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 >>
Ex-PE Firm Partner Allegedly Billed Clients for Vacations & More
A former senior partner at a major private equity firm is being charged by SEC officials for “defrauding his fund clients” by billing them for personal expenditures such as vacations, hair salon appointments, designer clothes, and high-end electronics that totaled approximately $290,000. The accused Mohammed Ali Rashid, a former senior partner at New York-based private… Read More >>
SEC Pauses MiFID II Unbundling for 30 Months
The SEC, after consulting with European Union authorities, has issued three no-action letters intended to pause for 30-months some of the burdens associated with the MiFID II stipulation that firms unbundle research, a new requirement hitting home for many U.S. securities firms. However, SEC Commissioner Kara M. Stein, a Democrat on the commission, says that… Read More >>
SEC Moves to Modernize Public Company Disclosures
The SEC has voted to make proposals that will “modernize and simplify disclosure requirements for public companies, investment advisers, and investment companies.” Those proposals will affect regulation S-K, which sets out public companies’ reporting requirements for annual reports and initial public offerings (IPOs), among other required public filings. The commission’s “proposed amendments would make adjustments… Read More >>
SEC Acts to Prevent Another Cyber-Attack
The SEC has unveiled a five-point response “going forward” after a 2016 hacker attack on its EDGAR system. EDGAR, or the Electronic Data Gathering, Analysis, and Retrieval system, makes SEC filings by corporations, funds, and individuals accessible via online search, the commission says, and the 2016 cyber intrusion, during an “EDGAR test filing accessed by… Read More >>
KPMG International Picks New Chairman
Thomas Tapped to Become Global Chairman William B. Thomas is the new chairman of KPMG International, succeeding John B Veihmeyer, who completed his term as Chairman and is retiring from KPMG, officials say. Thomas, who will run the KPMG global network of professional services firms for a four-year term, has previously served as chairman… Read More >>
CFTC Hires Director for Swap Dealer Oversight Division
Partner from Steptoe & Johnson Law Firm Joins as DSIO Director Arrivals and departures are continuing at the CFTC. Matthew B. Kulkin has been named director of the CFTC’s division of swap dealer and intermediary oversight (DSIO), joining from the Steptoe & Johnson LLP law firm, where, as a partner, he “advised financial market participants… Read More >>
SEC Reassures Investors About Its Cyber Protections
In a surprising display of transparency, the SEC Chairman Jay Clayton last week acknowledged that the regulator’s EDGAR database had been hacked. To recap, SEC officials learned last month that “an incident previously detected in 2016 may have provided the basis for illicit gain through trading,” according to officials. The popular EDGAR platform, whose acronym… Read More >>
McLoughlin Named Sole CEO of BGC Financial for the Americas
Former Co-CEO to Oversee Special BGC Projects BGC Partners, an interdealer broker and technology provider, has appointed Shawn McLoughlin as CEO of BGC Financial for the Americas region, effective immediately. McLoughlin, who has been serving as an executive managing director and co-CEO of BGC Financial, Americas, with Lou Scotto “to define business strategy for new… Read More >>
SEC’s Clayton: EDGAR System Was Hacked in 2016
In a major policy statement about the threats that hackers pose, the SEC’s Chairman Jay Clayton acknowledged on Wednesday that there was “a 2016 intrusion of the Commission’s EDGAR test filing system,” that may have given perpetrators “the basis for illicit gain through trading.” SEC officials learned last month that “an incident previously detected in… Read More >>
