Merrill Lynch, Pierce, Fenner & Smith Inc. has been fined a total of $26 million — $13 million by the SEC and another $13 million by the Financial Industry Regulatory Authority (FINRA) — for mismanaging its anti-money laundering (AML) responsibilities, especially after becoming part of Bank of America in 2009. In response to the fines… Read More >>
CalPERS COIO to Return to Franklin Templeton
CalPERS Names an Interim Chief Operating Investment Officer The California Public Employees’ Retirement System (CalPERS) reports that Wylie Tollette, its chief operating investment officer (COIO), is leaving the pension fund early in the new year to rejoin Franklin Templeton Investments. Matt Flynn, a CalPERS investment director, will become the interim COIO while the fund conducts… Read More >>
LSE’s CEO Suddenly Departs Amid Shareholder Battle
LSEG Shareholder Upsets Previously Announced Succession Plan Xavier Rolet stepped down as CEO of the London Stock Exchange Group (LSEG) on Nov. 29 “with immediate effect,” reports the LSEG board, following a controversial move by a key LSEG shareholder. Rolet’s temporary replacement is David Warren, current chief financial officer (CFO) for the LSEG, who will… Read More >>
SEC’s CAT Advances Despite Calls for a Delay
The controversial Consolidated Audit Trail (CAT) surveillance system and database of the SEC is moving ahead despite requests by major self-regulatory organizations (SROs) and industry groups that the effort be delayed because of concerns over cybersecurity and the deadline schedule. Last week, SEC Chairman Jay Clayton underscored the regulator’s need to stay on track with… Read More >>
Wells Fargo Advisors & the SEC Settle SARs Case
A registered broker-dealer/wholly-owned subsidiary of Wells Fargo & Company has settled with the SEC over allegations that it fell behind on its anti-money laundering (AML) responsibilities by failing to properly file 50 Suspicious Activity Reports (SARs) between March 2012 and June 2013, according to the regulator. The settlement requires Wells Fargo Advisors, LLC, based in… Read More >>
SIX Board Picks New Group CEO
SIX Group Names Successor to Urs Rüegsegger The SIX Group board of directors has tapped Jos Dijsselhof to be the next Group CEO starting Jan. 1, 2018, succeeding Urs Rüegsegger who announced in May 2017 that he would be retiring from the company that encompasses exchanges, financial data and related businesses. The Group CEO news… Read More >>
MiFID II Unbundling Will Come to the U.S.: Q&A
(Editor’s Note: U.S. securities firms breathed a collective sigh of relief when the SEC in late October decided to pause for 30 months the MiFID II unbundling stipulation. The controversial E.U. market reform specifies that buy-side firms unbundle the money they pay for research from the money that they spend on execution via sell-side firms…. Read More >>
FINRA EVP of Regulatory Ops to Depart
FINRA’s Axelrod to Help with Transition The Financial Industry Regulatory Authority reports that Susan F. Axelrod will leave the organization early in the new year for the private sector, after 28 years at FINRA and NYSE Regulation, its predecessor. She has been executive vice president for regulatory operations since 2013, responsible for heading the member… Read More >>
Celebrities & Buyers Beware: the SEC Is Watching
Celebrities have another worry to add to their lists well beyond the spying paparazzi: the SEC. Yes, the SEC. Officials via the SEC Division of Enforcement and the Office of Compliance Inspections and Examinations (OCIE) have issued a statement warning celebrities that their endorsements of initial coin offerings (ICOs) and related ventures “may be unlawful… Read More >>
Cris Conde to Advise Duco CEO
Conde to Also Advise Duco Board Former president and CEO of SunGard Cristóbal Conde has joined Duco, which describes itself as a self-service data normalization and reconciliation services provider, as an advisor to Duco CEO Christian Nentwich and to the board of directors, officials say. FIS Global (Fidelity National Information Services Inc.) acquired SunGard in… Read More >>
