SEC Appoints Associate Director for SEC Division Melissa Hodgman has been named associate director in the SEC’s enforcement division, succeeding Stephen L. Cohen, who left in June, the SEC reports. Hodgman began in the division in 2008 as a staff attorney, according to a statement, which notes also that she joined the market abuse unit… Read More >>
SEC Rewrites Reporting Rules for Mutual Funds, ETFs
The SEC has proposed new and amended rules intended to modernize data reporting for open-end funds, which allow investors to redeem their shares daily and includes mutual funds and exchange-traded funds (ETFs). The SEC proposals also cover liquidity risk management and swing pricing, and are “part of the Commission’s initiative to enhance its monitoring and… Read More >>
Elizabeth Warren Asks Obama to Fire SEC Chair
A lightning rod for the financial services industry, U.S. Senator Elizabeth Warren (D-Mass.), an outspoken critic of Wall Street, is taking on Mary Jo White again, and has asked the Obama White House to fire the head of the SEC because of Warren’s concerns about public companies disclosing political contributions. In her recent letter to… Read More >>
BofA/Merrill Lynch Shuffles Execs in Wealth Management
BofA Names New Head of Wealth Management Bank of America reports that John Thiel, current head of Merrill Lynch wealth management, has “decided to step down from his position and will take on a new role as vice chairman of global wealth and investment management (GWIM), effective January 1, 2017.” Andy Sieg, current head of… Read More >>
Credit Suisse to Pay $90M Penalty for Bad NNA Numbers
The SEC reports that Zurich-headquartered Credit Suisse AG has “agreed to pay a $90 million penalty and admit wrongdoing to settle charges that it misrepresented how it determined a key performance metric of its wealth management business.” While Credit Suisse was asserting in public filings that the “ ‘classification of assets under management is individually… Read More >>
SEC Names Head of the Whistleblower Office
SEC Promotes Acting Chief The SEC reports that Jane Norberg has been promoted to head its whistleblower office. Norberg, who joined the SEC in 2012 as the first deputy chief of the office has served as acting chief since the departure of Sean McKessy, the whistleblower office’s inaugural chief. Before joining the SEC, Norberg was… Read More >>
SEC: UBS Financial Services Flubbed RCN Training
UBS Financial Services will pay more than $15 million to settle SEC charges that it failed to “adequately educate and train its sales force about critical aspects of certain complex financial products it sold to retail investors,” according to SEC officials. The SEC is alleging via its order that the firm did not develop and… Read More >>
Och-Ziff Pays $412M in Fines to Settle Bribery Charges
Alternative investment and hedge fund manager Och-Ziff Capital Management Group will be paying $412 million in fines and has begun revamping internal procedures as a result of the bribery and operational mismanagement charges brought against it. On Thursday, the firm announced that it has settled criminal and civil cases with the U.S. Department of Justice… Read More >>
Credit Suisse, Ipreo, Symbiont, R3 Finish First Step for Syndicated Loan Blockchain
Blockchain Proof of Concept Effort Will Go On Credit Suisse, Ipreo, Symbiont and R3 have completed the successful initial stage of a project to demonstrate how blockchain technology can be used to improve the syndicated loan market, officials say. The proof of concept will continue throughout the year and will includes participation from agent banks,… Read More >>
Indy Vet Cooperman Hit with Insider Trading Charges
Industry veteran Leon G. Cooperman, 73, and his 25-year-old, Manhattan-based hedge fund, Omega Advisors, Inc., are being charged with insider trading by the SEC, but the industry veteran denies the charges and says that he has retained the law firm Paul, Weiss, Rifkind, Wharton & Garrison to defend himself. The SEC wants to take Cooperman,… Read More >>
