Financial services

Highlights from Bank Director’s 2013 Acquire or Be Acquired conference

Tue, 05 Mar 2013

A cautiously optimistic tone was the order of the day for a recent conference on acquisition strategies and financial growth options for banks. Grant Thornton LLP sponsored Bank Director’s 2013 Acquire or Be Acquired (AOBA) conference, held January 27-29 in Scottsdale, Ariz. We offer this summary of the key themes as relevant takeaways for banking industry professionals.

The new push for transparency

Wed, 27 Feb 2013

Asset managers understand that transparency is playing an ever-increasing role in their lives. Investors demand it. Regulators require it. And asset managers want to provide it. This aligns with asset managers' increased focus on the implications of the Dodd-Frank Wall Street Reform and Consumer Protection Act to their operations. This article will look at how asset managers can maximize program investments on solution initiatives aimed at transparency benefiting investors and conforming to recent regulatory requirements.

Master fund registration: Amendments to the Cayman Island Mutual Funds Law

Wed, 27 Feb 2013

The Cayman Islands government recently approved amendments to the Mutual Funds Law (2012 revision), effective Jan. 10, 2013, amending certain definitions within the Mutual Funds Law and clarifying requirements relating to the registration of master funds. This article examines these amendments, effect on typical structures, registration and other ongoing requirements, fee increases and more.

Mergers & acquisitions for banks: Maximizing opportunity as a buyer or a seller

Thu, 21 Feb 2013

This is a time of extraordinary change in the banking industry, bringing with it one of the toughest operating environments the industry has seen in many years. Today's dynamic climate also brings with it unprecedented opportunity for well-capitalized and well-managed institutions than ever before, resulting in an ideal time for many M&A transactions.

Multiple factors are presently fueling M&A activity in the banking industry. Even amid volatile economic and political ...

Riding the wave: Private investment funds moving towards managed accounts structure

Mon, 18 Feb 2013

This issue of Grant Thornton LLP's Asset ManagementAdviser discusses the current view on the managed account space, some of the key features and benefits of this structure, as well as some of the challenges.

Meeting the challenges of increased valuation transparency: Are you ready for ASU 2011-04 compliance?

Wed, 23 Jan 2013

Fair Value reporting has become more challenging and time consuming for Private Equity Managers based on the new provisions in ASU 2011-04. Join our webcast to review current trends and challenges in the Private Equity space from our industry experts from audit and valuation.

The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, to substantially ...

OTC derivatives: United States vs. European Union

Thu, 17 Jan 2013

This discussion outlines the similarities and differences between the treatment of over-the-counter (OTC) derivatives in the United States’ Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) versus the European Union (EU)’s Regulation on OTC Derivatives, Central Counterparties (CCPs) and Trade Repositories (EMIR)— collectively, the acts. This issue of Grant Thornton LLP's Asset ManagementAdviser examines the direct effect the new regulations will have on counterparties that offer OTC derivatives to hedge funds

Banking industry hot topics: Highlights of recent accounting and regulatory issues

Mon, 14 Jan 2013

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Broker-dealer industry hot topics - October 2012

Thu, 10 Jan 2013

On October 24, 2012 Grant Thornton sponsored a panel discussion on the major issues facing the broker-dealer industry. The discussion was hosted and moderated by Grant Thornton’s National Banking and Securities Industry Leader Nichole Jordan and featured a keynote address by Lee Pacchia, Legal Analyst and Host of Bloomberg Law multimedia programs. The panelists addressed a number of current issues facing the broker-dealer industry.

LIBOR scandal equals new areas of vulnerability for financial institutions

Thu, 03 Jan 2013

The worldwide reaction to the admission from Barclays Bank PLC in June 2012 that its traders sought to manipulate the London Interbank Offered Rate (LIBOR) has been widespread and unwavering. Since then, numerous criminal, civil and regulatory actions have been brought in North America, Europe and Asia against at least 16 of the 23 largest international banks that make up the various panels responsible for setting LIBOR.

