Financial services
Technology, globalization, convergence and consolidation are transforming the financial services industry. Your company needs someone to help you make decisions that are right for your business. Grant Thornton professionals understand the complex and changing world of financial services and can offer specialized knowledge and attention to help meet your needs.
 |
Financial reform: How the Dodd-Frank Act affects securitization and mortgage lending
The Dodd-Frank Wall Street Reform and Consumer Protection Act will significantly affect securitization and mortgage lending businesses. The new rules are intended to more closely align the economic interests of securitizers and their investors and to improve underwriting standards of financial assets when a securitizer issues asset-backed securities (ABSs). Mortgage lenders must abide by new minimum standards, including addressing borrowers’ ability to pay. In addition, the perceived credit rating agency failings have led to a focus on strengthening the accountability of these agencies and reducing potential conflicts of interest that may compromise the integrity of their ratings.This document outlines the new rules — from credit risk retention requirements to enhanced disclosures for NRSROs — and the required actions.
 |
Protecting what's yours: The case for integrating AML and anti-fraud programs
Kelly Gentenaar, Grant Thornton LLP Forensic Accounting and Investigative Services senior manager, authored this article for the August 2010 issue of Ascella’s Compliance Watch. The article shares valuable information on integrating AML and anti-fraud programs as a way to maximize resources while meeting new challenges from increased regulatory requirements. What are the challenges of integration? How can your institution make integration work?
 |
Financial reform: What public companies and their audit committees need to know about the Dodd-Frank Act
The recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act) will change the landscape for financial services firms and financial institutions. Although central elements of the Act focus on regulating the financial services sector, the legislation also includes provisions affecting every public company, including enhanced SEC enforcement authority and additional corporate governance requirements. Audit committees may not want to mire themselves in the minutiae of this complex legislation, but they need to ensure the important details are being addressed by their management teams. This document outlines key financial reform issues that public companies and their audit committees should understand and actions they can take.
 |
Financial reform: What private fund advisers need to know about the Dodd-Frank Act
The Dodd-Frank Wall Street Reform and Consumer Protection Act will place investment advisers, hedge funds and private equity funds under increased regulation and scrutiny — namely, registration and examination by the SEC. Advisers and funds should be prepared for the enhanced disclosure and reporting requirements that come with the new regulations. Financial reform: What private fund advisers need to know about the Dodd-Frank Act outlines the new rules that funds and their advisers should understand and actions they can take.
 |
AIFMD implementation delayed
Implementation of the Alternative Investment Fund Managers Directive (AIFMD) has been delayed after the European Commission, European Parliament and the European Council failed to reach agreement on various areas of the directive. This Financial Bulletin, issued on July 12, 2010, outlines the remaining sticking points and the revised timeline.
 |
Accounting for FDIC-assisted transactions: Acquisition of loans, application of ASC 310-30 and other issues
For qualified institutions, FDIC-assisted acquisitions of failed banks present opportunities to grow aggressively. However, accounting for these transactions can be quite complex. Grant Thornton LLP’s new white paper, released on June 1, tackles the challenges in applying GAAP purchase accounting to the acquisition of loans, including troubled loans, as well as pitfalls for acquirers to avoid and best practices for a smooth acquisition.
 |
What health care legislation means for financial institutions
The latest developments in health care legislation don’t just affect hospitals. Financial institutions that provide certain services to health care organizations must also comply with changes to the Health Insurance Portability and Accountability Act (HIPAA). HIPAA compliance requirements continue to expand substantially in breadth and scope through various pieces of legislation enacted in recent weeks and months. Learn how banks and other financial institutions can take a number of critical, affordable steps to help ensure compliance.
 |
Illiquid assets: Improving transparency for investors
Many hedge fund investors suffered significant losses in the downturn and consequently want a closer view of portfolio assets and valuation process when it comes to illiquid assets. Because of the lack of observable transaction prices, illiquid assets are often valued using models that may include significant management judgment. This issue explores how funds that invest in illiquid assets can demonstrate transparency and a commitment to clear valuation policies to investors.
 |
Regulatory scorecard: Game-changing issues for broker-dealers
A number of pending regulations, such as Sen. Chris Dodd’s financial reform bill, have been proposed to tighten the reins on Wall Street and as a result, broker-dealers face a changing playing field. Navigating these numerous new rules can be challenging. From cost-basis reporting requirements to potential regulatory reform, this issue explores the major issues that will affect broker-dealers, and what they can expect in the months ahead.
 |
Troubled bank opportunities: What you need to know about FDIC-assisted transactions
The economic downturn and banking crisis have spurred a significant increase in the number of bank failures. Many of these troubled banks are being acquired by healthy banks through FDIC-facilitated acquisitions. For qualified banks, acquisitions of these failed banks present opportunities to grow aggressively. Updated March 8, 2010, this white paper, Troubled bank opportunities:What you need to know about FDIC-assisted transactions, explores the accounting, tax, operational, legal, regulatory and other implications of these complex transactions.
 |
Private market for mortgage-backed securities shows signs of life
Over the past few years, private investors have lost their collective appetite for most mortgage-backed securities, particularly those in the nonconforming or “jumbo” category (those too large to be guaranteed or secured by a government entity, such as Fannie Mae or Freddie Mac). In April 2010, Redwood Trust, a California-based REIT, sponsored a $238 million residential prime jumbo mortgage securitization — the first deal of its kind since August 2008 — and breathed new life into a dormant market. Learn more about this transaction and how it may shape future securitizations.
 |
SEC updates Custody Rule requirements
The SEC adopted the Final Rule, Custody of Funds or Securities of Clients by Investment Advisers, on Dec. 16, 2009. Effective March 12, 2010, investment advisers must comply with amendments made related to Form ADV and new instructions to Item 9 of that form, as well as undergo surprise examinations. This Financial Bulletin explains these requirements and what investment advisers can expect.
 |
The Red Flags Rule: What financial institutions need to know
Financial institutions will need to have in place a red flags compliance strategy to help combat identity theft. The Red Flags Rule, a component of the Fair and Accurate Credit Transactions Act signed into law in December 2003, requires that financial institutions and creditors implement a plan to identify, detect and respond to attempts to use stolen identity information. The FTC has extended the deadline for a third time from Nov. 1, 2009, to Dec. 31, 2010. After Dec. 31, 2010, any occurrence of identity theft at your institution will expose you to an FTC investigation. Learn more about the rule, as well as a few do’s and don’ts of compliance.
|
||||||||||||
How will financial reform affect you?
The Dodd-Frank Wall Street Reform and Consumer Protection Act will change the face of the financial services industry. Visit our Financial Regulatory Reform Resource Center for more information.
Financial reform: Top 10 considerations for broker-dealers
The Dodd-Frank Act will have a major impact on broker-dealers. Learn what key items broker-dealers need to know and how Grant Thornton can help them navigate the new rules.
Financial reform: Top 10 considerations for banks
Banks will be affected significantly by the Dodd-Frank Act. Find out what issues your bank needs to know.
