All Financial Services articles – Page 40
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News Brief
SEC bulletin tackles Reg BI care obligation FAQs
Staff at the Securities and Exchange Commission issued a bulletin addressing standards of conduct for broker-dealers and investment advisers in addressing their care obligations under Regulation Best Interest and the Investment Advisers Act.
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News BriefDOJ: Disbarred attorney serving as bank CCO charged for fraud role
The Department of Justice announced charges against the “purported” chief compliance officer at Dominion Bank and Trust Company Limited for allegedly taking part in a $4 million fraud scheme.
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News BriefBarclays recruits chief compliance officer from HSBC
Barclays announced the appointment of Kirsty Everett as chief compliance officer and a member of its group executive committee, effective July 1.
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News BriefBetterment to return $9M to clients in SEC material misstatement case
New York-based investment adviser Betterment agreed to pay $9 million to settle charges levied by the Securities and Exchange Commission over material misstatements and omissions related to its automated tax loss harvesting service.
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News BriefBarclays unit fined $2.5M by FINRA over reporting failures
Barclays Capital was fined $2.5 million as part of a settlement with the Financial Industry Regulatory Authority addressing allegations the investment bank failed to accurately report over-the-counter options positions in more than 4 million instances.
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News BriefRBC unit settles with FINRA over trade monitoring system lapses
RBC Capital Markets agreed to pay nearly $1.1 million as part of a settlement with the Financial Industry Regulatory Authority for failing to establish and maintain a reasonable supervisory system to monitor the suitability of short-term trading recommendations.
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News Brief
SEC fines Corvex Management $1M for SPACs conflicts
Corvex Management agreed to pay $1 million to settle allegations it failed to disclose personnel ownership in certain sponsors of special purpose acquisition companies and didn’t have policies and procedures reasonably designed to thwart conflicts of interest.
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News BriefBittrex charged by SEC amid U.S. departure efforts
The Securities and Exchange Commission announced charges against Seattle-based Bittrex and its co-founder and former CEO for operating an unregistered national securities exchange, broker, and clearing agency.
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News BriefOFAC sanctions International Investment Bank over Russian ties
The International Investment Bank, a multinational development institution headquartered in Hungary, was designated by the Office of Foreign Assets Control for potentially facilitating the evasion of U.S. sanctions against Russia.
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News BriefFDIC vice chair: Access to data, employees slowed sale of SVB
The collapse of Silicon Valley Bank highlighted for the Federal Deposit Insurance Corporation some of the impediments to a quick bank sale, including failing to provide rapid access to quality financial data and lists of key employees.
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News Brief
Infinity Q founder sentenced to 15 years for fraud scheme
The former chief investment officer and founder of investment adviser Infinity Q Capital Management was sentenced to 15 years in prison and ordered to forfeit $22 million for artificially inflating the values of certain derivatives to defraud investors.
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PremiumWyelands Bank case warrants extra scrutiny post-SVB collapse
The details of the Prudential Regulation Authority’s case against Wyelands Bank and the business coming from the group of companies that owned it raise questions about the risks such exposure causes to financial institutions, their customers, and the sector at large.
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News BriefGoldman Sachs settles CFTC charges over same-day swaps manipulation for $15M
Goldman Sachs will pay a $15 million fine to settle charges from the Commodity Futures Trading Commission it manipulated the execution of same-day swaps to the detriment of unsophisticated clients and for failing to accurately disclose the actual cost of those swaps.
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News BriefOCC ‘reluctantly’ drops enforcement, fine against former Rabobank CCO
The Office of the Comptroller of the Currency dismissed an enforcement action and withdrew a fine against the former chief compliance officer for the now-defunct U.S. branch of Rabobank N.A.
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News BriefTreasury: DeFi services vulnerable to AML/CFT, cybersecurity risks
A new U.S. Treasury report concluded that decentralized finance services are being used by bad actors to launder the proceeds of illegal activity, aided by crypto platforms weak or non-existent in anti-money laundering and sanctions compliance programs.
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PremiumNeed to know: FASB proposal on accounting for crypto assets
The Financial Accounting Standards Board issued a proposed accounting standards update to improve accounting and disclosures for certain crypto assets.
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News BriefUBS prepping for ‘Herculean task’ of integrating Credit Suisse
Senior leadership at UBS acknowledged the significant work ahead of Switzerland’s largest bank as it begins preparing to absorb the country’s second-largest bank, Credit Suisse.
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OpinionAlleged fraudster cited privacy in duping JPMorgan into $175M merger
Charlie Javice and her startup Frank allegedly convinced the country’s largest bank to pay $175 million for what largely amounted to a list of fake college students. The apparent due diligence failures by JPMorgan Chase offer a cautionary tale to compliance professionals.
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News BriefGoldman Sachs fined $3M by FINRA over mismarked short sales
Goldman Sachs was fined $3 million by the Financial Industry Regulatory Authority for mismarking nearly 60 million short sell orders as long and related supervision failures.
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News Brief
Merrill Lynch to pay $9.7M over undisclosed fees
Merrill Lynch agreed to pay nearly $9.7 million as part of a settlement with the Securities and Exchange Commission addressing allegations the firm charged more than $4 million in undisclosed fees to clients.