with “cheating by its audit professionals on exams required to obtain and maintain Certified Public Accountant (CPA) licenses, and for withholding evidence of this misconduct from the SEC’s Enforcement Division during the Division’s investigation of the matter.” Ernst & Young (EY) “admits the… Read More >>
MiFID II Challenges Hit the Buy Side Hardest
Although the financial services industry is counting down to MiFID II’s January 2018 deadline, the most profound impact will be on the buy-side community. They are not only preparing to conduct their own transaction reporting but they will also have to separate research from execution and become much more accountable for proving best execution across… Read More >>
U.K. Fund Managers Brace for Rollercoaster Year
While 2016 was full of ups and downs for the fund management industry in the U.K., this year will be equally as challenging, according to EY’s wealth and asset management industry outlook for 2017. Firms will not only have to contend with the uncertainties of Brexit but also the continuing roll call of regulation and… Read More >>
Hedge Funds Cut Ops Costs to Keep Pace with Investors
Hedge fund managers report that they have achieved “significant operational cost reductions,” even though they are looking toward additional opportunities for efficiency, according to an EY survey of firms that also finds funds under pressure from investors armed with new demands. The EY report, “Will adapting to today’s evolving demands help you stand out tomorrow?”… Read More >>
Brexit to Spur Exodus of 83,000 Jobs from London
Ever since the shock vote of Brexit in June, the fate of the U.K.’s financial services industry has been one of the hottest topics of discussion. There have been several reports over job losses in different sectors, the latest one being a private study from EY showing that about 83,000 positions could leave the City… Read More >>
Investors and Regulators Push PE Firms for More Transparency
Private equity firms are feeling the heat for more IT solutions and better data management as an uptick in regulatory audits and exams is causing investors to demand more transparency, according to professional services firm EY’s 2016 global private equity fund and investor survey. The greater demand for transparency is one of the key findings… Read More >>
AIMA Adds Two Council Directors
The Alternative Investment Management Association (AIMA), the London-based hedge fund industry association, has announced the appointment of two new directors to the AIMA Council, its global governing body, officials say. The two new directors are Martin Pabari, currently chief operating officer (COO) at CQS, and Fiona Carpenter, a partner at accounting and consulting giant Ernst… Read More >>
SEC Atlanta’s Dignam to Be OCIE Senior Counsel
The SEC reports that Rhea Kemble Dignam, currently director of the SEC’s Atlanta regional office (ARO), has been named senior counsel to the director of the SEC’s Office of Compliance Inspections and Examinations (OCIE). Dignam, who joined the SEC as the Atlanta regional office director in March 2010, will assume her new post when Liban… Read More >>
SEC’s New Sheriff vs. the D.C. Corral
Mary Jo White’s SEC appears to be taking decisive action against the alleged, undeclared insider trading and controversial influence peddling that Congress has taken for granted for decades. This became abundantly clear when the regulator set its sights on 44 firms that allegedly benefited from Washington, D.C.-based insider trading. Over the coming weeks and months,… Read More >>
