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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
HSBC Restricts Personal Trading by Traders
HSBC Holdings, which employees over 200,000 employees worldwide, has told about 6,000 employees of its global markets division that they are prohibited from purchasing single-name securities and concentrated ETFs in their personal accounts.
Employees will be permitted to maintain existing holdings of securities prohibited by the new rules, though sales must be pre-approved by compliance personnel. Since the start of the year, HSBC has hired 1,800 extra compliance staff, bringing its total compliance staff to more than 6,000.
RESTRICTIONS AT OTHER BIG BANKS. HSBC wouldn’t be the first big bank, and it won’t be the last, to restrict personal trading in order to combat potential conflicts of interest.
- Goldman Sachs bars investment bankers from trading individual stocks and bonds.
- JPMorgan bans “speculative and other short-term investment activity” or the purchase of securities of a client.
- Deutsche Bank requires managerial approval for trades in personal accounts.