SEC charges private fund administrator with gatekeeping failures

2017 ◽  
Vol 18 (1) ◽  
pp. 65-67
Author(s):  
Keith Miller ◽  
Martin E. Lybecker ◽  
Jesse Kanach ◽  
Mary C. Moynihan ◽  
Hillary B. Levun
Keyword(s):  
Financial Services ◽  
Design Methodology ◽  
Service Providers ◽  
White Collar ◽  
Financial Service ◽  
Securities And Exchange Commission ◽  
Content Type ◽  
Services Sector ◽  
Financial Services Sector ◽  
Enforcement Activity

Purpose To explain a set of recent US Securities and Exchange Commission (SEC) administrative settlements targeting fund administrators and to alert fund administrators and other financial service providers to their growing “gatekeeper” obligations. Design/methodology/approach This article explores the factual and legal contours of SEC administrative settlements with a fund administrator, as well as related enforcement actions against investment managers, to better understand the affirmative steps the SEC is expecting financial service providers to take to help root out fraud and misappropriation in the financial services sector. Findings The SEC’s administrative settlements with this fund administrator illustrate the SEC’s expanding focus on the “gatekeeper” function and signal the intent of the SEC to impute culpability for wrongdoing to fund administrators and other financial service providers simply for not doing enough to root out fraud and misappropriation in the financial services sector. Originality/value This article contains valuable information about recent SEC enforcement activity and practical guidance from experienced white collar, securities, and investment management lawyers.

SEC charges broker-dealer and AML officer for failing to file SARs related to pump-and-dump scheme

2017 ◽  
Vol 18 (3) ◽  
pp. 41-43
Author(s):  
Bradley J. Bondi ◽  
Charles A. Gilman ◽  
Kimberly C. Petillo-Décossard ◽  
John J. Schuster ◽  
Sara Ortiz
Keyword(s):  
Financial Services ◽  
Design Methodology ◽  
Service Providers ◽  
White Collar Crime ◽  
White Collar ◽  
Securities And Exchange Commission ◽  
Clear Understanding ◽  
Content Type ◽  
Reporting Requirements ◽  
Administrative Proceeding

Purpose To explain a recent US Securities and Exchange Commission (SEC) administrative proceeding targeting a broker-dealer as part of the Commission’s continuing efforts to enforce anti-money laundering (AML) regulations and reporting. Design/methodology/approach This article explores the factual and legal contours of a specific SEC administrative proceeding to better understand the affirmative steps the Commission expects of financial service providers as it relates to AML activities and reporting. Findings Given the SEC’s current enforcement focus, it is critical that financial institutions conduct their activities with a clear understanding of the AML regulations, investigatory expectations and related reporting requirements associated with the provision of brokerage and advisory services to US clients and customers. Originality/value This article highlights the SEC’s continuing interest in broker-dealer AML policies and compliance and provides analysis from experienced lawyers with expertise in financial services, securities and white collar crime.

Enhancing brand value using corporate social responsibility initiatives

2020 ◽  
Vol 23 (4) ◽  
pp. 575-602
Author(s):  
Ahmed Suhail Ajina ◽  
Sanjit Roy ◽  
Bang Nguyen ◽  
Arnold Japutra ◽  
Ali Homaid Al-Hajla
Keyword(s):  
Saudi Arabia ◽  
Social Responsibility ◽  
Financial Services ◽  
Financial Service ◽  
Brand Value ◽  
Socially Responsible ◽  
Content Type ◽  
Services Sector ◽  
Financial Services Sector ◽  
Corporate Social

