Prime Brokerage Counsel, Corporate Secretary & Financial Services Advisory

Prime Brokerage and Securities Lending Counsel job opening.
This opportunity requires an experienced Securities Counsel covering Prime Brokerage and Securities Lending. Responsibilities, Requirements... more for this job listing can be viewed at the Rosenthal Recruiting Job Board.

Also new: Corporate Secretary opening. This job listing can be viewed at the Job Board. Requires 10+ years experience maintaining Delaware and Cayman Island subsidiaries. Up to $150K.




Click the "Call Me" icon above, enter your name and number, and then click "Connect." Google will first call you at YOUR number, then connect you with Rosenthal Recruiting. Google will connect you for free. W/ a cell phone, carrier may charge for minutes.

As many in the Regulatory space prepare or already engaged on Reform or set up task forces, Rosenthal Recruiting is handling resources for client long term engagements as well as permanent opportunities.

We are now working with a major Professional Services Consultancy for its Financial Services Advisory Practice. Responsibilities, requirements/experience include assisting Asset Management, Investment Bank and Broker Dealer clients with Regulatory Compliance, Risk Management, Internal Controls and Internal Audit. View job description - apply for the Financial Services Advisory Practice, Senior Consultant.

Compliance Examiner, needed in Stamford, CT Fixed Income, Bank and Research Compliance in NY

A NEW opening for a Broker-Dealer Compliance Examiner position is now posted on the Rosenthal Recruiting Job Board. Please go to the post for full Job Description. Requirements include Examination, audit or internal testing experience. Read more/apply. This position will be as an Examiner in the Oversight and Monitoring Group for the Fixed-Income Capital Markets firm. Office Location: Stamford, CT
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Another new job opening this week: Fixed Income Compliance Officer. The job is located in Midtown Manhattan, will pay a $175K base salary for the right candidate. Product and experience requirements include Treasury Securities, Interest Rate Derivatives and other Credit products. Salary 175K + a Bonus Read more/apply.

Director of Research Compliance - job listing was posted yesterday and the Company for this opportunity is a prestigious Investment Bank. Location: New York | Salary $200k Read more/Apply.
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RosenthalRecruiting.com has posted job opportunities and you can Subscribe to an RSS Feed. Recently we have seen Fixed Income, Bank Regulatory roles and a spate of Compliance Officer Control Room opportunities: a number of candidate interviews were held this past week with well-known Investment Banks. You can sign up for e-mail delivery at RosenthalRecruiting.com, follow Rosenthal Recruiting at LinkedIn and/or twitter.

Political, Regulatory Battles Await....Obama: Bill will prevent 'breakdown in our financial system'

The White House sought to rebuff criticism that key Wall Street executives were excluded today from signing for the President's financial reform legislation.

The Hill reports that the administration publicly pushed back against a Washington Post story this morning noting that among the 400 people invited to this morning's bill signing, absent from the list were the CEOs of Morgan Stanley, Goldman, Wells Fargo and J.P. Morgan, among others.

"This is a fake controversy. The CEO’s who opposed reform never expected to be invited to the bill signing and not a single one has complained to the Administration," Jen Psaki wrote on the White House blog. "In fact Administration officials have been in touch with many of the same CEOs about a number of issues over the last few days and this issue has not even registered.
Text of Obama remarks on Dodd-Frank, courtesy of MarketWatch, July 21, 2010 @ 11:43 a.m.
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Bringing New Light to Derivatives

The financial overhaul bill, which the Senate cleared Thursday and sent to the president, imposes multiple new regulations on the derivatives market generally and the swaps market in particular. It requires that standardized derivatives contracts be traded on an open exchange, with prices and volumes reported publicly. The contracts must also be cleared through a third party, an intermediary who guarantees that if one party defaults, the investor holding the other side of the trade will still be paid.

Clearinghouses will perform that function by requiring parties in a derivative trade to put up collateral, or margin, to protect against a default. The bill also requires securities firms that trade derivatives to maintain certain levels of capital. Overseeing all this activity is the Commodity Futures Trading Commission (CFTC), in the case of derivatives involving commodities like soybeans, oil or metals, and the SEC for security-based transactions.

