All Finance articles
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ArticleSEC’s Peirce weighs CCO enforcement case against liability framework
What would it look like if the SEC adopted a chief compliance officer liability framework? Commissioner Hester Peirce offered a preview in a statement regarding an enforcement action against the CCO of a formerly registered investment adviser.
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UBS to pay $25M over ‘inadequate’ training, oversight in SEC fraud case
UBS Financial Services agreed to pay approximately $25 million to settle fraud charges brought by the SEC that cited “inadequate” training and supervisory oversight of the firm’s financial advisers regarding a complex options trading strategy.
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FinCEN/BIS alert flags Russia export control evasion indicators
The Financial Crimes Enforcement Network and Bureau of Industry and Security warned financial institutions to be on the lookout for new and novel ways individuals and entities in Russia and Belarus are attempting to evade export controls.
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OCC risk report: Russian sanctions, staffing churn increase compliance challenges
The Office of the Comptroller of the Currency warned banks and financial institutions about elevated operational risks caused by geopolitical tensions and a heightened compliance risk environment complicated by regulatory changes, policy initiatives, and difficulties in hiring qualified professionals.
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Compliance deficiencies faulted in Western International Securities Reg BI case
Western International Securities and five of its brokers have been charged by the Securities and Exchange Commission with violating Regulation Best Interest when they sold high-risk debt securities to investors who weren’t aware of the risks.
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Weiss Asset Management lauded for cooperation in $6.9M settlement
Weiss Asset Management reached a $6.9 million settlement with the Securities and Exchange Commission after it self-reported alleged short selling violations.
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SEC charges investment adviser, CCO with selling fraudulent securities
A.G. Morgan Financial Advisors, its owner, and its former chief compliance officer were charged by the SEC with securities laws violations for unlawfully offering and selling more than $500,000 worth of unregistered, fraudulent securities.
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CNO Financial Group names chief risk officer
Financial services holding firm CNO Financial Group announced the appointment of Brian Schneider as vice president, enterprise risk management and chief risk officer.
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Morningstar to pay $1.15M in SEC internal control failure case
Morningstar Credit Ratings agreed to pay a civil penalty of $1.15 million to resolve charges of disclosure violations and internal control failures levied by the Securities and Exchange Commission last year.
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FinCEN launches rulemaking on no-action letter process
The Financial Crimes Enforcement Network launched rulemaking for a no-action letter process, which the agency said might help spur innovation in financial services for anti-money laundering/countering the financing of terrorism and compliance functions.
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Indictment: Ex-CCO charged with wire fraud over misappropriated funds
Jennifer Campbell, a former chief compliance officer at an unnamed investment adviser in Buffalo, N.Y., faces criminal and civil charges for allegedly misappropriating approximately $500,000 in funds from client accounts.
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Investment advisers fret over SEC’s proposed ESG disclosure rule
Investment advisers and companies worry a recently proposed rule by the SEC that would require enhanced disclosures about funds that claim ESG strategies drive investment choices would have “substantial impact” without providing useful information to investors.
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Ranger Investments appoints chief compliance officer
Ranger Investment Management announced the appointment of Melanie Mendoza as chief compliance officer.
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Blackstone Credit appoints chief accounting officer
Blackstone Credit, a privately owned hedge fund and credit investment subsidiary of Blackstone Group, announced the appointment of Abby Miller as chief accounting officer and treasurer.
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Compliance halts misconduct in SEC $5M RiverSource action
Minnesota-based broker-dealer RiverSource Distributors agreed to pay $5 million as part of a settlement with the Securities and Exchange Commission for improper switching of variable annuities carried out by certain of its employees.
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SEC rule proposal would order investment firms to back up ESG claims
The Securities and Exchange Commission proposed a new rule that would require registered investment advisers, investment companies, and business development companies to submit enhanced disclosures about funds that claim ESG strategies drive their investment choices.
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GDPR enforcement roundup: Spain stays on Vodafone, record fine in Poland
Vodafone running up its fine total in Spain and a record-setting action against a marketing firm in Poland highlight a roundup of notable enforcements announced under the General Data Protection Regulation during the first five months of 2022.
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BNY Mellon fined $1.5M by SEC for misstatements on ESG mutual funds
BNY Mellon Investment Adviser has agreed to pay a $1.5 million fine to the Securities and Exchange Commission for making “misstatements and omissions” on environmental, social, and governance mutual funds it managed over three years.
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Allianz unit pleads guilty in $6B fraud settlement
Allianz Global Investors U.S. and three former portfolio managers were charged with lying to investors about a complex options trading strategy, as well as forging documents to cover up the scheme, leading to multibillion dollar losses.
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FCA fines, bans director over unauthorized compliance duties
Thomas Ward, a former head of compliance at an investment management firm who once worked as a compliance inspector for a U.K. regulator, was fined 416,558 pounds (U.S. $513,000) and banned from working in the financial services sector following a tribunal ruling.
