Insider trading was once again center stage in 2012 with the by now usual raft of arrests, guilty pleas and high profile trials. The trend has only continued in 2013 with the charging of Matthew Martoma, a former SAC portfolio manager and the continuing swirl of speculation and rumor surrounding SAC itself. Read more
RBS Trader Helped UBS's Hayes With Libor Bribes, Regulators Say
A Royal Bank of Scotland Group Plc trader colluded with a counterpart at UBS AG to pay almost 211,000 pounds ($330,000) in bribes to brokers willing to help them manipulate global interest rates, regulators said. Neil Danziger, a London-based derivatives specialist at RBS, helped Tom Hayes, the former UBS employee at the center of the global investigation into rate-rigging, to bribe at least two brokers into persuading other banks to submit rates in line with their own, Read more
Insider Trading compares employee, firm and client transactions against market events to detect trades based upon Material Non Public Information (MNPI)
StarCompliance announced today the release of its Insider Tradig compliance software to help firms comply with rules around the use of MNPI when conducting personal, firm and client trades. Read more
StarCompliance to exhibit at the FINRAs Annual Conference (May 21) - April 25, 2012
StarCompliance, the leading provider of employee conflicts of interest compliance solutions for financial services organizations, today announced plans to exhibit at the FINRA Annual Conference 2012.
What: FINRA's 2012 Annual Conference. During the event, practitioners, peers and regulators exchange ideas on today's most challenging compliance and regulatory topics.
Where: Renaissance Hotel, 999 Ninth Street NW, Washington, 20001 USA Tel: 1-202-898-9000
When: May 21 - 23, 2012
How Secure is Your Financial Data? PRESS RELEASE - Nov 22, 2011
Five Questions to Ensure your Compliance Software Provider Meets Your Security Needs
StarCompliance released today a list of key questions for financial institutions to ask about data security measures when selecting a financial compliance software provider. Financial organizations need to ensure that the software provider they select has all of the necessary controls and processes in place to keep their data as secure as possible. The list of questions StarCompliance developed is meant to help financial organizations consider all the security risks and ensure they are making the best decision for their needs when selecting a software provider.
"Information security control and access of employee and corporate information is of vital importance to all financial organizations," said Tim Ward, Chief Technology Officer, StarCompliance. "There are risks but there are also steps that can be taken to find a software provider that best meets your company's specific security needs - it's not a blanket solution. Our clients demand the utmost in data security and our in-house development team continuously works to meet their needs."
StarCompliance developed the following 5 questions for financial institutions to ask compliance software providers about their data control measures.
Question 1: Where will our data be hosted? Behind our firewall or externally? If data is stored externally, what are the key security risks we need to address?
Question 2: Will our data be held on a system alongside the data of other organizations? What risks does that potentially pose to our data? What controls do you have in place to ensure no cross over of data occurs?
Question 3: What outside parties have access to our data?
Question 4: What types of accreditation do your employees and subcontractors acquire? What types of authorization controls are in place for access to our data by employees and subcontractors?
Question 5: Our organization is multinational, does your software meet data protection and compliance regulations in all the territories in which we operate?
More information about the above questions and security issues is provided here.
StarCompliance software ensures financial firms comply with UK Bribery Act - Sep 27, 2011
StarCompliance announced today that its compliance software helps financial firms ensure they comply with the UK Bribery Act, which took effect July 1, 2011. The UK Bribery Act, designed to tighten the UK's regulatory framework, not only affects UK financial firms but also any financial companies that have offices in the UK, employ UK citizens, or provide any services to a UK organisation. The StarCompliance 'Gifts and EntertainmentÂ’ module, which is available to all StarCompliance clients, works to ensure compliance with the new Act.
"Violating the UK Bribery Act carries unlimited fines and a maximum jail time of 10 years for individuals," said Matt McGill, Vice President of Sales, StarCompliance. "It is critical for financial firms to have the right tools in place to ensure their employees comply with the new act, if not, they also risk facing severe fines."
StarCompliance's 'Gifts and Entertainment' module instantly matches employee gifts and entertainment requests against a firm's Code of Conduct to automatically generate approval, denial or a case for supervisory review. The module automatically detects unusual activities based on the rules a client has pre-determined from their Code of Conduct and discourages employees from giving gifts or entertaining in ways that may be considered acts of bribery. Like with all StarCompliance modules, rules and workflows are configurable to meet complex compliance requirements.
"Our software saves compliance personnel from the risks of labor intensive, manual tracking and analysis of employee gifting and entertainment requests to give our clients peace of mind that their firms are fully compliant with the UK Bribery Act," said McGill.
