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Mar 15, 2022

Maximizing the Fee: Royal Bank of Canada Affiliate Pays $30+ Million for Client Abuse

On Thursday, March 3, 2022, the U.S. Securities and Exchange Commission (“SEC”) announced that City National Rochdale, LLC (“CNR”), a Delaware statutory trust sponsoring proprietary mutual funds and serving as their investment adviser, agreed to pay $30,361,803 to settle charges brought by the SEC that the trust had failed to disclose conflicts of interest that defrauded current and prospective clients.» Read More

Dec 09, 2021

“Call the Plumber”: Bank for International Settlement AND IOSCO Call for Reforms

On Monday, November 29, 2021, the Committee on Payments and Market Infrastructures (“CPMI”) of the Bank for International Settlements (“BIS”), together with the International Organization of Securities Commissions (“IOSCO”), issued a joint Report on clearing facilities operating around the world, and requesting, by January 24, 2022, comments particularly focusing on client access and “portability.”» Read More

Aug 24, 2021

Who Will Watch the Watchmen? Audit Shortcomings

For The Wall Street Journal for Saturday/Sunday, August 14-15, 2021, a pair of reporters wrote: “Oversight is Weak of Private-Firm Auditing.” The article contrasts the degree of oversight of auditors of private companies with that of auditors of public companies. Since the passage of the Sarbanes-Oxley legislation in 2002, public company auditors are subject to review and discipline by the Public Company Accounting Oversight Board (“PCAOB”), a governmental body in turn supervised by the U.S.» Read More