Purpose This study aims to investigate employees’ perceptions of socially responsible financial services brands in Saudi Arabia. The study also identifies the motives and challenges for Islamic banks for higher involvement in social responsibility initiatives to enhance their brand values. Design/methodology/approach An inductive approach was used in this study to identify the motives and challenges related to corporate social responsibility (CSR) activities. The research design uses a qualitative approach where in-depth interviews were carried out among the employees in the financial services sector in Saudi Arabia. Findings Findings provide insights about how CSR initiatives for financial services brands in a developing and Islamic country are perceived. Results show that the focus of CSR activities is on the attribute of CSR, the magnitude of CSR and attitude towards CSR. Results show two main motives to engage in CSR activities, which are instrumental and ethical motives. The main challenges are related to the government, business, charitable organisations and customers and society. Practical implications Implications exist for how CSR is perceived in a new context and in the financial services industry. Understanding the current perception of CSR from a financial service brand perspective helps policymakers to develop appropriate platforms for financial service providers to become more socially involved. Originality/value The major contribution of this study lies in investigating the CSR perception among the key stakeholder (i.e. the employees) from a brand management perspective in the Saudi Arabian financial services sector. Further, this study shows the main motives and challenges, which local financial service brands face to become socially responsible. The categories of attributes, magnitude and attitudes can be used to enhance brand value in one of the economically advanced countries in the Arabic world, Saudi Arabia. In the first category “attribute”, the perception of socially responsible banks are highlighted, while the elements of CSR, including its dimensions, are emphasised in the second category “magnitude”. The third category “attitude” shows two themes, including stakeholders’ issues and business-related issues.

TMT overtaking the traditional sectors

2013 ◽  
Vol 15 (3/4) ◽  
pp. 244-271 ◽  
Author(s):  
Karine Woodford ◽  
Milena Kuljanin
Keyword(s):  
Financial Services ◽  
Design Methodology ◽  
Expert Knowledge ◽  
Content Type ◽  
Services Sector ◽  
Financial Services Sector ◽  
Documentary Analysis ◽  
Central Business Districts ◽  
External Sources ◽  
Main Engine

Purpose – The paper aims to examine the state of the technology, media and telecommunications (TMT) sector at the global level from an occupier perspective. It provides a snapshot of activity in various geographic locations and looks at the major trends and underlying drivers. The paper suggests the implications of these trends for property with emphasis on opportunities for corporate occupiers. Design/methodology/approach – The paper uses in-house data on property take up and internal as well as external sources on economic activity combined with documentary analysis and expert knowledge. Findings – The paper suggests that the TMT sector could overtake the financial services sector as the main engine of global office take up. The paper also finds that the TMT sector is increasingly choosing to locate in central business districts as opposed to traditional out-of-town business parks. Originality/value – This paper fulfils the need to understand some of the major shifts taking place within the TMT sector and make a connection between these changes with the property sector emphasizing on corporate occupation.

SEC charges “ICO Superstore” as unregistered broker-dealer

2019 ◽  
Vol 20 (1) ◽  
pp. 40-43
Author(s):  
John J. Sikora Jr. ◽  
Stephen P. Wink ◽  
Douglas K. Yatter ◽  
Naim Culhaci
Keyword(s):  
Financial Services ◽  
Design Methodology ◽  
Securities And Exchange Commission ◽  
Content Type ◽  
The Us ◽  
Recent Developments ◽  
Practical Guidance ◽  
Securities Laws ◽  
Enforcement Activity

Purpose To analyze the settled order of the US Securities and Exchange Commission (SEC) against TokenLot LLC (TokenLot), which was the SEC’s first action charging a seller of digital tokens as an unregistered broker-dealer. Design/methodology/approach Analyzes the SEC’s order within the context of other recent actions by the SEC on cryptocurrencies and digital tokens and discusses future implications of the order in this area. Findings The SEC’s order against TokenLot as an unregistered broker-dealer was a logical next step in its enforcement activity in the cryptocurrency and digital token space.The order demonstrates that the SEC expects firms in the cryptocurrency space to use the well-established constructs of federal securities laws to evaluate their business activities to ensure those activities are legally compliant. Originality/value Practical guidance from experienced securities and financial services lawyers analyzing recent developments in a nascent area of SEC enforcement.