Regulations and developments affecting the financial services industry

Wed, 02 Jan 2013

Recent technology-driven events in the securities industry have served as reminders of the tremendous impact technology can have on market stability. As computer systems can amplify errors to a disastrous effect, technology concerns — including the impact of highspeed trading and the potential systemic risk related to catastrophic failures — have received a great deal of attention and concern of regulators.

Banking industry hot topics: Regulatory risk for bank executives

Thu, 20 Dec 2012

Risk is a reality of doing business today. In many cases, risk is necessary for long-term operational success; however, failure to control risk effectively can often lead to just the opposite, including damaged reputation, loss of profits, disruption in productivity or, in severe cases, the end of the entity altogether.

Enterprise risk management (ERM) is the leading approach to managing and optimizing risks, enabling a company to determine how much uncertainty and risk are ...

Allowance for loan and lease losses (ALLL): Loss discovery periods

Mon, 19 Nov 2012

This installment explores whether such adjusted charge-off rates require further refinement to reflect the average time between when loss events occur for specific loan types and when such problem loans are identified and the related loss amounts are confirmed through charge-offs.

Banking industry hot topics - Fall 2012 update

Mon, 12 Nov 2012

Date: Wednesday, November 28, 2012 Time: 4:30 - 7:00 p.m. ET Location: The Yale Club, 50 Vanderbilt Avenue, New York, NY 10017

Amid the global financial crisis and significant regulatory changes, it is critical for banks to stay current on the most up-to-date industry issues and compliance requirements while meeting the expectations of customers and management.

Grant Thornton invites ...

Broker-dealer industry update

Thu, 08 Nov 2012

As the both the regulatory environment and the global economy continue to face rapid shifts and increased scrutiny, financial institutions are faced with the challenges of how to manage these changes, cut costs while growing revenue. Join Grant Thornton LLP on this complimentary webcasts to get the information you need to know to stay ahead of the curve in today's dynamic market.

In order to succeed today, broker-dealers must understand key issues affecting ...

Banking industry update

Fri, 02 Nov 2012

As the both the regulatory environment and the global economy continue to face rapid shifts and increased scrutiny, financial institutions are faced with the challenges of how to manage these changes, cut costs while growing revenue. Join Grant Thornton LLP on this complimentary webcasts to get the information you need to know to stay ahead of the curve in today's dynamic market.

Banks face a changing landscape and must remain competitive while balancing increasing compliance ...

Regulatory risk for bank executives (CPE credits: 2.0)

Sun, 14 Oct 2012

Date: Friday, November 9, 2012 Time: 2:00 p.m. to 4:00 p.m. Eastern CPE: 2.0 credits

Risk is a reality of doing business today. In many cases, risk is necessary for long-term operational success; however, failure to control risk effectively can often lead to just the opposite, ...

Compliance, BASEL III, and beyond (CPE credits: 1.5)

Sun, 14 Oct 2012

Date: Thursday, November 1, 2012 Time: 2:00 p.m. to 3:30 p.m. Eastern CPE: 1.5 credits

Staying up-to-date with demanding regulatory and compliance requirements can be a daunting hurdle for many financial institutions. As a direct result of the financial crisis, banks are striving ...

The JOBS Act & tick sizes: Decimalization, public policy & the impact on banks

Tue, 25 Sep 2012

You are invited to join David Weild, Head of Capital Markets at Grant Thornton LLP and Former Vice Chairman of NASDAQ, Kendra Decker, Partner, SEC-Regulatory Matters at Grant Thornton and guest,

Banking industry hot topics: Regulatory risk for bank executives (CPE: 2.0 credits)

Thu, 20 Sep 2012

Date: Friday, November 9, 2012 Time: 2:00 - 4:00 p.m. ET CPE: 2.0 recommended

The JOBS Act & tick sizes: Decimalization, public policy & the impact on asset managers

Thu, 06 Sep 2012

You are invited to join David Weild, Head of Capital Markets at Grant Thornton LLP and Former Vice Chairman of NASDAQ and guest, Dan Crowley, Partner at K&L Gates and Former Chief Government Affairs Officer at the Investment Company Institute for an informative webcast and inside look at the impact ...

