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ASIC: Companies Need To Respond To Major New Accounting Standards

Date 15/12/2016

Three new accounting standards coming into force over the next two years are expected to have the greatest impact on financial reporting since the adoption of International Financial Reporting Standards (IFRS) in 2005.
Ontario Securities Commission Approves No-Contest Settlement Agreement With BMO Nesbitt Burns Inc., BMO Private Investment Counsel Inc., BMO Investments Inc. And BMO InvestorLine Inc.

Date 15/12/2016

The Ontario Securities Commission (OSC) today approved a no-contest settlement agreement with BMO Nesbitt Burns Inc., BMO Private Investment Counsel Inc., BMO Investments Inc. and BMO InvestorLine Inc. (the BMO Registrants) in relation to a matter that the BMO Registrants discovered and self-reported to the OSC.
IIROC Provides Compliance Survey Update On Managing Conflicts In Clients' Best Interests - Results Highlight Best Practices And Areas For Improvement

Date 15/12/2016

The Investment Industry Regulatory Organization of Canada (IIROC) today published high-level results of a targeted review of firms' policies and procedures for meeting the regulator's "best interest" requirements, showing both best practices and areas of concern in how firms manage compensation-related conflicts of interest. As it continues this review, IIROC will take appropriate regulatory action as required.
Canadian Securities Regulators Provide Update On Consultation On Option Of Discontinuing Embedded Commissions

Date 15/12/2016

On June 29, 2016, the Canadian Securities Administrators (CSA) published CSA Staff Notice 81-327Next Steps in the CSA’s Examination of Mutual Fund Fees, which indicated an intention to publish a consultation paper in 2016 that would explore the option of discontinuing embedded commissions and the potential impacts of such a change on Canadian investors and market participants.
MIAX Options Exchange - MIAX Complex Top Of Market Data Product (“cToM”)

Date 15/12/2016

The Exchange has filed for immediate effectiveness to establish complex order market data products, including a new market data product known as MIAX Complex Top of Market (“cToM”). The Exchange is implementing a feature of cToM that provides subscribers with the number of Priority Customer contracts that are included in the size associated with the Complex MBBO (“cMBBO”).

Canadian Securities Regulators Release Review Of Practices Firms Use To Compensate And Provide Incentives To Their Representatives

Date 15/12/2016

The Canadian Securities Administrators (CSA) today published CSA Staff Notice 33-318 Review of Practices Firms Use to Compensate and Provide Incentives to their Representatives. The notice identifies compensation arrangements and incentive practices that firms use to motivate their representatives’ day-to-day behavior and sets out potential conflicts of interest that could arise, if not properly controlled, from some of these practices.
Treasury International Capital Data For October

Date 15/12/2016

The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for October 2016. The next release, which will report on data for November 2016, is scheduled for January 18, 2017.
Alberta Securities Commission To Adopt Disclosure Requirements Regarding The Representation Of Women On Boards And In Senior Management

Date 15/12/2016

The Alberta Securities Commission (ASC) announced today that it will adopt amendments to National Instrument 58-101 Disclosure of Corporate Governance Practices (NI 58-101) and Form 58-101F1 Corporate Governance Disclosure.
New York State Department Of Financial Services Fines Intesa Sanpaolo $235 Million For Repeated Violations Of Anti-Money Laundering Laws - Misconduct Included Processing Numerous Suspicious Transactions Involving Shell Companies Through The New York Branch And Deliberately Concealing Information From Bank Regulators - Intesa Compliance Officer Said That Transactions Were Being Cleared In A Manner Outside Of The Bank’s Procedures Because It Allegedly Was More Efficient And That A Risk-Based Policy Meant That “If You Miss One, You Miss One” - DFS Directs Bank To Strengthen Compliance Procedures At New York Branch, Extend Engagement Of Independent Consultant And Submit Revised Compliance Plans

Date 15/12/2016

Financial Services Superintendent Maria T. Vullo today announced that Intesa Sanpaolo S.p.A. and its New York branch bank will pay a $235 million fine and extend the term of engagement with its current independent consultant as part of a consent order entered into with the New York State Department of Financial Services (DFS) for significant violations of New York anti-money laundering and Bank Secrecy Act (AML/BSA) laws. The violations announced today include severe compliance failures over several years stemming from deficiencies in the implementation and oversight of its transaction monitoring system. In addition, an investigation by DFS found that the Bank deliberately concealed information from bank examiners. Since being confirmed in June, Superintendent Vullo has led DFS enforcement actions for violations of AML laws, against Mega Bank of Taiwan, which was fined $185 million for violating AML laws and Agricultural Bank of China, which was fined $215 million, and has finalized a new AML regulation effective January 1, 2017.
FINRA Enforcement Chief Brad Bennett Announces Departure

Date 15/12/2016

The Financial Industry Regulatory Authority (FINRA) announced today that J. Bradley (Brad) Bennett will leave FINRA early next year. Bennett has served as FINRA’s Chief of Enforcement for nearly six years, overseeing 300 enforcement staff in 14 district offices across the United States responsible for investigating potential violations of FINRA rules and securities laws. Susan Schroeder, Deputy Head of Enforcement, has been named the Acting Head of Enforcement. FINRA will undertake a search for a replacement head of Enforcement that will consider both internal and external candidates.