The New York State Department of Financial Services issued a report in which it described its conclusions from an investigation it made into services provided by Promontory Financial Group, LLC in connection with its review of certain transactions undertaken by Standard Chartered Bank, which was the subject of NYDFS enforcement actions in 2012 and 2014. The NYDFS found that Promontory failed to exercise independent judgment in preparing certain reports submitted to the NYDFS relating to Standard Chartered Bank. The NYDFS announced that it will deny all pending and future requests to provide Promontory with access to confidential supervisory information pursuant to New York Banking Law § 36(10) until further notice. Promontory has announced that it intends to challenge the NYDFS action in court.
The report is available at: http://www.dfs.ny.gov/reportpub/promontory_inv_rpt_2015.pdf.