Blythe Masters, who oversees global commodities at JPMorgan Chase, said at a conference on Thursday that in many respects the changes “are actually going to be very beneficial for the industry and derivatives market participants.”

“It’s important not to lose sight of the fact most of the best minds in the field have believed for years that there has been the need for reform in the market,” she said. Above is a summary from a Article from The New York Times

SEC Commissioner Luis Aguilar to host DC Minority Attorney Networking Series on Mon. July 26

When: Monday, July 26 (6:45–7:15 p.m.)
Who: Commissioner Luis Aguilar
Where: St. Regis Hotel, Washington, D.C.

The D.C. Minority Attorney Networking Series is co-organized by Arnold & Porter and Fried, Frank. In addition to these firms, twenty-six more leading law firms in Washington, D.C. team up and sponsor the Minority Attorney Networking Series.

SEC Upcoming Events page lists Arnold & Porter Partner to Contact for the July 26 event: Darren Skinner (202) 942-5636 or darren.skinner@aporter.com

If you missed, Commissioner Aguilar's Sage Words About Effective Regulation, please see Bill Singer's July 1, 2010 BrokeandBroker summary copied here:

Longtime readers of BrokeAndBroker know that I am not a fan of the time-wastin' speechifyin', masturbatory roundtabling, and high-fallutin' blue-ribbon panels that enervate our government. Sadly, we are saddled with legislators and regulators who belatedly cobble together ineffective solutions for yesterday's problems, or opt for abject inaction that paves the way for tomorrow's crises. In the end, we get neither an ounce of prevention nor a pound of cure. E Pluribus Unum has been replaced with Too Little, Too Late.

Among the worst examples of institutionalized procrastination is the United States Securities and Exchange Commission (SEC). On June 30, 2010, during an open meeting of the SEC, Commissioner Luis A. Aguilar gave a speech titled: "Preventing Investor Harm Should be SEC Priority Number One." It was with some surpise that I read Commissioner Aguilar's comments because he offered a superb description of what constitutes effective regulation. Now, if only the astute commissioner could transform his vision into action, and drag his colleagues into the 21st Century!

I commend his words to you:

Regulatory oversight functions best when we have a regulatory regime that prevents misconduct in the first instance—long before investors can be harmed. If the conduct is not affirmatively prevented, investors are harmed. It's true that once investors are harmed and lose faith in the integrity of our institutions—irreversible damage has taken place. Enforcement actions are rarely, if ever, able to make investors whole, sufficiently punish all the fraudsters, and prevent a loss of investor trust in these financial institutions and the securities industry as a whole. The best course of action is to prevent the significant harm in the first place. Prophylactic rules, consistent and effective inspections, and strong enforcement must work together to protect investors.

Read Commissioner Aguilar's Entire Speech at: http://sec.gov/news/speech

Understanding Financial Reform - Overview at The Waldorf

Mayer-Brown provided “Understanding the New Financial Reform Legislation.” To view the summary outline of the Dodd-Frank Act used in the seminar, please follow the link to view.

Mayer-Brown invites you to the The Waldorf Astoria Hotel in New York on Monday July 12 for a comprehensive, full-day overview of the significant impact this historic legislation will have on US and global financial markets and other important topics:
You can Register to attend here
* Bank proprietary trading and private fund activities (“The Volcker Rule”)
* Bank regulation and structure, including capital requirements
* Securities markets and investors, including securitization
* Derivatives
* The regulation of systemically significant companies
* The resolution scheme for leading financial firms
Location The Waldorf Astoria Hotel | 301 Park Ave | New York

CLE credit will be available. The program includes a lunch, closing cocktail reception and there is no charge to attend.

Register here to attend Mayer Brown all-day overview:

Redefining Jobs of 'Prop' Traders

Volcker rule has everybody on Wall Street scrambling -- even though it hasn't yet become law and won't effect some banks for years.

Reform bill final vote will be next week in the Senate and Banks are shuffling star proprietary traders, whose roles could be put in jeopardy by the reform, according to The Wall Street Journal. Volcker rule will prevent banks from wagering their own money.

Citigroup considering moving traders onto desks that trade with clients, while other firms have moved them to customer-focused operations.

