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BofA Data, China Auditors, Swiss Banking: Compliance

Bank of America Corp. said it sent incorrect data to the Financial Industry Regulatory Authority that made its private stock-trading platform look bigger than it actually is.

Finra for the first time June 2 published data on the size of alternative trading systems. Bank of America’s Instinct X was the biggest dark pool in the report for the week of May 12-18, just ahead of markets run by Credit Suisse Group AG and Barclays Plc.

Bank of America made an error calculating the volume it sent to the regulator, according to spokesman Zia Ahmed. The company sent a correction to Finra and expects the adjustment to cut its volume roughly in half, Ahmed said. George Smaragdis, a Finra spokesman, declined to comment.

Finra created the repository to reveal how much U.S. equity volume is handled on alternative trading systems including dark pools. The private platforms have won market share from the public exchanges, which now only handle about 60 percent of volume.

Compliance Action

Lenovo, IBM Said to Seek Extension in U.S. Review of Server Deal

Lenovo Group Ltd. and International Business Machines Corp. have sought more time for a U.S. national-security review of Lenovo’s planned purchase of IBM’s low-end server unit, according to a person familiar with the matter.

The companies resubmitted the transaction for review by an interagency panel called the Committee on Foreign Investment, or CFIUS, in the U.S., said the person, who asked not to be identified because the process is confidential. The extended review gives regulators more time to scrutinize the proposed transaction.

Extending the process gives Beijing-based Lenovo and IBM additional time to win approval from the U.S. Companies can pull their requests and refile them during or at the end of the standard 75-day inquiry by CFIUS, which examines acquisitions of U.S. companies by foreign investors with an eye toward national security. The companies remain on track to complete the $2.3 billion deal by the end of the year, according to Lenovo.


China Auditors in SEC Settlement Talks as Extension Granted

Chinese affiliates of the four largest accounting companies and U.S. regulators are discussing settlement of an administrative action brought in 2012 over access to audit documents belonging to the firms’ clients.

The Securities and Exchange Commission granted June 2 a 90-day extension requested by the firms and the agency’s enforcement division for an appeal briefing, according to an order filed by the regulator. The extension will help “continued settlement efforts,” the SEC said.

Deloitte Touche Tohmatsu CPA Ltd., Ernst & Young Hua Ming LLP, KPMG Huazhen and PricewaterhouseCoopers Zhong Tian CPAs Ltd. are appealing an administrative judge’s January decision to bar them from leading audits of companies traded in the U.S. after failing to provide documents at the heart of a series of accounting fraud probes.

Spokeswomen for PricewaterhouseCoopers and KPMG declined to comment. Deloitte and Ernst & Young spokesmen didn’t immediately respond to requests for comment.

Ex-RBS Banker in Libor Probe Settles Race-Discrimination Lawsuit

Jezri Mohideen, a former Royal Bank of Scotland Group Plc manager fired in a probe into Libor misconduct, settled his lawsuit accusing the bank of racial discrimination and unfair dismissal, an official at a London employment tribunal said.

Mohideen’s case was scheduled to start yesterday.

He’s the second former RBS employee to settle a lawsuit in London alleging unfair treatment in the bank’s Libor investigation. A third trader settled a case in Singapore.

RBS spokeswoman Sarah Small said the settlement terms were confidential and declined to comment further. Bivonas LLP, Mohideen’s law firm, didn’t immediately return a call seeking comment.


Lombard Odier Partner Says EU Will Block Swiss Offshore Banks

Geneva’s private banks may have to wait years before they can prospect for business in the European Union from Switzerland and serve clients across borders, according to a managing partner at the city’s oldest bank.

The EU won’t allow the banks to market wealth-management services into the 28-member bloc, especially after the Swiss voted on Feb. 9 to cap immigration, Anne-Marie de Weck, one of eight managing partners at Lombard, Odier & Cie, said at a British-Swiss Chamber of Commerce conference June 1.

Swiss bankers have been lobbying against EU proposals to ban them from marketing their services directly to residents of the union from Switzerland.

The proposals come at a time when Switzerland is losing its tradition of banking secrecy, and also is facing competition from Miami, London, Luxembourg, Hong Kong and Singapore to be the offshore booking center of choice for affluent individuals and families.

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