Cyber-security exams are coming for 50 registered broker-dealers and registered investment advisers as the SEC’s Office of Compliance Inspections and Examinations (OCIE) takes steps to help firms better protect themselves from cyber-attacks. To help compliance professionals assess levels of preparedness against cyber-attacks, the OCIE has issued a seven-page checklist intended to bolster firms’ readiness and… Read More >>
Is the JPMorgan Penalty Just the Start?
The $13 billion penalty levied by the Justice Department and other officials against JPMorgan for its “serious misrepresentation” in the packaging of residential mortgage-backed securities is a clarion call for financial services firms that law enforcement and regulators are on high alert for RMBS-related fraud. The JPMorgan case is also a harbinger of more to… Read More >>
O’Malia and Those Hot-Button Issues
As we reported earlier this week, Scott D. O’Malia, commissioner for the CFTC, was the bearer of bad news about the regulator’s data gathering for its swaps data repository (SDR). Yet in his revelatory speech last week to SIFMA members O’Malia was very forthcoming about other thorny issues that got scant coverage.One of the thorniest… Read More >>
Mary Jo White at the SEC
Former U.S. attorney Mary Jo White is likely to be nominated today as the new chairperson of the SEC, according to multiple news reports. This follows rampant speculation in Washington, D.C. over the past week about White taking the helm at the regulator. I am cautiously optimistic about this prospect and am hoping that her… Read More >>
