Connect with us
MARE BALTICUM Gaming & TECH Summit 2024

Fintech

Broker-Dealer Exam Program Leader Robert Sollazzo Retiring From SEC After 38 Years

Published

on

Washington D.C.–(Newsfile Corp. – June 19, 2020) – The Securities and Exchange Commission today announced that Robert A. Sollazzo, the longtime leader of the New York Regional Office’s Broker-Dealer Examination Program, is planning to retire from the agency in July after more than 38 years of invaluable contributions.

Mr. Sollazzo began his SEC career as a securities compliance examiner and ascended to the helm of the New York office’s broker-dealer regulatory efforts in 1992. As an Associate Regional Director, he and his team have formulated new exam approaches and structured a program that has been particularly responsive and adept in identifying and examining emerging risks in an ever-changing broker-dealer industry.

Mr. Sollazzo and the examiners under his leadership have successfully rooted out abusive sales practice schemes and questionable capital markets practices in the course of their work. Their discoveries led to such notable enforcement cases as a record settlement involving Latour Trading’s significant and persistent violations of the net capital rule, a $100 million settlement with Credit Suisse First Boston Corp. for improper sharing of profits in hot initial public offerings that were channeled back to the firm via excessive commission charges on brokerage transactions, the exposure of a massive kickback scheme at Direct Access Partners that involved a complex web of offshore accounts and a shadow accounting system, and various AML-related matters including Meyers Associates for failing to file Suspicious Activity Reports in relation to various highly questionable transactions that had been executed through the firm.

“Bob saw our Broker-Dealer Examination Program through years of significant change in our markets,” said SEC Chairman Jay Clayton.  “The Commission has benefited greatly from his wide range of expertise and commitment to public service throughout his nearly four decades at the agency.”

Marc P. Berger, Director of the SEC’s New York Regional Office, said, “Bob is a dedicated public servant who leaves behind a tremendous legacy of protecting investors and our markets.  His deep knowledge of the broker-dealer industry and his collaborative, pragmatic approach have shaped the SEC’s examination program for decades, and his service has been an inspiration not just to those in the New York Regional Office but throughout the entire Commission.”

Peter Driscoll, Director of the SEC’s National Exam Program, said, “Bob has displayed tremendous leadership throughout his career, both in New York and nationally. Bob’s leadership has manifested itself in his willingness to develop and teach his staff and colleagues day to day, and also to guide the program during some of the most difficult market events. Bob has always been driven by his strong desire to protect investors and the integrity of the markets and is an amazing example of public service. We are so fortunate that Bob’s legacy will carry on in all those who worked with him, both in the agency and industry.”

Mr. Sollazzo said, “I am extremely thankful for the great opportunity to have worked in the premier regulatory agency on a mission of utmost importance to investors and our markets. When I look back on my professional accomplishments, I realize that none would have been possible without the outstanding people around me day in and day out here at the SEC. Our collective talent and teamwork have made a difference and have helped to enhance the regulatory environment. I’m proud to call my colleagues my friends and thank them for shaping my career.”

Mr. Sollazzo was a recipient of the SEC’s highest individual honor, the Distinguished Service Award, in 2003. He also has received a Presidential Rank Award that was bestowed by President Bill Clinton. Mr. Sollazzo is a graduate of Brooklyn College and is licensed as a Certified Public Accountant in New York.

Fintech

Central banks and the FinTech sector unite to change global payments space

Published

on

central-banks-and-the-fintech-sector-unite-to-change-global-payments-space

 

The BIS, along with seven leading central banks and a cohort of private financial firms, has embarked on an ambitious venture known as Project Agorá.

Named after the Greek word for “marketplace,” this initiative stands at the forefront of exploring the potential of tokenisation to significantly enhance the operational efficiency of the monetary system worldwide.

Central to this pioneering project are the Bank of France (on behalf of the Eurosystem), the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York. These institutions have joined forces under the banner of Project Agorá, in partnership with an extensive assembly of private financial entities convened by the Institute of International Finance (IIF).

At the heart of Project Agorá is the pursuit of integrating tokenised commercial bank deposits with tokenised wholesale central bank money within a unified, public-private programmable financial platform. By harnessing the advanced capabilities of smart contracts and programmability, the project aspires to unlock new transactional possibilities that were previously infeasible or impractical, thereby fostering novel opportunities that could benefit businesses and consumers alike.