But all this shuffling could just be Wall Street-style smoke and mirrors. At some banks, prop traders are doing what they always did, just from different trading desks. At Morgan Stanley, one trader whose desk was shut down now trades using money from a desk that serves clients. At Deutsche Bank, another trader bets with the bank's money, just on a client trading desk.

Meanwhile, clients are wary about prop traders moving to desks where they can see customers' investment strategies -- and possibly steal customers' ideas for their own profit.

However, firms may be moving a little too fast: Under the reform, many banks, including Goldman and Citigroup will have till 2022 to comply with the Volcker rule. This summary courtesy of FINS.com.

Finance Reform Bill, Lobbyists Shift to Regulations

Congress agreed on the Financial overhaul legislation, now Lobbyists and consumer advocates continue their battle: influencing hundreds of new rules and regulations.

Scott Talbott, lobbyist for the Financial Services Roundtable: “Where the rubber meets the road is the regulatory process.”

President Obama hopes to sign the bill into law by the Fourth of July. In weekly address on Saturday, Obama said, “I urge Congress to take us over the finish line, and send me a reform bill I can sign into law, so we can empower our people with consumer protections, and help prevent a financial crisis like this from ever happening again.”

Obama's signature will start the clock on dozens of deadlines embedded in the legislation for regulators from a host of agencies, including the Federal Reserve, the S.E.C. and the F.D.I.C. More on Lobbying and Regulatory follow-through from Sunday NY Times page A1.

Law Firms and others offering overviews and guidance:

Info on one from Debevoise: Please click here to register
by July 6, seating limited. If you prefer to join the seminar by webcast,
please e-mail: debevoiseevents@debevoise.com or call +1 212 909 1988.

SIFMA's summary of the Dodd-Frank agreements. Right here a summary for Hedge Fund - New Standards and Regulation

Fills Regulatory Gaps: Ends the “shadow” financial system by requiring hedge funds and private equity advisors to register with the SEC as investment advisers and provide information about their trades and portfolios necessary to assess systemic risk. This data will be shared with the systemic risk regulator and the SEC will report to Congress annually on how it uses this data to protect investors and market integrity.

Greater State Supervision: Raises asset threshold for federal regulation of investment advisers from $30 million to $100 million, a move expected to significantly increase the number of advisors under state supervision. States have proven to be strong regulators in this area and subjecting more entities to state supervision will allow the SEC to focus its resources on newly registered hedge funds.
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Also this week: hearings before the Financial Crisis Inquiry Commission (FCIC) on Wednesday and Thursday on the role of derivatives in the financial crisis. Joseph Cassano who ran AIG Financial Products, the division behind the insurer's meltdown in September 2008, has evaded public appearances since leaving the insurer some two years ago.

Cassano, will face-off with a panel investigating the causes of the financial crisis. The son of a Brooklyn policeman, Cassano has been the subject of criminal and civil investigations in the United States and abroad, but recently had the specter of prosecution lifted when the U.S. Department of Justice and SEC ended their investigations against him and other AIG executives.


Cassano will rub shoulders with a star cast, which includes Goldman President Gary Cohn and CFO David Viniar who will testify at hearings before the FCIC next Wednesday and Thursday on the role of derivatives in the financial crisis.

Former AIG CEO Martin Sullivan and AIG Chief Risk Officer Robert Lewis also expected to headline the panel's hearings.

The hearings comes on the heels of Congress' votes on financial reform legislation to address the financial crisis. The roles of Goldman and AIG have been scrutinized since U.S. taxpayers committed hundreds of billions of dollars to bail out the banking industry. Read article about the FCIC hearings.

Investment Management Compliance Openings prior to final version of financial-revamp bill

While Lawmakers have yet to tackle the most controversial, divisive issues of the financial-revamp bill, we are seeing some large Investment Management entities including Hedge Funds begin to interview for new Compliance and Legal requisitions.

Of current opportunities, one not posted on any website requires 10+ years in Investment Management Compliance. This is located in Stamford, CT. The Company is a well-known, leading Hedge Fund Group. The role will be handling regulatory examinations, annual compliance review, annual testing review, registrations. Base potential all-in $250K+.

