by The Compliance Exchange on June 19, 2012
Democrats and Republicans Spar Over Regulation at JPMorgan Hearing [LATimes] Democrats and Republicans sparred over the need for tougher oversight of Wall Street as regulators and JPMorgan Chase & Co. Chief Executive Jamie Dimon prepared to testify Tuesday about the bank’s more than $2-billion trading loss. The hearing by the House Financial Services Committee started out much more sharply partisan than last week’s hearing by the Senate Banking Committee, where Dimon was questioned about the loss.
Cioffi, Tannin Settlement With SEC Approved by U.S. Judge [BusinesssWeek] A $1.05 million settlement between former Bear Stearns Cos. hedge-fund managers Ralph Cioffi and Matthew Tannin and the U.S. Securities and Exchange Commission was approved by a U.S. judge in Brooklyn, New York. Cioffi agreed to pay $800,000 to settle the suit and Tannin agreed to pay $250,000. U.S. District Judge Frederic Block initially had described the accord as “chump change.”
CFTC May Propose Dodd-Frank Exemptions For Non-U.S. Swap Participants [BankCreditNews] The Commodity Futures Trading Commission may consider extensions of Dodd-Frank collateral exemptions for some U.S. financial subsidiaries. Under the still uncertain proposal, non-U.S. affiliates with less than five percent of a bank’s aggregate notional swap business would be exempt from some clearing and collateral requirements mandated under the 2010 Dodd-Frank Act
SEC Chief Offers Regulatory Guide to JPMorgan [Reuters] U.S. Securities and Exchange Commission Chairman Mary Schapiro will sketch a regulatory roadmap to JPMorgan Chase & Co’s recent huge trading loss, but will stop short of discussing the specifics of her agency’s investigation with lawmakers on Tuesday.
FATCA Readiness For Asset Managers: Comply or Die! [FinExtra] The Foreign Account Tax Compliance Act (FATCA) is expected to radically alter how asset managers conduct business on a global scale. With final regulations to be issued in July 2012, financial institutions must take immediate steps to prepare for this game-changing legislation or risk stiff fines.
Stanford Officer to Plead Guilty [WSJ] Stanford Financial Group’s top investment executive, Laura Pendergest-Holt, is expected to plead guilty to obstruction of justice Thursday for her alleged role in a $7 billion Ponzi scheme that was among the largest frauds in U.S. history, a person familiar with the case said.
For a Gupta Juror, No Rush to Judge [WSJ] During the four-week trial of former Goldman Sachs Group Inc. director Rajat Gupta, juror David Klein often glanced in different directions than his fellow jurors. ”
‘Whale’ Swam in Choppy Waters [WSJ] J.P. Morgan Chase & Co. trader Bruno Michel Iksil at times resisted sharing some details of his positions with superiors, while trading executive Achilles Macris had a history of clashing with co-workers, according to current and former colleagues.