American lawmakers should increase the annual budget of the U.S. Securities and Exchange Commission in an effort to better police the nation's growing pool of investment firms, an official said Tuesday. In testimony before the House Committee on Financial Services, agency Chairwoman Mary Jo White told legislators that the SEC needs the funding to add more than 100 staffers in its enforcement division, a need created in large part due to the proliferation of registered investment advisers (RIAs) in recent years. "In 2004, the SEC had 19 examiners per trillion dollars in investment adviser assets under management," said White. "Today,...
In response to a spate of costly enforcement actions and increasingly probing questions from regulators, some U.S. financial institutions have implemented controls to better identify parties invested in omnibus accounts.
The U.S. Securities and Exchange Commission is taking a deeper look at suspicious activity reports following an overhaul of the federal database of Bank Secrecy Act regulatory filings, according to an agency official.
As investment firms look toward new markets to turn a profit, the individuals charged with auditing their compliance program should take note. Bad audits remain a common thread of costly regulatory penalties.