Details

Financial Regulation and Compliance


Financial Regulation and Compliance

How to Manage Competing and Overlapping Regulatory Oversight
The Wiley Finance Series 1. Aufl.

von: H. David Kotz

38,99 €

Verlag: Wiley
Format: EPUB
Veröffentl.: 06.07.2015
ISBN/EAN: 9781118972229
Sprache: englisch
Anzahl Seiten: 256

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Beschreibungen

<b>Devise an organized, proactive approach to financial compliance</b> <p><i>Financial Regulation and Compliance</i> provides detailed, step-by-step guidance for the compliance professional seeking to manage overlapping and new regulatory responsibilities. Written by David Kotz, former Inspector General of the SEC with additional guidance provided by leading experts, this book is a one-stop resource for navigating the numerous regulations that have been enacted in response to the financial crisis. You'll learn how best to defend your organization from SEC, CFTC, FINRA, and NFA Enforcement actions, how to prepare for SEC, FINRA, and NFA regulatory examinations, how to manage the increasing volume of whistleblower complaints, how to efficiently and effectively investigate these complaints, and more. Detailed discussion of the regulatory process explains how aggressive you should be in confronting federal agencies and self-regulatory organizations and describes how commenting on issues that affect your business area can be productive or not. The companion website includes a glossary of terms, regulations and government guidance, relevant case law, research databases, and FAQs about various topics, giving you a complete solution for keeping abreast of evolving compliance issues.</p> <p>These days, compliance professionals are faced with a myriad of often overlapping regulatory challenges. Increased aggressiveness on the part of regulators has led to increased demand on financial firms, but this book provides clear insight into navigating the changes and building a more robust compliance function.</p> <ul> <li>Strengthen internal compliance and governance programs</li> <li>Manage whistleblower programs and conduct effective investigations</li> <li>Understand how to minimize exposure and liability from Enforcement actions</li> <li>Learn how to prepare for the different types of regulatory examinations</li> <li>Minimize exposure from FCPA violations</li> <li>Understand the pros and cons of commenting on regulations</li> </ul> <p>The volume and pace of regulatory change is causing new and diverse pressures on compliance professionals. Navigate the choppy waters successfully with the insider guidance in <i>Financial Regulation and Compliance</i>.</p>
<p>Foreword xiii</p> <p>Preface xvii</p> <p>Acknowledgments xxiii</p> <p>About the Author xxv</p> <p><b>CHAPTER 1 Jurisdiction of Regulators – Who Regulates Whom and What 1</b></p> <p>1.1 Federal Financial Regulatory Structure 2</p> <p>1.2 The Securities and Exchange Commission (SEC) 3</p> <p>1.3 The Financial Industry Regulatory Authority (FINRA) 6</p> <p>1.4 The Commodity Futures Trading Commission (CFTC) 8</p> <p>1.5 The National Futures Association (NFA) 10</p> <p>1.6 The Department of Justice (DOJ) 12</p> <p>1.7 Recent Regulatory Failures to Uncover Fraud 14</p> <p>1.8 Expert Advice on Overlapping Regulations 19</p> <p><b>CHAPTER 2 How to Strengthen Governance and Compliance in Light of New Regulations 23</b></p> <p>2.1 Dodd-Frank Act’s Impact on Governance and Compliance 25</p> <p>2.2 Managing Executive Compensation 29</p> <p>2.3 Creating Effective Policies and Procedures 30</p> <p>2.4 Ensuring Accountability within an Organization 32</p> <p>2.5 Red Flags of an Unethical Culture 33</p> <p>2.6 Ethical Decision-Making 34</p> <p><b>CHAPTER 3 How to Manage Whistleblowers’ Complaints 37</b></p> <p>3.1 Oversight and Failures of the SEC’s Whistleblower Program 37</p> <p>3.2 The Dodd-Frank Act’s Restructuring of the SEC’s Whistleblower Program 41</p> <p>3.3 Whistleblower Complaints to the SEC since the Restructuring of Its Program 43</p> <p>3.4 The CFTC’s New Whistleblower Program 45</p> <p>3.5 Significant U.S. Supreme Court Decision on Whistleblower Complaints 46</p> <p>3.6 Managing Complaints Brought to Internal Compliance Officials 47</p> <p>3.7 Putting Appropriate Whistleblower Policies and Procedures in Place 51</p> <p>3.8 Effect of the SEC and CFTC’s New Whistleblower Programs 52</p> <p><b>CHAPTER 4 How to Defend SEC Examinations 55</b></p> <p>4.1 SEC Authority to Conduct Examinations 55</p> <p>4.2 SEC’s Office of Compliance Inspections and Examinations (OCIE) 57</p> <p>4.3 Types of SEC OCIE Exams 57</p> <p>4.4 Preparation for the Exams 58</p> <p>4.5 Process of Examinations 60</p> <p>4.6 