FinCEN made technical changes to a final rule relating to customer due diligence standards for banks, brokers or dealers in securities, mutual funds, futures commission merchants and introducing brokers in commodities.
As the regulatory standards for cybersecurity compliance procedures are steadily ratcheting upwards, firms that fail to document and implement "best practice" procedures are putting themselves at substantial civil and regulatory risk.
The CFTC Division of Swap Dealer and Intermediary Oversight granted no-action relief to a futures commission merchant. The relief provides "futures, options and swaps clearing services to customers that are 'covered funds.'"
In a staff report published by the Federal Reserve Bank of New York, authors Marco Cipriani , Antoine Martin , and Bruno M. Parigi assert that, while the practice of banks raising money by borrowing from money market funds has some benefits, it can also lead to bank failures, and thus be a source...
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