Comments for Compliance Insights

Comment on FINRA Proposes New Telemarketing Rule by What Would Make Telemarketing Successful Again? | Conference Call

What Would Make Telemarketing Successful Again? | Conference Call — Fri, 23 Dec 2011 18:53:10 +0000

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Comment on New Large Trader Reporting System for Physical Commodity Swaps, Swaptions by Swaps commodity | Fotoflip

Swaps commodity | Fotoflip — Tue, 29 Nov 2011 09:22:50 +0000

[...] New Large Trader Reporting System for Physical Commodity Swaps … [...]

Comment on Financial Leadership Vacancies – Why? by SK

SK — Fri, 20 May 2011 16:52:25 +0000

One of the major “tenets” of the administration. Not “tenants”.

Comment on When Will the SEC Ever Admit They Made a MIsstake? by Kim

Kim — Mon, 30 Nov 2009 22:18:23 +0000

My guess is never. Recent history is littered with cases brought by prosecutors with little or laughable evidence. Pleading guilty is many times not evidence of guilt, but rather decisions made out of fear of the consequences of not doing so….including bankruptcy. It is really scary. I would highly recommend “Three Felonies a Day How the Feds Target the Innocent” by Harvey Silverglate.

Comment on Madoff News: JPMorgan Thrown Into The Fray by Linus Wilson

Linus Wilson — Fri, 28 Aug 2009 15:30:26 +0000

My paper is at http://ssrn.com/abstract=1460706

Comment on Citi Reportedly Agrees to Swap Assets for Future FINRA Fines by Beate Bolen

Beate Bolen — Thu, 19 Mar 2009 12:34:00 +0000

I can’t believe this is real, but if it is, it looks to me like a total breakdown in the FINRA regulatory organization. Agreeing in advance to no future fines in exchange for any kind of asset looks like a bribe, and if it looks like a duck…..

Comment on FINRA: A Question of Authority in Madoff Matter by Tony Leitner

Tony Leitner — Sat, 21 Feb 2009 20:56:55 +0000

If the recent reports are correct that Madoff didn’t actually do any trades for the clients he was ripping off are true, then FINRA’s failure to find anything wrong is more understandable. There is no evidence yet that any client made a complaint so it is possible that FINRA’s examiners had no place to start its investigation. There is obviously a lot more news to come out and the post mortem will be interesting

Comment on Mary Schapiro, SEC Nominee v. Uptick Rule, and More by Larry Goldfarb

Larry Goldfarb — Mon, 19 Jan 2009 16:53:51 +0000

The regulatory issues with current regulatory regime, in my view, revolve around (1) a lack of emphasis to regulate friends and colleagues, (2) defining rules and precedents so narrowly as to be less than highly effective (3) a general laissez faire attitude toward regulation, as the bastion of free enterprise. And finally, (4) trying not to upset key stakeholders or political contributors. The regulatory model should move toward the attitude put forth by the Federal Reserve. These folks actually move into larger enterprises and see themselves as corporate ombudsmen, as opposed to friends and colleagues. They seem to gain status when they force change or uncover issues.

Comment on 8 Probes in 16 Years Yield No Smoking Gun by A Leitner

A Leitner — Mon, 05 Jan 2009 18:14:23 +0000

How Bernie got away with this is still a mystery to me, so I look forward to what comes out in the hearings. One possible shortcoming of the examination process is that examiners generally do not do any checks with customers who have not complained. In this case reports suggest there was a disconnect between what Bernie was showing/telling examiners and what the customers were being shown/told. Of course no firm wants regulators to make inquiries directly to customers since it may send a red flsg that is not warranted. It would also be interesting to hear how the compliance function at Bernie’s firm was organized and what they did or did not do. The only thing we can be sure about is that the exam process is going get a lot tougher for firms.

Comment on Many Madoff Victims to Rely on Tax Code Recoveries by howard haykin

howard haykin — Wed, 24 Dec 2008 17:55:22 +0000

Compliance Insights appreciates the previous commenter for reminding us to note that our blog content is not intended to be, nor should it be relied upon as, tax and/or legal advice. Readers should consult with appropriate professionals before taking any actions discussed above.
- Howard Haykin