The Federal Deposit Insurance Corporation issued a notice of proposed rulemaking regarding a special assessment on large banks to recover approximately $15.8 billion in losses attributable to the failures of Silicon Valley Bank and Signature Bank.
Aaron Nicodemus
Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass.
Email: aaron.nicodemus@complianceweek.com
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Posted inAccounting & Auditing
Philips to pay $62M to settle alleged FCPA violations in China
Dutch conglomerate Royal Philips will pay more than $62 million to settle allegations it violated the Foreign Corrupt Practices Act when its subsidiaries engaged in improper conduct to win contracts in China.
Posted inRegulatory Enforcement
HSBC, Scotiabank latest caught in regs’ off-channel comms sting
The Bank of Nova Scotia and HSBC were fined $22.5 million and $15 million, respectively, by U.S. regulators for admitted recordkeeping failures regarding employee use of off-channel communications to conduct company business.
Posted inRegulatory Enforcement
Ex-Coinbase manager gets two years in prison in crypto insider trading case
Former Coinbase product manager Ishan Wahi was sentenced to two years in federal prison for his role in a crypto insider trading scheme.
Posted inAccounting & Auditing
PCAOB finds ‘unacceptable’ deficiency rates in first China/Hong Kong inspections
The Public Company Accounting Oversight Board found seven of eight audit engagements it reviewed in China and Hong Kong contained “unacceptable rates” of deficiencies.
Posted inEthics & Culture
Goldman Sachs to pay $215M to settle gender pay, discrimination case
Goldman Sachs agreed to pay $215 million to settle a class-action lawsuit that accused the bank of pay and advancement discrimination against female vice presidents and associates.
Posted inRegulatory Enforcement
SEC charges investment adviser in landmark Liquidity Rule case
The Securities and Exchange Commission charged New York-based Pinnacle Advisors and several mutual fund trustees with aiding and abetting violations of its Liquidity Rule—the agency’s first enforcement action related to the policy.
Posted inSanctions
U.S. set to expand sanctions in Sudan
The United States is preparing to issue sanctions on individuals and entities it considers responsible for perpetrating civil unrest in Sudan.
Posted inRegulatory Enforcement
Ex-Uber security chief avoids prison in obstruction case
The former chief security officer of Uber Technologies was sentenced to probation by a federal court judge as punishment for his involvement in covering up a 2016 data breach that affected 57 million users.
Posted inRisk Management
SEC passes new disclosure rules for hedge, private fund advisers
The Securities and Exchange Commission passed new amendments requiring advisers to hedge and private funds to disclose events that could indicate systemic risk or investor harm, a move the regulator said will improve transparency within $20 trillion of market activity.
