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Stories of Interest
- Deutsche Bank Is Weighing Massive Cuts in Its U.S. Cash Equities Unit
- Richard Jenrette, Co-Founder of DLJ Investment Bank, Dies at 89
- Goldman Sachs Makes First Hire in Cryptocurrency Markets Unit
- Special FINRA Election to Fill Large Firm Governor Vacancy
- Chicago-Based Investment Adviser Sentenced to 151 Months in Prison - SEC
- Dun & Bradstreet Hit With FCPA Violations - SEC
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
- Billionaire HF Manager and The Fed Chair Runner-Up are Investing in New Cryptocurrency
- Court Finds 2 Brokers Liable for Fraud Involving Mortgage-Backed Securities
- One FINRA: An Organization’s Commitment to Diversity and Inclusion
- 2018 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board
- Barclays Eyes Move Into Cryptocurrency Trading
- Goldman Breaks From Wall Street Pack with Bond-Trading Boom
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NEWSLETTERS & ALERTS
Jay Clayton: Too Many Regulatory Standards
by Howard Haykin
Speaking at last week's SIFMA Compliance & Legal Annual Conference, SEC Chair Jay Clayton addressed one of the 'Elephants in the Room' - the fact that the industry operates under too many different regulatory standards.
Take, for example, a typical 401k retirement account that holds annuity products and stocks. The client's relationship with her financial professional is overseen by at least 5 regulators – namely, FINRA; SEC; DOL; a state regulator; and a state insurance regulator. You can possibly add bank regulators and state attorneys general to that list.
With so many standards, financial institutions have a hard time demonstrating compliance, while investors have difficulty deciphering which rules and regulations apply to the financial institutions that service their accounts.
Going forward, Clayton wants to SEC to take the lead in setting appropriate standards for the financial services industry - and he expects the Commission to begin the process of change very soon.
Among the issues that need to be addressed:
- How should financial institutions demonstrate compliance?
- How can regulators clearly articulate the standard for broker-dealers?
- How can regulators bring clarity to investment advisor standards?
- How can regulators boil down the various regulatory standards into a more unified standard?
- How can regulators clearly articulate for investors what that standard means - and do so in a relatively short, plain-English document?
'Stay tuned,' Mr. Clayton told attendees at the C&L Conference.