The Consumer Financial Protection Bureau continued its push to establish supervisory authority over more nonbank financial companies with the adoption of a procedural rule to streamline the process for such designations.
Financial Services
Posted inRisk Management
FinCEN warns of fake U.S. passport cards used to commit fraud
The Financial Crimes Enforcement Network is warning financial institutions of counterfeit U.S. passport cards used to commit fraud and identity theft.
Posted inRegulatory Enforcement
FINRA orders Barclays unit to pay $700K over conflicts of interest
A Barclays unit agreed to pay $700,000 to settle allegations levied by the Financial Industry Regulatory Authority that its research analysts violated conflict-of-interest rules and the firm failed to sufficiently supervise their trades.
Posted inEurope
U.S., U.K. ban new Russian metal imports
The U.S. Treasury Department, in coordination with the United Kingdom, is clamping down harder on Russia’s ability to wage war against Ukraine by banning the import of Russian-origin aluminum, copper, and nickel.
Posted inRegulatory Enforcement
SEC fines five investment advisers in marketing rule sweep
Five registered investment advisers agreed to pay a total of $200,000 in penalties for allegedly violating the Securities and Exchange Commission’s amended marketing rule.
Posted inRegulatory Enforcement
CFTC enforcement head talks steep path to self-reporting credit
Earning self-reporting credit from the Commodity Futures Trading Commission is no simple task, Director of Enforcement Ian McGinley conceded.
Posted inRegulatory Enforcement
Treasury proposal seeks to expand CFIUS enforcement authority
A proposal by the Treasury Department would allow the Committee on Foreign Investment in the United States to seek more information as part of its review activities and enable “substantially” larger penalties in instances of noncompliance with relevant regulations.
Posted inRegulatory Enforcement
SEC official breaks down agency calculus for off-channel comms penalties
Sanjay Wadwha, deputy director of the SEC’s Enforcement Division, discussed the agency’s rationale for issuing widely disparate penalties for off-channel communications recordkeeping violations, as well as violations of its amended marketing rule.
Posted inEurope
SEC concludes VW emissions case with $48.8M judgment
Volkswagen Group of America Finance was ordered to pay $48.75 million as part of a final judgment obtained by the Securities and Exchange Commission to resolve historical violations related to the automaker’s emissions scandal.
Posted inRegulatory Enforcement
Senvest latest rapped by SEC over off-channel comms
Registered investment adviser Senvest Management agreed to pay $6.5 million as part of a settlement with the Securities and Exchange Commission addressing admitted off-channel communications violations and separate code of ethics failures.
