All Regulatory Enforcement articles – Page 103
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ArticleCFTC stresses clarity in revised civil monetary penalty guidance
The CFTC’s Division of Enforcement issued new civil monetary penalty guidance for the first time since publishing its penalty guidelines in 1994. The update is in line with recent efforts by the DOJ to crack down on commodities fraud.
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ArticleUSBI to pay $16M for breaches of fiduciary duty
U.S. Bancorp Investments, a dually registered investment adviser and broker-dealer, has agreed to pay $16 million to settle SEC charges for breaches of fiduciary duty arising out of its mutual fund share-class selection practices.
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ArticleRevised DOJ compliance guidance highlights risk, training, more
The Department of Justice posted new revisions to its “Evaluation of Corporate Compliance Programs” guidance, directing prosecutors to ask whether compliance is “adequately resourced and empowered to function” effectively, among other changes.
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ArticleNo stopping CCPA enforcement deadline, says California AG
With one month to go to the July 1 enforcement deadline of the California Consumer Privacy Act, it is still full speed ahead for Attorney General Xavier Becerra’s office.
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ArticleInvestigation into EY’s audit of Danske Bank dropped
Denmark’s state prosecutor has dropped its investigation into whether Big Four firm EY violated anti-money laundering laws in connection with its audit of Danske Bank.
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ArticleSFO closes bribery investigation into ABB
The U.K. Serious Fraud Office closed its bribery investigation into power and automation technology provider ABB after concluding the case “did not meet the relevant test for prosecution.”
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ArticleAres Management to pay $1M for compliance failures
Ares Management will pay a $1 million civil penalty to resolve charges by the SEC that it failed to implement and enforce policies and procedures reasonably designed to prevent the misuse of material nonpublic information.
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Facebook pays $6.8M to settle Canadian privacy violations
Facebook will pay $6.8 million in fines and penalties to settle claims it shared private information regarding 24 million Canadian customers with third parties over six years, despite promising users it was not doing so.
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ArticleMiniclip settles with FTC for falsely claiming participation in COPPA safe harbor program
Swiss-based digital game maker Miniclip has reached a settlement with the U.S. Federal Trade Commission for lying about its participation in a children’s privacy self-regulatory program.
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ArticleKPMG audit partners settle test cheating allegations
The KPMG cheating scandal expanded this week as three former partners at the firm settled charges with the SEC regarding the improper sharing of answers for internal training exams.
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ArticleLongtime holdout Ireland issues first GDPR fine
Child and family agency Tusla has become the first company to receive a fine from the Irish Data Protection Commission for violations of the General Data Protection Regulation.
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ArticleMorningstar to pay $3.5M for conflicts of interest violations
Morningstar Credit Ratings has agreed to pay $3.5 million to settle SEC charges for violating a conflict of interest rule designed to separate credit ratings and analysis from sales and marketing efforts.
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ArticleSEC charges Ambassador Advisors compliance chief for breaching fiduciary duties
The SEC charged Ambassador Advisors and its principals—including its chief compliance officer—with breaches of fiduciary duty arising out of its mutual fund share-class selection practices.
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SEC: Enforcement efforts still extend beyond coronavirus
Steven Peikin, co-director of the SEC’s Enforcement Division, said while coronavirus-related matters remain a top priority for the agency, “our other priorities also remain in place.”
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SEC, DOJ ordered to review RBS whistleblower’s claim on $4.9B settlement
A federal appeals court ordered two federal agencies to review the whistleblower claims of a former Royal Bank of Scotland employee who is seeking a slice of a nearly $5 billion settlement.
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ArticleRewriting the cyber-compliance playbook
Former U.S. deputy attorney general Rod Rosenstein provides some best practices companies can employ in their fight against a new era of cyber-crime.
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ArticleWorld Acceptance sets aside $22M to resolve SEC FCPA probe
World Acceptance Corporation announced it has recorded an aggregate accrual of $21.7 million to resolve an SEC investigation into alleged violations of the Foreign Corrupt Practices Act.
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ArticleHerbalife nears $123M FCPA resolution
Dietary supplement maker Herbalife said in a regulatory filing it has set aside a total of $123 million in accrued liability concerning SEC and DOJ investigations into alleged violations of the Foreign Corrupt Practices Act in China.
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ArticleJustice Department to recover more than $49M involving 1MDB
The Department of Justice reached a settlement to recover more than $49 million in assets associated with the international money laundering and bribery scheme involving Malaysia’s state development fund 1MDB.
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ArticleAlexion nears $25M settlement with SEC in FCPA probe
Alexion Pharmaceuticals said in a regulatory filing that it is nearing a $25 million settlement with the Securities and Exchange Commission concerning an investigation into the company’s compliance with the Foreign Corrupt Practices Act spanning various countries.