Towards a framework for public relations practice in the financial services sector of Ghana

2020 ◽  
Vol 25 (3) ◽  
pp. 533-550 ◽  
Author(s):  
Albert Anani-Bossman ◽  
Takalani Eric Mudzanani
Keyword(s):  
Public Relations ◽  
Interpersonal Relationships ◽  
Financial Services ◽  
Design Methodology ◽  
Qualitative Approach ◽  
Content Type ◽  
Services Sector ◽  
Financial Services Sector ◽  
Depth Interview ◽  
Managerial Roles

PurposeThe goal of the study is to develop an integrated, non-sequential framework for excellent public relations management for the financial services sector in Ghana. The study empirically analyzes how PR is conceptualized and practiced in relation to the purpose (models) and roles (activities).Design/methodology/approachThe study adopted the qualitative in-depth interview approach to gauge the views of 22 PR practitioners.FindingsPractitioners of most communication departments have no PR background, and this influenced their conceptualization of PR. Essentially, PR in Ghana is shaped, to a large extent, by a western ideology. PR is however influenced greatly by strong interpersonal relationships, which is premised largely on the culture of the country. What is obvious is that PR in the financial services sector is not fully strategic. Although practitioners occupy managerial roles, they are limited in their ability to make impact due a lack of understanding by management about the purpose of PR and budgetary constraints.Research limitations/implicationsThe use of a qualitative approach means the result cannot be generalized. As the study focussed on one sector, it will be essential to look at other sectors using a generalized sample.Originality/valueThe study developed an integrative non-sequential PR framework based on literature and empirical findings. The framework differs in certain aspects from some of the recommendations made by literature for an excellent PR practice.

The retail distribution review

2016 ◽  
Vol 24 (2) ◽  
pp. 140-153 ◽  
Author(s):  
Patrick Ring
Keyword(s):  
Financial Planning ◽  
Financial Services ◽  
Design Methodology ◽  
Market Failures ◽  
Policy Reforms ◽  
Content Type ◽  
Regulatory Issues ◽  
Services Sector ◽  
Financial Services Sector ◽  
Practical Implications

Purpose The purpose of this paper is to review the effect of reforms to the UK’s retail advice sector as a result of the Retail Distribution Review (RDR). Design/methodology/approach The paper takes the form of a review of the RDR in the context of the Financial Advice Market Review (FAMR). Findings There is a lack of clarity, experienced by both consumers and financial advisers, concerning the nature of “advice”. This results from the use of an array of regulatory and non-regulatory terms. Whilst enhancing professionalisation and reducing commission bias, the RDR is failing to address the needs of many financial consumers – identified by many as an “advice gap”. It is argued that the focus of the RDR, and previous reforms, on addressing market failures may be misplaced. Practical implications The paper provides an analysis designed to help in the process of developing a retail advice sector that meets the needs of consumers, in the context policy reforms placing more emphasis on the responsibilities of individuals for financial planning. Social implications The study has the potential of better outcomes for consumers and reputational returns for the financial services sector. Originality/value This paper is a review of the current regulatory issues facing financial advisers and retail consumers in the context of the RDR and FAMR.

FIFA – highlighting the links between global banking and international money laundering

2018 ◽  
Vol 21 (4) ◽  
pp. 498-512 ◽  
Author(s):  
Mohammed Ahmad Naheem
Keyword(s):  
Money Laundering ◽  
Financial Services ◽  
Banking Sector ◽  
Due Diligence ◽  
Content Type ◽  
Services Sector ◽  
Financial Services Sector ◽  
Global Banking ◽  
Beneficial Ownership ◽  
The Impact

PurposeThis paper uses the recent (August 2015) FIFA arrests to provide an example of how illicit financial flows are occurring through the formal banking and financial services sector. The purpose of this paper is to explore which elements of anti-money laundering (AML) compliance need to be addressed to strengthen the banking response and reduce the impact of IFFs within the banking sector.Design/methodology/approachThe paper is based on the indictment document currently prepared for the FIFA arrests and the District Court case of Chuck Blazer the FIFA Whistleblower. It uses the banking examples identified in the indictment as typologies of money laundering and wire fraud. Corresponding industry reports on AML compliance are included to determine where the major weaknesses and gaps are across the financial service.FindingsThe main findings from the analysis are that banks still have weak areas within AML compliance. Even recognised red flag areas such as off shore havens, large wire transfers and front companies are still being used. The largest gaps still appear to be due diligence and beneficial ownership information.Research limitations/implicationsThe research topic is very new and emerging topic; therefore, analysis papers and other academic writing on this topic are limited.Practical implicationsThe research paper has identified a number of implications for the banking sector, addressing AML deficiencies, especially the need to consider the source of funds and the need for further enhanced due diligence systems for politically exposed and influential people and the importance of beneficial ownership information.Social implicationsThis paper has implications for the international development and the global banking sector. It will also influence approaches to AML regulation, risk assessment and audit within the broader financial services sector.Originality/valueThe originality of this paper is the link between the emerging issues associated with allegations of bribery and corruption within FIFA and the illicit financial flow implications across the banking sector.

scholarly journals PERAN OTORITAS JASA KEUANGAN TERHADAP PENGAWASAN LEMBAGA KEUANGAN DI INDONESIA

2019 ◽  
Vol 1 (02) ◽  
pp. 177-188
Author(s):  
Annisa Arifka Sari
Keyword(s):  
Capital Market ◽  
Financial Services ◽  
Financial Service ◽  
Legal Basis ◽  
Legal Research ◽  
Services Sector ◽  
Financial Services Sector ◽  
Stable Manner ◽  
The Government

Penelitian ini bertujuan untuk menjelaskan peran Otoritas Jasa Keuangan sebagai lembaga independen dalam melakukan pengawasan terhadap lembaga jasa keuangan di Indonesia serta kewenangan Otoritas Jasa Keuangan yang diatur dalam Undang-Undang Nomor 21 Tahun 2011 tentang Otoritas Jasa Keuangan. Metode yang digunakan dalam penelitian ini adalah penelitian hukum normatif. Dari hasil penelitian dijelaskan bahwa Otoritas Jasa Keuangan adalah lembaga yang independen dan bebas dari campur tangan pihak lain, yang mempunyai fungsi, tugas, dan wewenang pengaturan, pengawasan, pemeriksaan, dan penyidikan terhadap lembaga jasa keuangan seperti perbankan. Dasar hukum dibentuknya Otoritas Jasa Keuangan adalah Undang-Undang Nomor 21 Tahun 2011. Secara kelembagaan, Otoritas Jasa Keuangan berada di luar pemerintah, yang dimaknai bahwa Otoritas Jasa Keuangan tidak menjadi bagian dari kekuasaan pemerintah. Otoritas Jasa Keuangan dibentuk dengan tujuan agar keseluruhan kegiatan di dalam sektor jasa keuangan terselenggara secara teratur, adil, transparan, dan akuntabel; mampu mewujudkan sistem keuangan yang tumbuh secara berkelanjutan dan stabil; serta mampu melindungi kepentingan konsumen dan masyarakat. Otoritas Jasa Keuangan bertugas tidak hanya mengatur dan mengawasi perbankan saja, tetapi juga mencakup pasar modal, perasuransian, dana pensiun, lembaga pembiayaan, serta lembaga jasa keuangan lainnya.    THE ROLE OF FINANCIAL SERVICES AUTHORITY ON SUPERVISION OF FINANCIAL INSTITUTIONS IN INDONESIA This research aims to explain the role of the Financial Services Authority as an independent institution in supervising financial service institutions in Indonesia as well as the authority of the Financial Services Authority as regulated in Law Number 21 of 2011 concerning the Financial Services Authority. The method used in this research is normative legal research. From the research results, it is explained that the Financial Services Authority is an independent institution and free from interference from other parties, which has the function, task and authority to regulate, supervise, examine and investigate financial service institutions such as banks. The legal basis for the establishment of the Financial Services Authority is Law Number 21 of 2011. Institutionally, the Financial Services Authority is outside the government, which means that the Financial Services Authority is not part of the government's power. The Financial Services Authority was formed with the aim that all activities in the financial services sector are carried out in an orderly, fair, transparent and accountable manner; able to realize a financial system that grows in a sustainable and stable manner; and able to protect the interests of consumers and society. The Financial Services Authority is tasked with not only regulating and supervising banking, but also covering the capital market, insurance, pension funds, financing institutions, and other financial service institutions.    

