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EAI Non-Compliance Infographic

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An infographic created for EAI to highlight the rising costs of non-compliance.

Publicada em: Economia e finanças
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EAI Non-Compliance Infographic

  1. 1. Can You Afford the Rising Costs of Non-Compliance? FINRA censured and fined Macquarie Capital (USA) Inc. $2.95 million for failing to provide complete and accurate trade data in an automated format when requested by the Securities and Exchange Commission (SEC) and FINRA. A global financial brokerage firm agreed to pay $4 million to settle charges that it falsely stated that advisors were compensated “based on our clients’ performance; no one is paid on commission.” FINRA ordered Barclays Capital, Inc. to pay more than $10 million in restitution, including interest, to affected customers for mutual fund-related suitability violations. Barclays was also censured and fined $3.75 million. The wealth management subsidiaries of a global financial firm agreed to pay $267 million for failing to tell clients they preferred to invest client money in firm-managed mutual and hedge funds, and an additional $40 million in a parallel action by the US Commodity Futures Trading Commission. Expect more audits The SEC seeks to hire 225 more staff members in fiscal 2016, which would increase the number of audits taking place. New compensation rules Dodd-Frank requires rulemaking to limit excessive or risk-promoting compensation. Expected 2016 regulations will touch banks, credit unions, broker dealers and investment advisors. 2016 will be tougher. 1 Kaja Whitehouse, “Record number of brokers barred, suspended in 2015,” USA Today, January 5, 2016 2 Mark Schoeff, Jr., “FINRA restitution to investors triples to 96.2 million in 2015,” Investment News, January 6, 2015 3 Kaja Whitehouse, “Record number of brokers barred, suspended in 2015,” USA Today, January 5, 2016 4 FINRA 5 Liz Skinner, “7 compliance lessons from a tough year of enforcement actions,” Investment News, January 2016 6 Alessandra Malito, “Want to survive an SEC audit? Go paperless,” Investment News, April 22, 2015 7 C. Dirk Peterson and Erin Ardale Koeppel, “OCIE and FINRA Announce Priorities” K&L Gates Legal Insight, January 14, 2016 8 C. Dirk Peterson and Erin Ardale Koeppel, “OCIE and FINRA Announce Priorities” K&L Gates Legal Insight, January 14, 2016 Connect with an EAI representative to learn how. Call 877.537.1507 x232 Weather the regulatory onslaught with EAI. Automate commission processing Get dependable compliance surveillance Manage risk Maintain paperless records of every customer, account and trade Quickly satisfy regulator requests Generate diligent customer and account level audit trails In 2015: • 492 brokers were barred from Wall Street. • 737 were suspended.1 • The Financial Industry Regulatory Authority Inc. secured $96.2 million in restitution, almost triple the $32.3 million it recorded in 2014.2 2015 was the toughest year for wayward brokers since at least 2001.

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