Overview
Steptoe partners Mike Miller and Jason Weinstein’s comments during a webinar hosted by the Foreign Exchange Professionals Association garnered coverage by Finance Magnates and Profit & Loss. The January 12 webinar focused on the key takeaways of “last look” practices in the wake of a recent $150 million fine imposed on a financial institution.
“The Department of Justice has never been more aggressive in going after financial institutions and it’s never been more expensive to have the DOJ come after you. For those firms that have a last look program, look very carefully at the way that it operates, look very carefully at what you say to customers about how it operates and look very carefully at your compliance procedures,” Mr. Weinstein told participants.
Mr. Miller added: “If there’s anything that we’ve learned, it’s that if you get out in front of regulators and law enforcement officials in terms of identifying practices that need to be corrected and then doing so before you draw any fire, that’s enormously helpful.”
The full articles can be read at Finance Magnates and Profit & Loss (subscription required).