How the SEC Exam Concludes 65</p> <p>4.7 SEC OCIE Examination Trends 66</p> <p>4.8 Not Underestimating the SEC Examiners 67</p> <p><b>CHAPTER 5 How to Defend FINRA Examinations 69</b></p> <p>5.1 FINRA Qualification Standards and Rules and Regulations 70</p> <p>5.2 FINRA’s Risk-Based Approach 71</p> <p>5.3 FINRA’s Regulatory and Examination Priorities 71</p> <p>5.4 Differences between FINRA and SEC Exams 78</p> <p>5.5 Types of FINRA Exams 79</p> <p>5.6 Conduct of FINRA Exams 80</p> <p>5.7 How the FINRA Exam Concludes 83</p> <p>5.8 Educating the FINRA Examiners 84</p> <p><b>CHAPTER 6 How to Defend an NFA Examination 87</b></p> <p>6.1 Types of Entities under the Jurisdiction of the NFA 87</p> <p>6.2 Impact of the Dodd-Frank Act 90</p> <p>6.3 NFA Examination Process 90</p> <p>6.4 Preparing for an NFA Exam 92</p> <p>6.5 Length and Conduct of the NFA Exam 93</p> <p>6.6 How the NFA Exam Concludes 95</p> <p>6.7 CFTC Examinations 96</p> <p>6.8 Focusing on Strict Compliance with the Regulations 97</p> <p><b>CHAPTER 7 How to Defend SEC Enforcement Actions 99</b></p> <p>7.1 SEC’s Law Enforcement Function 99</p> <p>7.2 How SEC Enforcement Actions are Triggered 101</p> <p>7.3 Commencement of an SEC Enforcement Action 102</p> <p>7.4 Converting the Inquiry to a Formal Investigation 103</p> <p>7.5 Discovery Conducted by the SEC 104</p> <p>7.6 The SEC Enforcement’s “Wells” Process 105</p> <p>7.7 Use of Experts in SEC Enforcement Proceedings 108</p> <p>7.8 Settlement Discussions 109</p> <p>7.9 Trends in SEC Enforcement 110</p> <p>7.10 Minimizing Exposure in an SEC Enforcement Case 114</p> <p><b>CHAPTER 8 How to Defend FINRA Enforcement Actions 115</b></p> <p>8.1 FINRA Disciplinary Actions 116</p> <p>8.2 FINRA Enforcement Process 123</p> <p>8.3 FINRA’s Formal Proceeding 125</p> <p>8.4 Challenges of FINRA Enforcement Process 125</p> <p>8.5 Conduct of the FINRA Hearing 126</p> <p>8.6 Settlement Possibilities 128</p> <p>8.7 Disciplinary Sanctions Available to FINRA 128</p> <p>8.8 Right to Appeal Decision of Hearing Panel 129</p> <p>8.9 Recent Trends in FINRA Enforcement 129</p> <p>8.10 Mounting an Aggressive Defense 130</p> <p><b>CHAPTER 9 How to Defend CFTC Enforcement Actions 131</b></p> <p>9.1 Increased Aggressiveness on the Part of CFTC Enforcement 131</p> <p>9.2 Types of Enforcement Actions Brought by the CFTC 133</p> <p>9.3 Triggers for CFTC Enforcement Actions 137</p> <p>9.4 CFTC Enforcement Process 137</p> <p>9.5 Differences between CFTC and SEC Enforcement Proceedings 138</p> <p>9.6 The CFTC “Wells” Process 139</p> <p>9.7 CFTC Enforcement’s Use of Experts 140</p> <p>9.8 Settlement Discussions 141</p> <p>9.9 CFTC Enforcement’s Use of Administrative Proceedings 142</p> <p>9.10 Trends in CFTC Enforcement 142</p> <p>9.11 Flawed Assumptions about CFTC Enforcement Process 143</p> <p>9.12 Strategies for CFTC Enforcement Cases 144</p> <p><b>CHAPTER 10 How to Defend NFA Enforcement Actions 147</b></p> <p>10.1 NFA Disciplinary Actions 147</p> <p>10.2 How Complaints are Triggered 148</p> <p>10.3 Investigative Process 149</p> <p>10.4 Settlement 150</p> <p>10.5 The Hearing Panel and Hearing Committee 151</p> <p>10.6 Conduct of the Hearing 152</p> <p>10.7 Written Decision after the Hearing 153</p> <p>10.8 Appeal of an Adverse Decision 153</p> <p>10.9 The MRA Procedure 154</p> <p>10.10 Types of Penalties Assessed by the NFA 155</p> <p>10.11 Number and Types of Disciplinary Actions 156</p> <p>10.12 Trends in NFA Enforcement 159</p> <p>10.13 Preparing a Defense 159</p> <p><b>CHAPTER 11 How to Participate in the Regulatory Comment Process 161</b></p> <p>11.1 Dodd-Frank Rulemaking 161</p> <p>11.2 SEC Rulemaking Process 162</p> <p>11.3 Candidates for Comments 163</p> <p>11.4 Role of Trade Association in Comment Process 163</p> <p>11.5 Content of the Comment Letter 165</p> <p>11.6 Approaches to an Effective Comment Letter 168</p> <p>11.7 Significance of the Economic Impact of Proposed Regulations 168</p> <p>11.8 Requesting Meetings with Agency Officials 170</p> <p>11.9 Submitting Comments after the Deadline 171</p> <p>11.10 Learning about Rulemakings 171</p> <p>11.11 Assistance from Outside Counsel 172</p> <p><b>CHAPTER 12 How to Defend FCPA Claims 173</b></p> <p>12.1 FCPA Provisions 173</p> <p>12.2 FCPA Enforcement Authority 174</p> <p>12.3 Violations of the FCPA 175</p> <p>12.4 Penalties for Violating the FCPA 176</p> <p>12.5 FCPA Exemptions 176</p> <p>12.6 DOJ/SEC Guidance 177</p> <p>12.7 The U.K. Bribery Act 179</p> <p>12.8 Devising Effective Compliance Programs 180</p> <p>12.9 Training on Compliance Standards 181</p> <p>12.10 Achieving a Culture of Compliance 181</p> <p>12.11 Risk-based Due Diligence and Monitoring 182</p> <p>12.12 Conducting