SEC and FINRA to Hold National Compliance Outreach Program for Broker-Dealers
The Securities and Exchange Commission and the Financial Industry Regulatory Authority (FINRA) today announced the opening of registration for their 2015 National Compliance Outreach Program for Broker-Dealers. The program is intended to provide an open forum for regulators and industry professionals to discuss compliance practices and exchange ideas on effective compliance structures. The SEC’s Office of Compliance Inspections and Examinations (OCIE), in coordination with the SEC’s Division of Trading and Markets, is sponsoring the program with FINRA. The program will be held on July 14 at the SEC’s Washington, D.C., headquarters and will focus on 2015 priorities for OCIE and…
Read MoreDavid Grim Named as Director of the Division of Investment Management
The Securities and Exchange Commission today announced that David Grim has been named as Director of the Division of Investment Management. Mr. Grim has been the division’s acting director since February, following the departure of former director Norm Champ. “David is a committed public servant with a nearly 20-year tenure in the Division of Investment Management,” said SEC Chair Mary Jo White. “I am confident that the Commission and the public will continue to benefit from his leadership and deep knowledge of the work of the division on behalf of investors.” Mr. Grim joined the SEC in September 1995 as…
Read MoreSEC Approves Pilot to Assess Tick Size Impact for Smaller Companies
The Securities and Exchange Commission today approved a proposal by the national securities exchanges and the Financial Industry Regulatory Authority (FINRA) for a two-year pilot program that would widen the minimum quoting and trading increments–or tick sizes–for stocks of some smaller companies. The SEC plans to use the pilot program to assess whether wider tick sizes enhance the market quality of these stocks for the benefit of issuers and investors. “The data generated by this important market structure initiative will deepen our understanding of the impact of tick sizes on market quality and help us consider new policy initiatives that…
Read MoreSEC Charges Four Former Officers of Delaware Bank Holding Company With Disclosure Fraud
The Securities and Exchange Commission today filed fraud charges against four former officers of Wilmington Trust for intentionally understating past due bank loans during the financial crisis. The former Delaware-based bank holding company was acquired by M&T Bank in May 2011 and paid $18.5 million in September 2014 to settle related SEC charges of improper accounting and disclosure fraud. The SEC’s complaint, filed in federal district court in Wilmington, Delaware, alleges the four took part in a scheme to mask the impact of real estate market declines on the bank’s portfolio of commercial real estate loans. According to the SEC’s…
Read MoreSEC Announces Outreach Programs to Help Firms Comply With Regulation Systems Compliance and Integrity
The Securities and Exchange Commission today announced it has opened registration for outreach programs to help firms comply with an SEC rule that aims to protect investors by strengthening the technology underpinning U.S. securities markets. The Commission adopted Regulation Systems Compliance and Integrity, or Regulation SCI, in November 2014 and compliance with many of its requirements begins this fall. Those subject to Regulation SCI are required to have comprehensive policies and procedures for their technological systems, conduct business continuity testing, annually review their automated systems and take appropriate corrective action when system issues occur. The SEC’s Office of Compliance Inspections…
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