The Securities and Exchange Commission adopted amendments to its rule covering fund names to ensure the regulation is appropriate to address new investment drivers, namely environmental, social, and governance matters.
Kyle Brasseur
Posted inAccounting & Auditing
PCAOB proposal increases stakes on auditor negligence
Rule amendments proposed by the Public Company Accounting Oversight Board would enable the agency to penalize individual auditors more easily when their conduct is deemed to have contributed to violations by their firms.
Posted inAML
FinCEN publishes beneficial ownership guidance for small businesses
Nearly three months from the effective date of its beneficial ownership reporting rule, the Financial Crimes Enforcement Network released guidance for small businesses to determine whether they must comply and what information they might be required to provide.
Posted inEthics & Culture
Ex-Wells Fargo exec dodges prison for fake accounts role
Carrie Tolstedt, the former head of Wells Fargo’s community bank who pleaded guilty to obstructing justice regarding her role in the bank’s infamous fake accounts scandal, will not serve prison time.
Posted inRegulatory Enforcement
FinCEN fines P.R.-based Bancredito $15M in landmark AML action
Puerto Rico-based Bancrédito International Bank and Trust Corporation was assessed a $15 million penalty by the Financial Crimes Enforcement Network for admitted violations of the Bank Secrecy Act regarding suspicious activity monitoring and anti-money laundering compliance.
Posted inData Privacy
Google to pay $93M in California location data settlement
Google agreed to pay $93 million as part of a settlement with the state of California regarding its location data privacy practices. The agreement is separate from a related $391.5 million settlement Google previously reached with a coalition of other states.
Posted inRegulatory Enforcement
Yieldstreet to pay $1.9M over securities offering disclosure lapses
Yieldstreet and its investment adviser affiliate agreed to pay more than $1.9 million as part of a settlement with the Securities and Exchange Commission addressing allegations the firm did not disclose heightened risks regarding a $14.5 million asset-backed securities offering.
Posted inRegulatory Enforcement
Virtu sued by SEC over customer information protections
Virtu Financial and its broker-dealer affiliate Virtu Americas face a lawsuit filed by the Securities and Exchange Commission alleging the company misled its customers regarding its safeguards to protect their information contained in its trading business database.
Posted inRegulatory Enforcement
FINRA fines Citigroup unit $250K over trade designations
Citigroup Global Markets was fined $250,000 by the Financial Industry Regulatory Authority regarding inaccurate trade confirmations to customers.
Posted inRegulatory Enforcement
SEC fines nine in first marketing rule violation sweep
Nine investment advisers agreed to pay a total of $850,000 in penalties across separate settlements with the Securities and Exchange Commission addressing alleged violations of the agency’s amended marketing rule.