Brand equity in Caribbean financial services: the moderating role of service providers

2019 ◽  
Vol 38 (3) ◽  
pp. 642-670
Author(s):  
Meena Rambocas ◽  
Surendra Arjoon
Keyword(s):  
Customer Satisfaction ◽  
Brand Equity ◽  
Financial Services ◽  
Service Providers ◽  
Credit Unions ◽  
Financial Service ◽  
Insurance Companies ◽  
Equation Modeling ◽  
Service Experience ◽  
Content Type

Purpose The purpose of this paper is to develop an integrated model to represent how service experience (core, employee and service scale), customer satisfaction (transaction-specific and cumulative) and brand affinity influence brand equity in financial services, taking into account the moderating influence of financial service providers. Design/methodology/approach Data were collected from 751 customers in three types of financial service providers (banks, insurance companies and credit unions), and analyzed with structural equation modeling and multi-group analysis. Findings The findings confirm the significant and positive influence of service experience, customer satisfaction and brand affinity on brand equity. Employee service experience has the strongest influence, but its impact is mediated by customer satisfaction. Brand affinity has the lowest influence on brand equity. The type of financial service provider moderates the influence of customer satisfaction on brand equity; transactional satisfaction is more important for credit unions and insurance companies, but cumulative satisfaction is higher for banks. Practical implications The study is significant for three reasons. First, it reconciles branding strategies across different types of financial service providers. Second, it will help financial managers to develop and implement a more integrated approach toward building brand equity for financial service brands. Finally, it will identify specific service-related areas financial providers can target to increase customers’ preferential value. Originality/value The paper addresses previous concerns within brand equity studies by examining the drivers of brand equity formation in multiple financial institutions. It shows how different aspects of service experience and customer satisfaction affect brand affinity and preferential attitudes toward financial brands.

Association between performance measurement systems and organisational effectiveness

2014 ◽  
Vol 34 (7) ◽  
pp. 853-875 ◽  
Author(s):  
Bedanand Upadhaya ◽  
Rahat Munir ◽  
Yvette Blount
Keyword(s):  
Performance Measurement ◽  
Performance Measures ◽  
Financial Services ◽  
Content Type ◽  
Services Sector ◽  
Measurement Systems ◽  
Organisational Effectiveness ◽  
Financial Services Sector ◽  
Performance Measurement Systems

Purpose – The purpose of this paper is to investigate the role of performance measurement systems in organisational effectiveness in the context of the financial services sector within a developing country. Design/methodology/approach – Using the mail survey method data were collected from 69 financial institutions operating in Nepal. Multivariate analysis, in particular multiple regression analysis was employed to test the hypotheses. Findings – The results suggest that non-financial measures and feedback are tightly intertwined with organisational effectiveness. While institutions are focused on using the performance measures concerning internal business process perspective, less emphasis is placed on using customer and employee-related performance measures because they are considered less significant to organisational effectiveness. The findings also reveal that strategy-related feedback is considered more critical by management, as opposed to performance and staff. The study also provides evidence that 40.58 per cent of the financial institutions in Nepal had implemented the Balanced Scorecard, which is considered to be high when compared with other developing countries. Practical implications – The findings provide managers with valuable insights pertaining to the role of non-financial performance measures and the importance of feedback in improving organisational effectiveness, which could assist them in (re) aligning their performance measurement practices. Originality/value – The findings of this study contributes to the limited management accounting literature on performance measurement and the impact on organisational effectiveness by providing evidence from the financial services sector within the context of a developing country.

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