Lawmakers drafting the final version have resolved some difficult issues, including increasing scrutiny of Federal Reserve decisions. Democrats said they want to conclude this week and send the final bill to the president by July 4. That leaves only a few days to resolve issues, such as the "Volcker rule" and a measure that would force banks to spin off derivatives operations. Read more in The Washington Post "Volcker Rule," named after former Fed chairman and presidential adviser Paul Volcker, would ban banks from proprietary trading - trading with their own money.

For a candidate closer to entry level with an Investment Bank, Surveillance Analyst job description can be viewed at the Rosenthal Recruiting job board. Other openings include Director of Audit for a Commercial Bank, Fixed Income - Mortgage Trading Compliance Officer, Chief Compliance Officer in Florida and Capital Markets Compliance.

Lobbyist Roadblocks on the Financial-Overhaul Bill

What are the reasons why bending the ear of lawmakers suddenly has become a bigger challenge for financial-services industry lobbyists? Some lawmakers want to avoid the slightest appearance that Wall Street is getting another chance to throw its weight and money around on key provisions of the bill, including toughened oversight and other bank/securities cash cows.

Although Democrats are hoping to have the financial-overhaul bill signed into law by July 4: Barney Frank is still holding meetings by phone.

Some banks have been told that their views are known enough already, given the long debate over how many legislative changes are needed in response to the financial crisis. Not surprisingly, banks and securities firms still are pressing their case. Bank of America CEO Moynihan recently met with White House and J.P. Morgan Chairman Dimon has made a series of phone calls to lawmakers to argue that several provisions of the bill could damage the banking system and overall economy.

"The closer you get to the end of the process, the more intense everyone's efforts get," says William Sweet, a partner at law firm Skadden, Arps. "A lot of people are losing sleep."

In the first quarter, the latest period for which figures are available, the securities and investment industry spent $28 million on lobbying, according to the Center for Responsive Politics. Some of that spending likely is funding part of the current lobbying push. If the first quarter's pace continues through the rest of 2010, the industry's total lobbying would surpass by 18% the all-time high set in 2008. (Pictured chart courtesy of WSJ on Page C1 6/15/10)

Taking the Conn and Nicking the Con...Financial landscape changes before overhaul is complete

Financial landscape changes before overhaul is complete. SEC Anti-Flash Crash Rules in Place any day.

As shared on LinkedIn today, Compliance/Legal/Audit types may very well like a fresh, yet historical take on "the Con" - in the post-bubble. Madoff, Stamford era.

The book "Taking the Conn and Nicking the Con" by John Hauss is so well-written with personal and historical anecdotes - of Cold War Military missions and FBI cases, including many well-known. With interest in these matters you will find a very enjoyable read with a witty perspective.

About the Author of "Taking the Conn and Nicking the Con":
John (Jack) Hauss is a graduate of Villanova and Fordham Law School. Serving three years aboard the amphibious attack transport ships Chilton and Navarro, he filled such billets as Information Center Officer, Legal Officer, Personnel Officer, Division Officer, and Boat Officer. As an FBI agent, assignments took him overseas and to locations in Georgia, South Carolina, California, Washington State, New York, and New Jersey. Retired, he resides in New Jersey with his wife and together they enjoy spending time with their six children and 12 grandchildren.

Compliance Officers and "Whistleblowing" Retaliation

Can any Broker-Dealer, Investment Advisor Compliance Officers mention any experience you have had yourself or observed with retaliation for "Whistleblowing."

Are you aware of any study, survey or article regarding the extent to which compliance officers are concerned that they may be subjected to retaliation or other adverse action as a result of their activities?
This question was asked at the Society of Corporate Compliance and Ethics (SCCE) LinkedIn Group. As of June 1, there were 13 replies at the SCCE Group.

The Attorney who posted the question, surmised that the situation may be more prevalent than commonly known because - to no one's surprise - very few compliance officers want to talk about it openly.

Memorial Day Comment and Thank You

Remembering doesn’t do the remembered any good, of course. It's for ourselves, the living. I wish we could dedicate Memorial Day, not to the memory of those who have died at war, but to the idea of saving the lives of the young people who are going to die in the future if we don’t find some new way – some new religion maybe – that takes war out of our lives. That would be a Memorial Day worth celebrating.
This is from Andy Rooney. Read the entire commentary at CBSNews.com.
Watch the 2:37 Video + 15 second commercial.

