All Government articles – Page 3
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ArticleCFTC commissioner stresses ‘urgency’ in call for heightened crypto oversight
Christy Goldsmith Romero, a commissioner at the Commodity Futures Trading Commission, is lobbying the regulator to use its existing authority to conduct “heightened supervision” over derivative exchanges to create more oversight in crypto markets.
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OCC sets sights on big banks in updated penalty guidance
The Office of the Comptroller of the Currency’s new procedures for assessing civil penalties establishes fines as high as $400 million for misconduct—more than double the highest total in previous guidance—based on the size of the institution and severity of the violations.
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Regulatory independence vital in U.K.’s fight against fraud
To do their jobs properly, regulators must be able to act independently and without government intervention. Rather than seeking to tighten its grip on regulators, the U.K. government should be safeguarding their independence as a matter of urgent priority.
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Big penalties, admissions fuel record SEC enforcement year
The Securities and Exchange Commission collected more than $6.4 billion in enforcement penalties, fees, and interest in fiscal year 2022—the largest amount in the agency’s history and a massive increase over a transition year in 2021.
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CFTC commissioner warns against being ‘too cute’ when self-reporting
Businesses take varying approaches when self-reporting to regulatory agencies, which can lead to differing results. Caroline Pham, a commissioner at the Commodity Futures Trading Commission, suggests using common sense.
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SEC names two deputy directors to Division of Examinations
The Securities and Exchange Commission appointed two regulators within the agency’s Division of Examinations as deputy directors.
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SEC passes Dodd-Frank executive pay clawback rule
The Securities and Exchange Commission passed a rule to require public companies to recover incentive-based compensation doled out to current and former executives up to three years before issuing an accounting restatement.
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CFPB facing ‘existential threat’ following appeals court funding ruling
An appeals court’s finding the Consumer Financial Protection Bureau’s funding mechanism to be unconstitutional could affect a multitude of lawsuits filed against the agency, according to legal experts.
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CFTC FY2022 enforcement results: Record penalties, digital asset crackdown
The Commodity Futures Trading Commission highlighted its enforcement accomplishments from the 2022 fiscal year, including more than $2.5 billion ordered through restitution and penalties across 82 actions.
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SEC order against recidivist Oracle skirts the issue
The most notable and relevant details in settlement agreements concerning regulatory compliance violations are often what is not stated. The SEC’s cease-and-desist order against Oracle over violations of the Foreign Corrupt Practices Act is no exception.
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U.S. includes surveillance concessions in new transatlantic data flow framework
President Joe Biden’s executive order on a data privacy framework aims to provide a workable, legally resilient solution for companies to continue moving and storing the personal data of EU-based citizens to American-based servers without running afoul of the GDPR.
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SEC to reopen comment on climate-related disclosure rule, data breach reporting after glitch
The Securities and Exchange Commission will reopen comment periods on 11 rulemaking releases put forward over the past year, including proposals regarding climate-related disclosures and reporting cybersecurity breaches, because of a glitch in its online comment system.
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NetWalker hacker imprisoned 20 years for ransomware attacks
Sebastien Vachon-Desjardins, a former Canadian government employee who played part in widespread NetWalker ransomware attacks, was sentenced to 20 years in prison and ordered to forfeit the $21.5 million U.S. investigators said he received from his victims.
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FSOC recommends more regulation, oversight of digital assets
A new report by the Financial Stability Oversight Council identified three regulatory gaps in the current oversight of cryptocurrency, stablecoins, and other digital assets and recommended steps Congress and federal regulators should take to close them.
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CFTC commissioner says Cantor Fitzgerald unit’s $1.9M fine too lenient
Christy Goldsmith Romero believes the Commodity Futures Trading Commission let a swap execution facility affiliate of financial services firm Cantor Fitzgerald off easy when it was fined $1.9 million.
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FinCEN finalizes beneficial ownership rule, reporting requirements
The Financial Crimes Enforcement Network finalized its beneficial ownership rule, which will require certain reporting companies to file basic information with the agency about who controls their finances.
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Fed recruits 6 large banks for climate scenario analysis pilot
Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo will participate in a pilot climate scenario analysis exercise organized by the Federal Reserve that seeks to enhance climate-related financial risk management efforts in the industry.
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U.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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U.K. bill would empower Companies House as AML regulator
The Economic Crime and Corporate Transparency Bill aims to stem the flow of dirty money coming into the United Kingdom by giving Companies House more power and resources to help combat money laundering.
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ESG experts see shades of conflict minerals for SEC climate disclosure rule
The climate-related disclosure rule proposed by the Securities and Exchange Commission will eventually pass but not before undergoing some changes, practitioners speaking at CW’s virtual ESG Summit predicted.