The collaborative effort seeks to address and surmount a variety of structural inefficiencies that currently plague cross-border payments. These challenges include disparate legal, regulatory, and technical standards; varying operating hours and time zones; and the heightened complexity associated with conducting financial integrity checks (such as anti-money laundering and customer verification procedures), which are often redundantly executed across multiple stages of a single transaction due to the involvement of several intermediaries.

As a beacon of experimental and exploratory projects, the BIS Innovation Hub is committed to delivering public goods to the global central banking community through initiatives like Project Agorá. In line with this mission, the BIS will soon issue a call for expressions of interest from private financial institutions eager to contribute to this ground-breaking project. The IIF will facilitate the involvement of private sector participants, extending an invitation to regulated financial institutions representing each of the seven aforementioned currencies to partake in this transformative endeavour.

Source: fintech.globa

The post Central banks and the FinTech sector unite to change global payments space appeared first on HIPTHER Alerts.

Continue Reading

Fintech

TD Bank inks multi-year strategic partnership with Google Cloud

Published

on

td-bank-inks-multi-year-strategic-partnership-with-google-cloud

 

TD Bank has inked a multi-year deal with Google Cloud as it looks to streamline the development and deployment of new products and services.

The deal will see the Canadian banking group integrate the vendor’s cloud services into a wider portion of its technology solutions portfolio, a move which TD expects will enable it “to respond quickly to changing customer expectations by rolling out new features, updates, or entirely new financial products at an accelerated pace”.

This marks an expansion of the already established relationship between TD Bank and Google Cloud after the group previously adopted the vendor’s Google Kubernetes Engine (GKE) for TD Securities Automated Trading (TDSAT), the Chicago-based subsidiary of its investment banking unit, TD Securities.

TDSAT uses GKE for process automation and quantitative modelling across fixed income markets, resulting in the development of a “data-driven research platform” capable of processing large research workloads in trading.

Dan Bosman, SVP and CIO of TD Securities, claims the infrastructure has so far supported TDSAT with “compute-intensive quantitative analysis” while expanding the subsidiary’s “trading volumes and portfolio size”.

TD’s new partnership with Google Cloud will see the group attempt to replicate the same level of success across its entire portfolio.

Source: fintechfutures.com

The post TD Bank inks multi-year strategic partnership with Google Cloud appeared first on HIPTHER Alerts.

Continue Reading

Fintech

MAS launches transformative platform to combat money laundering

Published

on

mas-launches-transformative-platform-to-combat-money-laundering

 

The MAS has unveiled Cosmic, an acronym for Collaborative Sharing of Money Laundering/Terrorism Financing Information and Cases, a new money laundering platform.

According to Business Times, launched on April 1, Cosmic stands out as the first centralised digital platform dedicated to combating money laundering, terrorism financing, and proliferation financing on a worldwide scale. This move follows the enactment of the Financial Services and Markets (Amendment) Act 2023, which, along with its subsidiary legislation, commenced on the same day to provide a solid legal foundation and safeguards for information sharing among financial institutions (FIs).

Cosmic enables participating FIs to exchange customer information when certain “red flags” indicate potential suspicious activities. The platform’s introduction is a testament to MAS’s commitment to ensuring the integrity of the financial sector, mandating participants to establish stringent policies and operational safeguards to maintain the confidentiality of the shared information. This strategic approach allows for the efficient exchange of intelligence on potential criminal activities while protecting legitimate customers.

Significantly, Cosmic was co-developed by MAS and six leading commercial banks in Singapore—OCBC, UOB, DBS, Citibank, HSBC, and Standard Chartered—which will serve as participant FIs during its initial phase. The initiative emphasizes voluntary information sharing focused on addressing key financial crime risks within the commercial banking sector, such as the misuse of legal persons, trade finance, and proliferation financing.

Loo Siew Yee, assistant managing director for policy, payments, and financial crime at MAS, highlighted that Cosmic enhances the existing collaboration between the industry and law enforcement authorities, fortifying Singapore’s reputation as a well-regulated and trusted financial hub. Similarly, Pua Xiao Wei of Citi Singapore and Loretta Yuen of OCBC have expressed their institutions’ support for Cosmic, noting its potential to ramp up anti-money laundering efforts and its significance as a development in the banking sector’s ability to combat financial crimes efficiently. DBS’ Lam Chee Kin also praised Cosmic as a “game changer,” emphasizing the careful balance between combating financial crime and ensuring legitimate customers’ access to financial services.

Source: fintech.global

The post MAS launches transformative platform to combat money laundering appeared first on HIPTHER Alerts.

Continue Reading

Trending