Financial Services

Impact of the New Revenue Recognition Standard on the Asset Management Industry

Background In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers. Topic 606, Revenue from Contracts with Customers, presents the new revenue recognition guidance. FASB also issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, in August 2015. As […]

Occupational Fraud: There’s a good chance you’re a victim

What are you going to do about it? It is commonly said there are two certainties in life – death and taxes. However, given the current business environment, all business and accounting professionals should consider one more: fraud. Whether or not you suspect it, it’s safe to assume that at some point, either you or […]

SEC Adopts Amendments to Investment Adviser Act Rules

Background On August 25, 2016, the Securities and Exchange Commission (the “SEC” or the “Commission”) adopted amendments to various rules under the Investment Advisers Act of 1940 (the “Act”). The amendments will be effective 60 days after the date of publication in the Federal Register, but investment advisers are expected to comply with the amendments […]

SEC Adopts New Rules

New Rules to Modernize Information Reported by Funds, Enhance Liquidity Risk Management Programs, and Permit Swing Pricing Background In October 2016, the Securities and Exchange Commission (“SEC”) voted to adopt changes for better reporting and disclosure of information by registered investment companies, and to enhance liquidity risk management by open-end funds, including mutual funds and […]

The Marriage Of High Tech And High Finance

The lines between financial services and high technology are becoming increasingly blurred. Four major technological changes will disrupt financial services in the years ahead. At French bank BNP Paribas, chief executive Jean-Laurent Bonnafé is on a mission to build what he calls “the bank of the future”. He is clearly prepared to give his plan […]

Possible Regulatory Relief On Horizon For Community Financial Institutions

On April 26, 2017 Thomas Jeb Hensarling the Chairman of the House Financial Services Committee, proposed the Financial CHOICE (“Create Hope and Opportunity for Investors, Consumers and Entrepreneurs) Act. The bill proposes to roll back regulations created by the 2010 Dodd-Frank Act. On June 8th, the House of Representatives voted along party lines passing the […]