State Street will pay $88.8 million to resolve charges with the SEC that it overcharged mutual funds and other registered investment company clients for expenses related to the firm’s custody of client assets.
Financial Services
Posted inEurope
UBS compliance officer convicted of insider trading
A London Southwark Crown Court jury on June 27 convicted two individuals—a senior compliance officer of UBS and a day trader of financial securities—and sentenced them to three years’ imprisonment for insider trading. Fabiana Abdel-Malek was employed as a senior compliance officer by investment bank UBS in its London office and used her position to […]
Posted inFinancial Services
FCA fines BOS over failure to report fraud suspicions
Bank of Scotland (BOS) has been slammed with a £45.5 million (U.S. $57.8 million) fine by the Financial Conduct Authority for failing to inform authorities of its suspicions that a BOS turnaround unit was committing fraud.
Posted inRegulatory Enforcement
Wedbush to pay more than $8.1M for improper handling of ADRs
Wedbush Securities will pay more than $8.1 million to settle charges for the improper handling of “pre-released” American Depositary Receipts.
Posted inFinancial Services
Compliance.ai upgrades RCM solution
Compliance.ai announced the availability of new features to its Modern Regulatory Change Management solution.
Posted inRegulatory Enforcement
ICBC to pay more than $42M for improper handling of ADRs
Industrial and Commercial Bank of China Financial Services will pay more than $42 million to settle charges with both the Securities and Exchange Commission and the Department of Justice for the improper handling of “pre-released” American Depositary Receipts.
Posted inEurope
FCA publishes final report on RBS
The Financial Conduct Authority has concluded its investigation into the Royal Bank of Scotland and published a final report of its findings.
Posted inFinancial Services
Reps continue push for big bank diversity data
Members of the House Financial Services Committee have sent letters to 37 bank holding companies requesting their diversity and inclusion data.
Posted inFinancial Services
Report says more companies address climate change, struggle with disclosures
A task force on climate-related financial disclosures found “encouraging progress” in its latest report, though there’s still work to be done when considering financial risks.
Posted inAccounting & Auditing
New bill sits on Senate agenda to block, study CECL
A new bill intended to block CECL is awaiting action in the Senate Banking Committee, much to the delight of big banks.