FCPA Compliance Assessments 183</p> <p>12.13 Importance of Risk Assessment 184</p> <p>12.14 Management of Third Parties 185</p> <p>12.15 Conducting Due Diligence on Acquisition Targets 187</p> <p>12.16 The Triggers for an FCPA Enforcement Action 188</p> <p>12.17 Self-disclosing Violations 189</p> <p>12.18 Reducing Exposure 190</p> <p><b>CHAPTER 13 How to Conduct Internal Investigations 191</b></p> <p>13.1 Limiting Exposure through Effective Internal Investigations 191</p> <p>13.2 Lessons Learned from High-Profile Investigations 192</p> <p>13.3 Commencing the Internal Investigation 193</p> <p>13.4 Retaining an Outside Investigator 194</p> <p>13.5 Initial Steps of Investigation Process 195</p> <p>13.6 Methods of Obtaining Information 195</p> <p>13.7 Collecting Documents 196</p> <p>13.8 Strategies for Conducting Interviews 197</p> <p>13.9 Briefing Management during an Investigation 200</p> <p>13.10 Drafting the Investigative Report 201</p> <p>13.11 Incorporating Recommendations for Improvement 201</p> <p>13.12 Protecting Files Associated with Internal Investigation 202</p> <p>13.13 Retaining the Investigative Report 204</p> <p><b>CHAPTER 14 Conclusion 205</b></p> <p>14.1 Overlapping Jurisdictions after the Dodd-Frank Act 206</p> <p>14.2 Regulatory Failures Post-Financial Crisis 209</p> <p>14.3 Improving of Coordination between Regulatory Agencies 210</p> <p>14.4 Understanding the Regulatory Climate 212</p> <p>About the Website 215</p> <p>Index 217</p>
<p><b>H. DAVID KOTZ </b>serves as a Managing Director at Berkeley Research Group (BRG), an international expert services and consulting firm that offers independent expert testimony, litigation and regulatory support, authoritative studies, strategic advice, and document and data analytics. At BRG, Kotz focuses on internal investigations and consults with and provides expert testimony on the regulation of and securities trading by broker-dealers, investment advisers, hedge funds, insurance companies and banks. He also serves as a compliance monitor for firms that have entered into deferred prosecution agreements and similar arrangements with government agencies. Previously, Kotz served as the Inspector General of the Securities and Exchange Commission (SEC).</p>
<p>The tremendous volume and accelerated pace of regulatory change combined with overlapping requirements and the increased aggressiveness on the part of regulators has led to a greater demand for compliance on the part of financial firms. </p> <p>In order to respond appropriately to regulatory requirements, companies must develop effective policies and procedures, ensure internal accountability, and establish an ethical culture throughout the organization. <i>Financial Regulation and Compliance </i>and its companion website provide a comprehensive guide for managing overlapping and new regulatory responsibilities. Author David Kotz – former Inspector General of the SEC – with support from leading expert contributors, has written an important resource for navigating the numerous regulations that have been enacted in response to the financial crisis and offers the necessary tools to meet the challenge of confusing regulatory requirements. <p>Using this resource, compliance professionals will have a clear understanding of how to defend their organizations from SEC, CFTC, FINRA, and NFA enforcement actions and will receive guidance for preparing for SEC, FINRA, and NFA regulatory examinations. In addition, the author offers important information for managing the increasing volume of whistleblower complaints, reducing FCPA exposure, and shows how to efficiently and effectively conduct an internal investigation in order to respond appropriately to regulatory requirements. <p>Kotz includes a thorough discussion of the regulatory process and explains how assertive to be when confronting each particular federal agency and self-regulatory organization. He explains how to establish collegial and positive relationships with regulators by understanding their unique regulatory mission, perspective and processes, listening to concerns, being organized, open, and responsive in regulatory communications, and demonstrating that the mutual goal is full compliance. <p>The companion website includes a glossary of terms, research databases, which include regulations and governmental guidance, and FAQs about various topics covered in the text. It also offers a solution for keeping abreast of evolving compliance issues. <p><i>Financial Regulation and Compliance</i> provides clear insight for understanding compliance changes in order to build a more robust compliance function.

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