The Financial Industry Regulatory Authority fined broker-dealer Morgan Stanley $1 million over alleged documentation failures related to risk management controls and supervisory procedures involving violations of the Market Access Rule.
Jeff Dale
Posted inInternal Controls
Meta discloses potential CFPB lawsuit following probe into advertising, disclosure practices
Meta disclosed in a public filing that an investigation by the Consumer Financial Protection Bureau related to financial product advertising on platforms Instagram and WhatsApp may lead to a lawsuit.
Posted inEurope
Irish DPC fines LinkedIn $335M over GDPR violations related to targeted advertising
The Irish Data Protection Commission fined Microsoft-owned LinkedIn 310 million euros (U.S. $335 million) over violations of the European Union’s General Data Protection Regulation related to the social media company’s data processing and targeted advertising.
Posted inBoards & Shareholders
SEC penalizes Rimar CEO, holding company board member $524K total for ‘AI washing’
The Securities and Exchange Commission ordered the owner of Rimar Capital and a board member of its holding company to pay nearly $524,000 in penalties for defrauding investors with false and misleading statements about its use of artificial intelligence.
Posted inAccounting & Auditing
EV maker Fisker under investigation by SEC amid bankruptcy, ICFR weaknesses
Electric vehicle maker Fisker is under investigation by the Securities and Exchange Commission over potential violations of federal securities laws related to the preservation of records and documents involving its Chapter 11 bankruptcy filing.
Posted inRisk Management
American Water Works discloses probe into cybersecurity breach
American Water Works Company, which supplies drinking water and wastewater to 14 million customers, disclosed a breach of its computer networks and system due to a cybersecurity incident.
Posted inRegulatory Enforcement
FINRA fines Merrill Lynch, BofA Securities $2.3M for reporting, registration failures
The Financial Industry Regulatory Authority issued two separate fines against Merrill Lynch and BofA Securities totaling nearly $2.3 million for reporting violations and failing to timely file amendments on registration forms for their registered representatives.
Posted inData Privacy
Irish DPC fines Meta $102M over GDPR violation linked to improper storage of passwords
The Irish Data Protection Commission fined Meta Ireland 91 million euros (U.S. $102 million) for multiple violations of the European Union’s General Data Protection Regulation related to the inadvertent storage of user passwords without encryption.
Posted inEthics & Culture
AI and government: How Trump or Harris presidency will differ on policy, regulation
AI may be one of the hottest things in the business world but former President Donald Trump and Vice President Kamala Harris haven’t devoted much time to discussing the technology. Still, each candidate has offered a few clues as to how they would govern over this next wave of innovation.
Posted inRegulatory Enforcement
‘Biblically responsible’ investment adviser ordered to pay $300K over misleading investors
A “biblically responsible” investment adviser agreed to pay $300,000 and hire an independent compliance consultant to settle charges with the Securities and Exchange Commission that it misled investors, along with other compliance failures.