Barclays Capital and the SEC have reached a settlement totaling more than $97 million that will require the broker-dealer to refund clients allegedly overcharged via advisory fees or mutual fund sales. During the period covered by the settlement, Barclays Capital, a subsidiary of Barclays Group US, was “a dually-registered broker-dealer and investment adviser,” and it… Read More >>
Bloomberg Becomes an Official LEI Distributor
LOU Accreditation Comes in Time for MiFID II Bloomberg, which made its fortune in market data, trading systems and news, is stepping into the Legal Entity Identifier (LEI) realm as an accredited Local Operating Unit (LOU) of the Global LEI System (GLEIS), officials say. The company has received “approval to issue and maintain” LEIs, and… Read More >>
Eaton Vance Portfolio Manager Charged with Fraud
The SEC reports placing fraud charges against a Massachusetts-based portfolio manager accused of moving $1.95 million to his personal brokerage account from a fund that he was overseeing. That portfolio manager, Kevin J. Amell, has also pled guilty to one federal criminal count of securities fraud in the same matter, but he has not yet… Read More >>
Senate Confirms Trump’s Pick for SEC Chairman
Despite opposition from some key Democrats, the U.S. Senate voted on Tuesday to confirm Walter J. “Jay” Clayton III, a former partner with the law firm Sullivan & Cromwell, as the next chairman of the SEC, succeeding Mary Jo White. White served as chair from April 2013 to January 20, 2017 when Donald Trump became… Read More >>
ECB Expresses Worries over Blockchain/DLT
Although there have been several initiatives, the European Central Bank (ECB) still does not believe that blockchain/distributed ledger technology (DLT) is mature enough to be used for its Eurosystem market infrastructure for the near future. The Eurosystem is the monetary authority of the eurozone, consisting of the ECB and the national central banks of the… Read More >>
SEC’s Foreign Enforcement Chief to Exit after 17 Years
SEC officials report that Kara Novaco Brockmeyer, chief of the enforcement division’s Foreign Corrupt Practices Act (FCPA) unit, is planning to leave the agency later this month. An SEC statement offered no reason for her departure, and a commission spokesperson did not reply to an FTF News inquiry about it. Since 2011, Brockmeyer, who joined… Read More >>
Lek Securities Charged with Aiding Fraud via Client
Lek Securities and Samuel F. Lek, CEO of the firm, are facing charges that they facilitated manipulative trading by one of its customers, dubbed “Avalon.” The charges are being brought by the self-regulatory organization Financial Industry Regulatory Authority (FINRA) in conjunction with the New York Stock Exchange, NYSE Arca, NYSE MKT; four Bats Exchanges (Bats… Read More >>
CalPERS Supports CEO Pay-Ratio Disclosure Rule
The California Public Employees’ Retirement System (CalPERS) reports that it has signed a letter that supports the SEC’s Pay Ratio Rule, requiring public companies to “disclose the ratio of CEO pay to that of the median compensation earned by all employees at a company.” The letter was prompted by a delay and possible reconsideration of… Read More >>
SEC Goes On Tour with Compliance Roadshow
While the Trump whirlwind in Washington is underway, some SEC officials will be going on a roadshow, offering compliance seminars to investment companies and investment advisers across the U.S. The regulator has just announced that registration is now open for its compliance outreach program seminars, offered in four cities and targeting chief compliance officers (CCOs)… Read More >>
T+2 Settlement Clears Final SEC Hurdle
The U.S. push for a shorter settlement cycle crossed a major milestone when the SEC amended a key rule this week to shorten the standard settlement cycle for most broker-dealer securities transactions from three business days, known as T+3, to the a settlement cycle of two business days, T+2. This sets the stage for T+2… Read More >>
