Financial Regulation

Each year companies must file an annual report on Form 10-K that provides business and financial information for the most recently completed fiscal year. Form 10-K is the most comprehensive periodic report required to be filed with the SEC. It: Provides information about a company’s business and financial condition.

The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog. It sets international standards that aim to prevent these illegal activities and the harm they cause to society. Find out more about the issues that the FATF is working on, such as: Methods and Trends.

A rental home short sale will only be approved if a person is deemed insolvent. Proof of annual income, the original sale price of the investment property, all current debts and additional expenses are usually required for review by a mortgage lender.

. 29 If the auditor concludes that a matter involving a risk or an uncertainty is not adequately disclosed in the financial statements in conformity with generally accepted accounting principles, the auditor should express a qualified or an adverse opinion.

DUAL DATE is when a major event comes to the auditor’s attention between the report date and issuance of the report; the financial statements may include the event as an adjustment or disclosure.

The RBC requirement is a statutory minimum level of capital that is based on two factors: 1) an insurance company’s size; and 2) the inherent riskiness of its financial assets and operations. That is, the company must hold capital in proportion to its risk.

The Introduction Provide a brief statement of the SAR’s purpose. Generally describe the known or suspected violation. Identify the date of any SARs previously filed on the subject & the purpose of that SAR. Indicate any internal investigative numbers used by the filing institution to maintain records of the SAR.

A home goes into short sale when the homeowner realizes that they can no longer afford to keep up with their mortgage payments. Instead of waiting for the bank to foreclose on the home, the homeowner initiates the short sale process by submitting an application to the lender.

A solicitation that conditions the market for an offering of securities is generally viewed as a general solicitation that is marketing the securities. Examples include: Newspaper and magazine advertisements. Unrestricted public websites. Television and radio broadcasts.

In the end, short sales are almost always damaging to your credit, but they do less harm than foreclosures or bankruptcies. A short sale might block you from a mortgage on a new home for two years or so, but a foreclosure or bankruptcy could keep you out of the…

III. The Remittance Rule. Section 1073 of the Dodd Frank Act amended the Electronic Fund Transfer Act (EFTA) to create a comprehensive new system of consumer protection for remittance transfers sent by consumers in the United States to individuals and businesses in foreign countries.

SOX Section 302 requirements SOX 302 requires that the principal executive and financial officers of a company, typically the CEO and CFO, personally attest that financial information is accurate and reliable.

For purposes of the final insurance company rule, the term “covered product” is defined to mean: • A permanent life insurance policy, other than a group life insurance policy; • An annuity contract, other than a group annuity contract; and • Any other insurance product with cash value or investment…

The Sarbanes Oxley Act requires all financial reports to include an Internal Controls Report. This shows that a company’s financial data are accurate (within 5% variance) and adequate controls are in place to safeguard financial data. Year-end financial dislosure reports are also a requirement.

For the purposes of this chapter, I define regulation as all those social actions in real or cyberspace that generate political, economic, legal or social norms intended to steer behaviour, with those norms being embedded in institutional frameworks for implementation.

What is Wolfsberg questionnaire? Published in 2004, the Wolfsberg AML Questionnaire was comprised of 27 questions. Its purpose was to act as an aid to FIs conducting due diligence (DD) on Correspondent Banking relationships, as per regulatory requirements and their own internal policies and procedures.  Why is the Wolfsberg questionnaire…

What is the SEC and what does it do? The SEC protects investors, promotes fairness in the securities markets, and shares information about companies and investment professionals to help investors make informed decisions and invest with confidence. What did the SEC do during the New Deal? The crash led to…