Month: August 2012

Banking News – SEC Issues Risk Alert on "Pay-To-Play" Prohibitions Under MSRB Rules
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FOR IMMEDIATE RELEASE
2012-173

Washington, D.C., Aug. 31, 2012 – The Securities and Chat Fee today issued an alert to strengthen falling in line with a Public Securities Rulemaking Board rule that limits biased donations by public securities professionals to campaigns of public officials of issuers with whom they are doing or seek to do affair.

The Risk Alert issued by the agency’s Office of Falling in line Inspections and Examinations notes that SEC examiners have experimental practices that raise concerns about firms’ falling in line with their obligations under MSRB Rule G-37, which clamped down on so-called “pay to play” practices. These concerns include:

• Falling in line with the rule’s ban on doing affair with a public issuer within two years of a biased role to officials of the issuer by any of the firm’s public finance professionals
• Doable recordkeeping violations
• Failure to file right and perfect vital forms with regulators a propos biased donations
• Imperfect supervision

The Risk Alert identifies practices that examiners have seen some firms use to comply with applicable federal, state, and local rules on donations. These include schooling programs for public finance professionals, self-authoritative recollection of falling in line with restrictions on biased donations, scrutiny for unreported biased donations, and preclearance or restrictions on biased donations when honest by state or local law. The Risk Alert stresses that the practices are described only to inform firms about approaches being used to strengthen falling in line efforts; these practices may not be applicable to a fastidious firm, and other practices may be apt to thought-out instead.

“This Risk Alert is projected to help firms to strengthen their falling in line and risk management efforts with regard to biased donations,” said OCIE Boss Carlo di Florio. “We hope that by recounting practices that our examiners have experimental, we will promote falling in line by helping firms to thought-out how each of them can most fruitfully meet their obligations under MSRB rules.”

The alert is the fourth this year and the sixth in a long-lasting series of Risk Alerts that the SEC’s examination staff started issuing in 2011. It is projected to help senior management, risk management, and legal and falling in line staff as they review falling in line with Rule G-37 by brokers, dealers, and public securities dealers.

The later staff contributed substantially to preparing this Risk Alert: Robert Miller, Suzanne McGovern, Julius Leiman-Carbia, and George Kramer.

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SEC.gov Updates: Press Releases – http://www.sec.gov/news/press/2012/2012-173.htm

Banking News – SEC Issues Fiscal Literacy Study Mandated by the Dodd-Frank Act
&nbsp

FOR IMMEDIATE RELEASE
2012-172

Washington, D.C., Aug. 30, 2012 — The Securities and Chat Fee today issued a staff study with findings on what investors want to know about fiscal professionals and investment harvest and air force, and when and how investors want to receive such in rank.

“Appreciative the needs of investors is vital to moving out the Fee’s shareholder safeguard mission,” said SEC Chairman Mary L. Schapiro. “The study provides vital data and insights that will help the Fee in its ongoing efforts to help retail investors make well-informed investing decisions.”

Mandated by the 2010 Dodd-Frank Wall Street Reform and Consumer Safeguard Act, the study draws on copious sources, counting online survey investigate, focus group investigate, public observations to the SEC, and a Library of House of representatives review of studies of fiscal literacy among U.S. retail investors.

The study identifies shareholder perceptions and preferences a propos a variety of investment disclosures. The study shows that investors prefer to receive investment disclosures before investing, rather than after, as occurs with many investment harvest bought today. The study identifies in rank that investors find useful and noteworthy in helping them make well-informed investment decisions. This includes in rank about fees, investment objectives, routine, approach, and risks of an investment product, as well as the certified social class, disciplinary history, and conflicts of appeal of a fiscal certified. Investors also favor investment disclosures open in a visual format, using bullets, charts, and graphs.

“From methods to improve disclosures to best practices for shareholder culture programs, the study addresses a wide range of areas related to shareholder literacy,” said Lori J. Schock, Boss of the SEC’s Office of Shareholder Culture and Promotion. “It is a ‘must read’ for any party or establishment dyed-in-the-wool to educating investors.”

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SEC.gov Updates: Press Releases – http://www.sec.gov/news/press/2012/2012-172.htm

Banking News – Umpqua’s New Deal in California Makes Up for the One that Got Away
&nbspRay Davis, the CEO of Umpqua Worth, bounces back from his failed attempt to buy American Perspective in central California with a $25 million contract for Circle Bank in Northern California.
Union Banking – http://www.americanbanker.com/issues/177_169/umpqua-new-deal-makes-up-for-one-that-got-away-1052290-1.html

Banking News – Video Teller Rule Gives Credit Unions New Tool in Battle with Banks
&nbspCredit unions are giddy about a new NCUA rule that says well ahead video terminals can be counted as full-fledged service conveniences, as long as a new way to compete with banks by attracting members in underserved areas.
Union Banking – http://www.americanbanker.com/issues/177_169/video-tellers-become-twigs-and-acquisition-tools-credit-unions-1052288-1.html

Banking News – Younger Banks Find Dictatorial Roadblocks to Growth
&nbspA number of de novo banks, or those that are seven years ancient or younger, are facing long delays from regulators when it comes to amending their affair plans to allow for larger growth targets.
Union Banking – http://www.americanbanker.com/issues/177_169/younger-banks-find-dictatorial-roadblocks-to-growth-1052287-1.html

Banking News – Small Businesses Absent from Money-making Lending Surge
&nbspBig and midsize firms are borrowing, but small ones have shown no urgency to tap void credit lines and take benefit of cheap capital.
Union Banking – http://www.americanbanker.com/issues/177_169/small-businesses-absent-from-money-making-lending-surge-1052284-1.html

Banking News – State Bancorp Parts Ways with Tax-Servicing Partner
&nbspThe break up with JTH Tax comes months after the Kentucky banking company agreed to end its refund-anticipation loan program as part of a agreement with the FDIC.
Union Banking – http://www.americanbanker.com/issues/177_169/state-bancorp-parts-ways-with-tax-servicing-partner-1052281-1.html

Banking News – Northfield in Minnesota Raises $3.8 Million
&nbspNorthfield Bancshares in Minnesota has raised nearly $3.8 million through a common stock donation.
Union Banking – http://www.americanbanker.com/issues/177_169/northfield-in-minnesota-raises-3-million-dollars-1052269-1.html

Banking News – Umpqua to Buy Circle in California for $25M
&nbspFour months after the Portland, Ore., company lost a deal in the state to a higher bidder, Umpqua has agreed to buy Circle Bancorp in Novato, Calif., for about $25million.
Union Banking – http://www.americanbanker.com/issues/177_169/umpqua-buys-circle-in-california-1052262-1.html

Banking News – Lighthouse chairman quits post
&nbspDavid Hickey resigns from the Aim-traded fiscal advisory group later a failed bid to delist the company in the face of shareholder challenger
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/a85598a8-f2b3-11e1-86e0-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Banking News – New brooms sweep into the hall
&nbspAstraZenecca and Barclays filled two of the hottest seats in the UK hall – one chose an foreigner while the other opted for an domestic entrant
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/d712fc68-f343-11e1-9c6c-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Banking News – Nomura plans further $1bn in cost cuts
&nbspThe Japanese bank is to cut more jobs as it trims costs at its struggling investment banking rift – the second major economizing at the arm in a year
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/7f81eb2a-f349-11e1-9c6c-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Banking News – Carlyle – shopping spree
&nbspBuyout firm’s $4.9bn deal for DuPont unit is just latest in a summer of buyouts that have made it the global leader in terms of numbers and value
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/3/fe52d412-f2c4-11e1-8577-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct