cambridge international symposium on economic crime (2016) – 2 September 12, 2016
Posted by Bradley in : financial regulation , add a commentLots of discussions of misconduct last week, with perspectives from around the world. News stories include: proposals to make employers responsible for preventing money-laundering, false accounting and fraud in the UK (Jeremy Wright speech here), the SFO’s emphasis on genuine co-operation when considering deferred prosecution agreements, the need for global co-operation on economic crime, and arguments for new approaches to economic crime due to the failure of existing approaches.
sec announces over $100 million in whistleblower awards August 30, 2016
Posted by Bradley in : financial regulation, Uncategorized , add a comment
And today the SEC announced its second largest award of $22 million.
financial stability, regulation and politics August 25, 2016
Posted by Bradley in : financial regulation , add a commentI will be talking about my current draft of my financial stability paper at the University of Miami Law School next Wednesday lunchtime (August 31, 12.30-2pm).
london as an independent city state? June 21, 2016
Posted by Bradley in : financial regulation, governance , add a commentMore amazing possible implications of a Brexit vote.
early draft of my new financial stability paper May 26, 2016
Posted by Bradley in : financial regulation , add a commentsummer writing May 16, 2016
Posted by Bradley in : financial regulation , add a commentOver the summer I am working on a new paper on financial stability, which is a development of a paper I wrote for a book edited by Pablo Iglesias-Rodriguez, Anna Triandafyllidou & Ruby Gropas with the title The Financial Crisis and Paradigm Shift: Legal, Economic and Political Perspectives forthcoming July 2016. My chapter is Changing Perceptions of Systemic Risk in Financial Regulation. The new paper is looking at climate change and Brexit as issues of financial stability and I am taking it to Law and Society at the beginning of next month. Meanwhile I also have produced a draft of a paper on Financial Stability, Financial Services and the Single Market .
thinking about financial stability October 12, 2015
Posted by Bradley in : financial regulation , add a commentI’d really like to go to this conference, but don’t think I have the time. Meanwhile I am working on a paper with the title Financial Stability: Regulation and Politics which I plan to present at Law and Society next summer.
new paper March 6, 2015
Posted by Bradley in : financial regulation , add a commentI have been working on this paper on Changing Perceptions of Systemic Risk in Financial Regulation.
article on interconnectedness May 21, 2014
Posted by Bradley in : financial regulation , add a commentIn the Texas International Law Journal, Breaking Up is Hard to Do: The Interconnection Problem in Financial Markets and Financial Regulation: A European (Banking) Union Perspective.
problems with the culture of finance: fca sanctions state street uk January 31, 2014
Posted by Bradley in : financial regulation , add a commentThe UK’s Financial Conduct Authority fined State Street UK £22,885,000 for overcharging customers in its Transitions Management (TM) business. The FCA press release states:
The systemic weaknesses in State Street UK’s business practices and control environment around the UK TM business were so serious that the overcharging only came to light after a client notified staff that it had identified mark-ups on certain trades that had not been agreed. Those responsible then incorrectly claimed both to the client and later to State Street UK’s compliance department that the charging was an inadvertent error, and arranged for a substantial rebate to be paid on that false basis. They deliberately failed to disclose the existence of further mark-ups on other trades conducted as part of the same transition.
The Final Notice says that
State Street UK failed to treat its customers fairly by allowing a culture to develop in the UK TM business which prioritised revenue generation over the interests of customers. As a result, the UK TM business developed and executed a deliberate and targeted strategy to charge substantial mark-ups on certain transitions, in addition to the agreed management fee or commission, that were deliberately not agreed with clients or disclosed to them.
But State Street had held itself out as adhering to the principles in the “T-Charter” a self-regulatory code of practice for participants in the Transitions Management business which provides that participants in this market should only impose charges they agree with their clients. State Street was a “founding signatory” of this Charter.