SIFMA: News on the capital markets, securities and financial industry

SEC seeks authority to impose larger penalties for fraud
Mary Schapiro, chairman of the Securities and Exchange Commission, asked Congress to let the agency impose bigger penalties on individuals and firms that commit fraud. Schapiro wants the maximum penalty to be triple the profit made because of alleged fraud; the existing penalty can be no more than the profit. The Wall Street Journal(11/30)

IMF urges national regulators to watch capital flow
The International Monetary Fund released a study that encourages national regulators to prevent the spread of financial instability through cross-border capital flow among banks. Financial Times(tiered subscription model)(11/29)

Failed private placements prompt fines against firms and individuals
The Financial Industry Regulatory Authority has levied fines against brokerages and individuals over sales of private placements that failed, causing significant investor losses. FINRA also ordered restitution of $3.2 million. Reuters(11/29)

Auditor scrutinizes FHFA's oversight of Fannie and Freddie
The Federal Housing Finance Agency has displayed "undue deference" to the decision making of Fannie Mae and Freddie Mac, according to a report by the FHFA Office of Inspector-General. Financial Times (tiered subscription model)(11/29)