Regulators were yesterday preparing a news conference in New York today, but talks went on through Thursday night amidst fears that a pending deal might collapse.
The deal would settle an investigation by New York attorney-general Elliot Spitzer and the Securities and Exchange Commission into IPO share tipping to executives by investment banks in order to win deals.
Citigroup and Credit Suisse First Boston are deemed the most serious offenders, and are potentially facing fines of $300m and $150m respectively.
Morgan Stanley, Goldman Sachs, Deutsche Bank, and seven other banks are also under investigation and could face fines between $50m and $75m. Part of the fines will go to investor education.
The basic reforms are thought to have been agreed weeks ago, but talk were stalled over the smaller fines and the legal wording of the pending settlement.
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The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements