By Selling Unit, Barclays Dodges SEC Orders
Here's one way to get rid of a compliance monitor. Barclays Capital Inc. convinced federal regulators to lift an order requiring it to employ an “independent compliance consultant” by selling the business wealth management unit that the consultant was overseeing.
January 20, 2016 at 02:04 PM
2 minute read
Here's one way to get rid of a compliance monitor. Barclays Capital Inc. convinced federal regulators to lift an order requiring it to employ an “independent compliance consultant” by selling the business wealth management unit that the consultant was overseeing.
The U.S. Securities and Exchange Commission modified its order Tuesday to “relieve” Barclays of the responsibility to retain the consultant and make the compliance reforms. Barclays corporate spokesman Andrew Smith declined to comment on the change Wednesday.
The original order and consent agreement, filed in September 2014, stemmed from charges of “systemic compliance failures” at the Barclays division after its wealth management business in the U.S. acquired the investment advisory business of Lehman Brothers during the financial crisis of 2008. The deficiencies contributed to several securities law violations, according to the SEC. Barclays Capital Inc. is a U.S. division of Barclays Bank in London.
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