Highlights from the ABA Risk Management Forum in New Orleans

Wed, 08 Aug 2012

Grant Thornton sponsored a panel discussion on enterprise risk management (ERM) at the annual conference of the American Bankers Association (ABA) — ABA Risk Management Forum — held in New Orleans in May 2012. This paper includes edited transcripts and summaries of the speeches and panel discussions from the conference.

Broker-dealer industry hot topics - June 2012

Fri, 20 Jul 2012

On June 19, 2012, Grant Thornton hosted a panel discussion on the major issues facing the broker-dealer industry. The discussion was hosted by Nichole Jordan, the firm’s National Banking and Securities Industry leader. It was moderated by Lee Pacchia, legal analyst and host of Bloomberg Law multimedia programs. The panelists addressed a number of current issues facing the broker-dealer industry. The issues discussed included environmental pressures, changes in the regulatory atmosphere, enhanced customer protection rules, and margin changes and technology changes, including the use of social media.

Does your BDC meet the JOBS Act criteria for IPO cost savings?

Mon, 16 Jul 2012

H.R. 3606, Jumpstart Our Business Startups Act (the JOBS Act), was signed into law by President Obama on April 5, 2012. The law aims to increase private companies’ access to capital through an IPO of their common equity by relieving certain securities regulations. This issue of Grant Thornton’s Asset ManagementAdviser take a look at the significant impact this will have for business development companies (BDCs).

How can we help broker-dealers?

Fri, 29 Jun 2012

Grant Thornton's broker-dealer brochure provides a comprehensive overview of our audit, accounting, tax and advisory services to the industry. Services featured in this brochure include accounting services, audit services, tax services, advisory services and other Grant Thornton resources.

Unlock your potential for growth— Serving registered investment advisers

Fri, 29 Jun 2012

Grant Thornton LLP’s Asset Management practice provides premier services to registered investment companies, helping them navigate today’s audit, regulatory and tax requirements. Having served registered investment advisers for more than 40 years, Grant Thornton is familiar with a variety of fund structures. We help mutual fund administrators and sponsors formulate efficient and effective solutions by leveraging the processes and controls of asset managers, transfer agents and other service providers; standardizing many aspects common to most mutual funds (e.g., asset pricing, diversification testing); and using our industry knowledge to help mutual funds navigate the regulatory and reporting requirements of registered investment companies

FINRA Rule 4524 increases reporting obligations for member firms

Sun, 24 Jun 2012

In the aftermath of the financial crisis, the Financial Industry Regulatory Authority (FINRA) began to closely monitor member firms’ levels of leverage and available liquidity to meet their funding needs, and to collect additional information from certain carrying and clearing firms with regard to their proprietary positions, financing transactions and off-balance sheet transactions.

SEC cautions: Management cannot outsource responsibility for fair value pricing

Thu, 17 May 2012

The SEC has recently set new expectations and guidelines for public companies on using fair values provided by third-party pricing services. The agency cautioned senior management to take responsibility on having effective internal controls over their financial reporting. This issue of Grant Thornton’s Financial Bulletin takes a look at the issues presented by fair value pricing and how Grant Thornton can assist in addressing these concerns.

Increased enforcement of state tax rule for private equity & portfolio companies

Thu, 17 May 2012

The Ohio Department of Taxation's Commercial Activity Tax (CAT) audit department has increased efforts to seek and reveal noncompliant out-of-state private equity and portfolio management companies that may not be including all its correct entities. This issue of Grant Thornton's Financial Bulletin takes a look at the increased risks and concerns imposed on private equity and portfolio management groups by the department.