Political Activities ensures political contributions comply with new 'pay to play' rules - Sep 26, 2011
StarCompliance announced today the release of its Political Activities compliance software to help Investment Advisers comply with changes in SEC 'pay to play' rules. The new SEC rule 206(4)-5, which became effective September 13, 2010, discourages Investment Advisers from making contributions to elected officials or political candidates in a position to influence investment advisory contracts.
StarCompliance developed Political Activities to prevent employee violation of federal, state and municipal regulatory contribution guidelines by illegally influencing contract awards for investment services, a practice commonly referred to as 'pay to play'. The software is configured to inform compliance of all employee political contribution activity and automatically screen them against pre-set contribution rules, such as maximum contribution amounts for federal, state and municipal candidates. Employees submit a proposal for a contribution they want to make to a political candidate or entity to be reviewed by the compliance team. Political Activities screens the proposal against the rules pre-set in the software and identifies if it is in violation, making it easier for compliance to approve or deny a contribution before it is made. The software can also identify previously made donations that are in violation of the rules and instruct employees to recover them. Political Activities retains a full audit trail including details of the original submission and all subsequent modifications and communications relating to the donation.
"The new 'pay to play' rules are complex and breaking them can result in severe consequences," said Matt McGill, Vice President of Sales, StarCompliance. "We worked together with our clients for more than six months to ensure we developed a software module that meets all of their needs in this area."
Political Activities is configurable to meet any SEC and MSRB political contribution compliance requirements. The new software module comes preloaded with a list of Senate and House of Representatives office holders and allows clients to load additional records such as their government client and prospect lists directly from their internal data stores.
"Political Activities saves compliance personnel from labor intensive, manual tracking and analysis of employee political contributions and gives our clients peace of mind that their firms are fully compliant with SEC and MSRB contribution rules and not at risk of losing revenue by being prohibited from conducting business with government clients for two years," said McGill.
Dow Jones interview - July 21, 2011
Dow Jones reporter Suzanne Barlyn discusses how the StarCompliance Political Activities module helps prevent severe consequences for violating the new "Pay to Play" rule with Larry Goldfarb, Senior Sales Executive.
StarCompliance to exhibit at the SIFMA Financial Services - April 8, 2011
Rockville, MD - April 8, 2011 - StarCompliance, the leading provider of employee conflicts of interest compliance solutions for financial services organizations, today announced plans to exhibit at the FINRA Annual Conference.
What: SIFMA Financial Services Technology Leaders Forum
Where: New York Hilton Hotel, 1335 Avenue of the Americas New York, New York, 10019 Tel: 1-212-586-7000
When: June 14-16, 2011
StarCompliance to exhibit at the NSCP National Membership Meeting - Sep 1, 2010
StarCompliance, leading provider of code of ethics compliance solutions for financial services organizations, today announced plans to exhibit at the NSCP National Membership Meeting.
What: NSCP National Membership Meeting
Where: Hilton Baltimore, 401 West Pratt Street, Baltimore, Maryland 21201, Tel: 1-443-573-8700
When: November 1-3, 2010
About the National Society of Compliance Professionals:
The National Society of Compliance Professionals is a nonprofit, membership organization dedicated to serving and supporting compliance professionals in the securities industry.
StarCompliance to exhibit at the Ascendant Fall Conference - Sep 1, 2010
StarCompliance, leading provider of code of ethics compliance solutions for financial services organizations, today announced plans to exhibit at the Ascendant Fall Conference.
What: Ascendant Fall Conference
Where: Park Hyatt Washington, 1201 24th Street, NW, Washington D.C. 20037, Tel: +1 202 789 1234
When: November 1-3, 2010
About the Ascendant Conference:
This Ascendant conference delivers the analysis, experience and answers you need! Everyone is realizing that good, strong financial businesses require strong compliance. A combination of regulatory, business and operational issues must be effectively monitored for a business to be successful. Ascendant's Capitalize on Compliance in Washington, DC Conference places the issues on the table and sorts them all out. Designed for investment adviser compliance and legal professionals, senior management and operations personnel, this event will help your investment firm "Capitalize on Compliance."
Growth leads to expansion into new corporate headquarters - Sep 1, 2010
StarCompliance, whose software supports a culture of compliance within financial services organizations, today announced a move into a new corporate headquarter facility in Rockville, MD.
Please make a note of StarCompliance's new office location:
451 Hungerford Dr. Suite 375 Rockville, MD 20850