All Finance articles – Page 46
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ArticleU.S. Chamber, bank groups sue CFPB for expanding supervisory remit
A group of banking and business associations sued the Consumer Financial Protection Bureau and Director Rohit Chopra for overstepping their authority when the agency indicated it would begin actively searching for discrimination and disparate impacts during supervisory exams.
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ArticleCompliance deficiencies highlighted in $1.8B crackdown on messaging apps
Eleven banks, investment firms, and their affiliates will pay a total of more than $1.8 billion in fines for “widespread and longstanding failures” in monitoring, maintaining, and preserving electronic communications by employees.
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ArticleHBOS case latest example of U.K. senior exec accountability woes
The Prudential Regulation Authority and Financial Conduct Authority ending their six-year investigations into former senior managers at HBOS without enforcement serves as reminder of the United Kingdom’s checkered history of bringing executives to book.
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ArticleFlorida business settles landmark FCA whistleblower case involving PPP loan
A Florida-based investment fund will pay approximately $22,000 as part of a settlement resolving the first False Claims Act whistleblower case involving a Paycheck Protection Program loan in which the United States intervened.
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Brite Payments tabs director of compliance
Sweden-based fintech Brite Payments announced the appointment of Lisa Edström as director of compliance.
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ArticleRaymond James unit fined $500K for supervisory failures
A broker-dealer unit of Raymond James Financial agreed to pay $500,000 as part of a settlement with the Securities and Exchange Commission for alleged supervisory failures that included the input of a misinformed compliance officer.
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ArticleCollateral damage aplenty in NYAG lawsuit against Trump Organization
The New York Attorney General’s lawsuit against former President Donald Trump is solely focused on penalizing his business and cohorts, but firms like Mazars and Deutsche Bank don’t come off well from a due diligence perspective.
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PremiumESG Summit: Holistic approach to supply chain risk an ‘investment differentiator’
Two experts explained how the C-suite as a whole—not just compliance officers—should be focused on the holistic approach to supply chain risk management during a session at CW’s virtual ESG Summit.
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ArticleArcadia fined $90K for custody rule violations; CCO to undergo training
New York-based investment adviser Arcadia Wealth Management will pay $90,000 for violating a Securities and Exchange Commission rule by failing to obtain “surprise” examinations of advisory client assets.
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ArticleToews fined $150K over proxy voting violations
Investment adviser Toews Corp. agreed to pay $150,000 as part of a settlement with the Securities and Exchange Commission over proxy voting rule violations that prompted two commissioners to issue a dissenting statement.
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Waddell & Reed to pay $775K over wrap fee compliance failures
Investment adviser Waddell & Reed will pay about $775,000 as part of a settlement with the Securities and Exchange Commission for compliance failures and breaching its fiduciary duty.
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ArticleMorgan Stanley unit fined $35M for mishandling customer data
Morgan Stanley Smith Barney agreed to pay $35 million to settle Securities and Exchange Commission charges it repeatedly disregarded the safeguarding of clients’ personal data in decommissioning local storage devices.
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ArticleSEC fines four in pay-to-play enforcement sweep
Four investment advisers were fined between $45,000 and $95,000 by the Securities and Exchange Commission for violating the agency’s pay-to-play rule.
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MIG appoints chief legal officer in charge of compliance
McNeill Investment Group, formerly McNeill Hotel Investors, announced the appointment of Sussan Harshbarger as a managing director and chief legal officer.
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HarbourVest Partners appoints chief compliance officer
HarbourVest Partners, a global private markets investment specialist, announced the appointment of Adam Freedman as managing director and chief compliance officer.
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Bramshill Investments promotes compliance director to CCO
Asset management firm Bramshill Investments announced the promotion of Senior Director of Compliance Mona Daruwala to chief compliance officer.
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ArticleLoop Capital fined $100K over municipal adviser registration violations
The Securities and Exchange Commission for the first time punished a broker-dealer—Chicago-based Loop Capital Markets—for providing advice to a municipal entity without registering with the agency as a municipal adviser.
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ArticleBNY Mellon, 2 others settle with SEC in landmark municipal bonds cases
The Securities and Exchange Commission charged four underwriters with failing to satisfy exemption requirements related to limited offerings of municipal bonds—the first time the agency has taken such an action.
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Court orders $2M from Ambassador Advisors and execs, including CCO
Ambassador Advisors and three of its executives, including its chief compliance officer, must pay a total of more than $2 million for failing to disclose conflicts of interest related to fees received from mutual fund share classes selected for clients.
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Trading 212 appoints chief compliance officer
Trading 212, a U.K.-based fintech company, appointed Darren Dale as group chief compliance officer.