Recovery and resolution plans: Working together to help you create an affective living will

Mon, 09 Apr 2012

This paper outlines the key steps to create an effective living will to facilitate orderly resolutions of Covered Companies in the event of material financial distress or failure while complying with the Dodd-Frank Act.

Overcoming the challenges to growth for broker-dealers

Wed, 14 Mar 2012

Broker-dealers face significant uncertainty in the months ahead. Major regulatory changes and an economy struggling to increase positive momentum create a challenging environment for many firms. But broker-dealers shouldn't wait for the regulatory and economic picture to become clearer. Overcoming the challenges to growth for broker-dealers outlines steps broker-dealers can take today to improve their position in the marketplace.

Banking industry hot topics - March 2012

Mon, 05 Mar 2012

Grant Thornton LLP recently sponsored the 2012 Bank Director’s Acquire or Be Acquired conference, held January 29 to 31 in Phoenix. During the conference, the firm held a workshop, “From Finding the Deal to Making It Real,” presented by Molly Curl, Bank Regulatory National Advisory partner, and Edward Karstetter, managing director of Advisory Services. The workshop identified key takeaways and insights that all bank executives, whether buyers or sellers, should consider before entering any M&A transaction.

Banking industry hot topics: The path to balance - February 2012

Mon, 27 Feb 2012

Grant Thornton LLP was among a select group of invitees in attendance at a recent conference held by the Federal Deposit Insurance Corporation (FDIC), where the topic focused around “The Future of Community Banking.” The event took a look at the role community banks play in the economy and the challenges and opportunities they face in the road ahead. The conference kicked off a series of initiatives the FDIC is rolling out to better understand the community bank sector, what separates them from the large institutions, and the impact that regulatory policy has on them.

Banking & Securities Update - Spring 2012

Thu, 23 Feb 2012

The Spring 2012 issue covers the FASB’s proposed accounting guidance on consolidation; proposed rule regarding prohibitions and restrictions on proprietary trading; the identification of large trade reporting; and FINRA's new electronic filing requirement.

Asset management industry update - February 2012

Wed, 22 Feb 2012

This publication takes a look at the current state of the asset management industry and what lies ahead for private equity, hedge funds and mutual funds.

SEC registration. Is your structure in place?

Thu, 09 Feb 2012

The Dodd Frank Act introduces significant regulation of hedge funds and private equity funds for the first time. Specifically, the legislation eliminates the private adviser exemption under which many investment advisers were able to avoid registering with the SEC. In addition, registered advisers are subject to periodic recordkeeping and reporting requirements, and inspection by the SEC. Most hedge fund and private equity fund advisers will need to register and operate as a registered investment ...

Top 10 ways for banks to grow in 2012

Thu, 19 Jan 2012

During recent years, consumers and businesses alike have been in survival mode. Many industries, including banking, have cut costs to weather the recession. However, austerity alone will not lead to long-term growth. Even in the midst of current industry challenges, banks can take simple steps to grow in the year ahead. This article, Top 10 ways banks can grow in 2012, outlines ways banks can position themselves for growth in the year ahead.

SEC adopts new net worth standard, AICPA Conference updates

Tue, 27 Dec 2011

In order to address requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the SEC has amended its rules to exclude the value of a person’s primary home when calculating net worth in determining “accredited investor” status. This Financial Bulletin, issued Dec. 22, 2011, explains the change and also summarizes key issues discussed at the 2011 AICPA National Conference on Current SEC and PCAOB Developments.

How do you start a hedge fund?

Wed, 14 Dec 2011

Until recently, starting or launching a hedge fund was a very expensive and overwhelming task requiring six months or longer to complete, while startup, infrastructure and operational costs ran well into the six-figure range. Grant Thornton LLP and Stonegate Capital Partners explore the startup and management process in How do you start a hedge fund? The new era of hedge fund creation and operational management.