A Memorial Day Thank You - posted by The Law Office of Ryan P. Smith, PLC.

The Department of Veterans Affairs reports that about one million men and women have died in the military during wartime, including about 655,000 battle deaths. This Memorial Day we honor these brave souls for making the ultimate sacrifice for our country. Better still, honor their sacrifice by performing a random act of kindness or simply thanking one of our current service members. (May 28, 2010)

FINRA - Annual Conference kick-offs | FINRA Fined Piper Jaffray $700,000 for Email

FINRA - Annual Conference

kick-offs tomorrow following yesterday's announcement that it Fined Piper Jaffray $700,000 for Email Retention Violations, Related Disclosure, Supervisory and Reporting Violations

Retention issue: Finra fines Piper Jaffrey over email archiving

– As summarized by the Investment News, Finra on Monday said the firm failed to keep 4.3 million e-mails from late 2002 through 2008, due to intermittent technical issues with retention and retrieval.The problem came to light after Finra asked Piper for an electronic version of a hard-copy e-mail the regulator had obtained during a separate investigation. Only then did the firm inform Finra of the retention issues, Finra said. Who are you going to call? See a related article entitled Backup and archiving suggestions for small broker-dealers

It is too late now to register FINRA's Annual Conference: In-person attendance has sold out. Space is still available for the live streaming video broadcast.Select conference sessions will be available via on-demand video in late June. CLE-eligible audio will also be available in late June. Register for what you can for FINRA's 2011 Annual Conference.
Recent Updates, Agenda, Sessions, CRCP Luncheon, Office Hours, Speakers, CLE and CPE Credit

 

 

Small Hedge Funds Pained By New Regulations | FINRA & Wall Street 'Hall of Shames'

Hedge funds have bounced back in a big way from the financial calamity of 2008, but that hasn’t stopped regulators from trying to hit the industry with new rules. Continue reading this at Dealbreaker.
which provides a link to CNBC which notes this could spur even more consolidation along the lines of Man Group/GLG deal yesterday.
Hedge Fund Inquiry Will Slam Small Funds [CNBC.com]

Dealbreaker also has a piece on an Ex-Morgan Stanley Employee Running a Wall Street “Walk of Shame Tour” - video included from the Deal.

Seven (7) FINRA member firms recently were expelled or suspended for failing to pay fines or arbitration awards or for not supplying financial information. Twenty-seven (27) Individuals had their licenses revoked, were barred or were suspended for various reasons. See the list on pages 24-25 of the May 2010 FINRA Disciplinary Sanctions for via the FINRA Hall of Shame's Latest Entrants.

This is courtesy of Compliance Insights' What Went Wrong:
Who Got Theirs And Why. Fines and Sanctions levied by the SEC, FINRA, NYSE Euronext, CFTC, CBOE, and others. Compliance Insights' most recent update is "FINRA: Thomas Weisel Dumped ARS's into Client Accounts"
Read more on the latest. "FINRA: Thomas Weisel Dumped ARS's into Client Accounts"

Finra Takeover of NYSE Regulation for Equities, Options Markets

NYSE Regulation, a not-for-profit subsidiary of NYSE Euronext, will oversee Finra's performance of regulatory services for its markets, according to a news release.

Finra Chairman Richard Ketchum said in a statement that the deal allows the group "to have a more holistic, cross-market approach to regulation" amid "fragmented markets, aggressive competition and complex trading strategies."

Ketchum had warned that multiple regulators jockeying to keep tabs on U.S. trading are working with an incomplete picture of the overall market, with differing sets of rules creating loopholes and the potential for some participants to avoid oversight.

"This is the right thing for the markets and the right thing for customers," NYSE Euronext CFO Michael S. Geltzeiler said. "Moving these types of activities to Finra, coupled with the business they have from Nasdaq and BATS, marks one step toward the optimal structure where we have a single market surveiller."

Geltzeiler said that eventually he would prefer all U.S. share-trading volume to go through the same regulatory surveillance required of exchanges like NYSE Euronext, and that consolidating these functions could make the overall process cheaper and more efficient for everyone.