All articles by Joe Mont – Page 55
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Blog
Financial industry groups agree on cyber-security principles
A consortium of financial industry associations has published a set of common principles to promote effective global policymaking on cyber-security, data, and technology. The groups seek constructive cooperation with regulators on the principles by submitting them to the Financial Stability Board and the International Organization of Securities Commissions. Joe Mont ...
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Regulators walk a tightrope when it comes to innovation, disruption
It was once an understood fact of life that regulators are reactive, not proactive, when it comes to rulemaking and industry standards. Now, with disruptive technology and sharing services evolving from quaint ideas to multi-billion- dollar enterprises, some are starting to shake off that reputation, albeit cautiously. Joe Mont has ...
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ArticleThe rules of the road for corporate monitors
Companies facing a corporate monitorship face many questions. How does the process work? What are the rules, not to mention proper etiquette, for having a monitor in your midst for upwards of three years? Joe Mont reports.
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New OSHA rule expands injury reports, creates public database
The U.S. Department of Labor's Occupational Safety and Health Administration has issued a final rule intended to modernize injury data collection and create “the largest publicly available data set” on work injuries and illnesses. Joe Mont reports.
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OCC warns banks about new communication tech
The Office of the Comptroller of the Currency has issued guidance for the banks it oversees regarding their obligations related to the maintenance of records, records retention, and examiner access to those documents in light of new communications technologies. Joe Mont offers some details on the guidance.
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Seeking to squash mandatory arbitration, CFPB proposal draws praise and venom
The Consumer Financial Protection Bureau is moving ahead with a proposed rule that will prohibit mandatory arbitration clauses. While proponents agree with the Bureau’s assertion that class-action lawsuits provide a more effective means for consumers challenging problematic practices, pro-business groups see the rule as a deathblow for financial services arbitration ...
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Bill would amend SOX, add cyber-security certifications
Newly proposed legislation would amend the Sarbanes-Oxley Act to expand mandated internal controls reports and disclosures to include cyber-security systems and risks of publicly traded companies. The Cyber-security Systems and Risks Reporting Act, sponsored by Rep. Jim McDermott (D-Wash.), has been referred to the House Committee on Financial Services. Joe ...
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BlogPost ‘Panama Papers,’ Treasury sets rulemaking agenda
In the wake of the “Panama Papers” scandal, Treasury Department officials pledged a focus on issues related to shell companies and beneficial ownership. Making good on that promise, says Joe Mont, the agency has announced several actions, including: a customer due diligence final rule; proposed legislation on beneficial ownership, and ...
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GAO warns SEC about data protection practices
A report by the Government Accountability Office finds that while the SEC has made strides in improving the security of its data and resolving previously identified problems, “weaknesses continue to limit the effectiveness of other security controls.” Joe Mont explores what steps the Commission should take, according to the report.
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Cato Institute paper proposes JOBS Act improvements
On the same day the SEC announced it had completed the remaining workload on JOBS Act mandates, conservative think tank the CATO Institute, in an unrelated effort, offered its thoughts on how the legislation is meeting capital formation goals and ways it could be improved. Joe Mont reports.
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Banks face continuing parade of new regulations
Even as aftershocks of the Financial Crisis fade, banks continue to face a steady stream of new and evolving regulatory demands. Recent days have been no exception, says Joe Mont, with new demands regarding liquidity, swaps contracts, and a plan to undo the United States’ “see no evil” approach to ...
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SEC wraps up remaining JOBS Act workload
On Tuesday, the SEC, completing its remaining workload on JOBS Act mandates, approved amendments to revise the rules related to the thresholds for registration, termination of registration, and suspension of reporting under Section 12(g) and 15(d) of the Securities Exchange Act. Joe Mont has more.
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Firms face after-shocks of Labor Department’s fiduciary rule
The Department of Labor’s fiduciary rule for investment advisors has already stirred a firestorm of controversy, but one way or another, says Joe Mont, the financial advisory world is looking at a transformational change in how it operates by next April, with such high stakes that no one may want ...
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ArticleSEC’s massive database plan starts to take shape
The SEC’s Consolidated Audit Trail initiative, which will give regulators a means to efficiently track all trades in real time, has moved one giant step closer to reality with a call for public comments. But what will its final form look like? Joe Mont offers a closer look.
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Study: CEO pay had lowest increase since financial crisis
Total median CEO pay, excluding pensions, at large capital U.S. companies grew just 3.9 percent, the lowest increase since the financial crisis of 2008. That’s the conclusion drawn in a new study by ISS Corporate Solutions, a subsidiary of Institutional Shareholder Services, a leading proxy advisory firm.
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FINRA issues first cross-market report cards
The Financial Industry Regulatory Authority has launched new, monthly “cross-market equities supervision report cards,” aimed at helping firms identify and halt potential manipulation, including spoofing and layering activity.
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Proposed rule extends big bank liquidity demands
A busy day for bank regulators on Tuesday led to proposed rules dealing with new liquidity requirements, incentive-based compensation, and how small banks are assessed for deposit insurance. Joe Mont reports.
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SEC plunges deeper into disclosure reform
Improving, modernizing, and perhaps even simplifying the SEC’s disclosure regime has long been the Holy Grail of securities law. And while help may be on the way with the SEC’s new Concept Release, reports Joe Mont, plenty of debate is sure to follow.
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Investment companies prepare for fresh wave of cyber-scrutiny
Armed with Regulation S-P—the SEC’s go-to enforcement tool for cyber-security—regulators will soon begin a fresh wave of actions against investment advisers and broker-dealers who take a cavalier approach to their cyber-security responsibilities. Joe Mont reports.
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BlogNew rule targets incentive-based pay at financial institutions
Inching forward with one of the most-delayed—and controversial—mandates of the Dodd-Frank Act, the National Credit Union Administration has re-proposed a stalled 2011 rule proposal targeting incentive-based executive pay that encourages inappropriate risks at banks and credit unions. The proposed rules would impose clawback provisions and require executives and “significant risk ...