SEC approves confidential private fund risk reporting

Tue, 01 Nov 2011

On Oct. 26, 2011, the SEC voted unanimously on a new rule, implementing Sections 404 and 406 of the Dodd-Frank Act, requiring SEC-registered investment advisers with at least $150 million in private fund assets under management (AUM) to periodically file new Form PFs for use by the Financial Stability Oversight Council (FSOC) to monitor risks to the U.S. financial system. Information reported on Form PF will remain confidential, unlike information reported on Form ADV, which will be available to the public. The Commodity Futures Trading Commission (CFTC) also approved the final version of Form PF. This Financial Bulletin discusses key points of the rule.

Incentive compensation: A blueprint for today's mortgage originators

Wed, 26 Oct 2011

Stringent requirements designed to protect consumers will change the way mortgage originators and brokers are compensated. This issue of Currency provides background on the regulations, and outlines some key questions and answers that may help mortgage originators understand what is on the horizon.

FINRA Series 99 examination: How to prepare

Mon, 17 Oct 2011

The Financial Industry Regulatory Authority (FINRA) has recently issued Regulatory Notice 11-42 to inform broker-dealers about the Operations Professional qualification examination (Series 99), which candidates may begin scheduling on Oct. 17, 2011. This Financial Bulletin explains the requirements.

FINRA Series 99 examination: How to prepare

Mon, 17 Oct 2011

What the Volcker Rule means for banks and asset managers

Wed, 12 Oct 2011

The Federal Reserve Board is requesting comment on proposed regulations, developed jointly with the FDIC, SEC and OCC, implementing the Volcker Rule. The CFTC has not yet signed off on the joint proposal. Established under the Dodd-Frank Act, the Volcker Rule 1) bans banking entities from proprietary trading activities, and 2) limits banks’ investments in hedge funds or private equity funds. Both the FDIC and SEC unanimously approved the proposed rule. This Financial Bulletin, issued on Oct. 12, 2011, discusses the rule and its implications.

What the Volcker Rule means for banks and asset managers

Wed, 12 Oct 2011

Banking industry update

Tue, 04 Oct 2011

It can be challenging to keep pace with the constantly emerging developments, from accounting pronouncements to new rules stemming from the Dodd-Frank Act. Join Grant Thornton LLP on one or both of these complimentary webcasts to get the information you need to know.

Banks face a changing landscape and must remain competitive while balancing increasing compliance burdens.

Topics covered will include:

FASB/Accounting update
SEC update
Regulatory ...

Broker-dealer updates

Mon, 19 Sep 2011

Topics in this issue include: Proposed Rule 17a-5 amendments and how they affect financial reporting; SEC request for comments on derivatives use; a new housing ordinance that affects mortgage-backed securities with Chicago collateral; and compliance with FINRA Regulatory Notice 11-02.

Will compensation clawbacks succeed in reining in flawed executive pay practices?

Tue, 30 Aug 2011

Under Dodd-Frank, publicly traded companies will be required to adopt mandatory provisions to “claw back” incentive compensation if the listed company is required to file a financial restatement under the Securities Exchange Act of 1934. How can financial services firms and institutions prepare for these new rules — especially in an industry that has already drawn so much ire when it comes to executive compensation? This Financial Bulletin,issued on Aug. 31, 2011, explores the evolution of compensation clawback rules, the effects of the rules and how financial services firms and institutions can get ready.

Banking & Securities Update - Summer 2011

Tue, 23 Aug 2011

The Summer 2011 issue of Banking & Securities Update provides brief, need-to-now overviews of the major accounting, regulatory and tax issues facing the banking and securities industries.

Bank Director Viewpoint: Compliance burden grows heavier

Tue, 26 Jul 2011

Nichole Jordan, National Banking and Securities industry leader, sits down with Bank Director magazine to discuss key findings from Grant Thornton LLP's 18th Annual Bank Executive Survey, conducted in conjunction with the magazine, and how bankers can deal with the increased compliance burden cited as a top concern by the majority of survey respondents.