All Regulatory Enforcement articles – Page 50
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OpinionLegacy of CCPA: A blueprint for prioritizing compliance
Three years in, the promise of the California Consumer Privacy Act as a means of handing down eye-watering penalties against companies for data protection violations remains unfulfilled. And yet, the expanding U.S. data privacy legislation landscape is better for this.
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News BriefEx-CCO gets three years in prison for wire fraud
A former chief compliance officer of an unnamed New York-based investment adviser was sentenced to three years in prison for defrauding clients and her employer.
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News BriefMarcum partner accused of PCAOB standard violations at FTE Networks
Marcum partner Alan Markowitz was accused of violating standards of the Public Company Accounting Oversight Board when he took a client’s false representations at face value during an audit without seeking more information.
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News BriefFINMA: Credit Suisse ‘seriously breached’ duty regarding Greensill
Poor risk management by Credit Suisse’s asset management company kept the bank mostly unaware of the risky nature of lending procedures used by Lex Greensill that would lead to the collapse of Greensill Capital, according to Switzerland’s Financial Market Supervisory Authority.
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Blog
CFTC names new head of enforcement
The Commodity Futures Trading Commission announced the appointment of longtime federal prosecutor Ian McGinley as the agency’s new director of enforcement.
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PremiumCalifornia ‘setting the tone’ for privacy push with CPRA updates
Changes to the California Consumer Privacy Act set to come over the course of 2023 strengthen the nation’s first comprehensive state privacy law to a benchmark no other states have yet to equal.
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News BriefHHS creates new enforcement office for health privacy
The Department of Health and Human Services and its office responsible for enforcing health privacy reorganized so it can sharpen enforcement of cybersecurity and data breaches.
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News Brief
SEC commissioners question best execution ruling in Huntleigh Advisors case
Huntleigh Advisors and affiliate Datatex Investment Services agreed to pay $893,502 to settle charges laid by the Securities and Exchange Commission regarding failure to disclose conflicts of interest to their advisory clients over eight years.
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News BriefStanley Black & Decker discloses potential FCPA violations
Stanley Black & Decker voluntarily disclosed to the Department of Justice and Securities and Exchange Commission its international division might have violated the Foreign Corrupt Practices Act.
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PremiumRuling in Experian GDPR case thrusts ‘legitimate interest’ into spotlight
Experian won a legal battle against the U.K. Information Commissioner’s Office after the data regulator ordered the credit reference agency to make “fundamental changes” over the way it handled personal data for direct marketing purposes or stop altogether.
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News BriefProbe into Goldman Sachs’ credit card practices expands
Goldman Sachs Group disclosed more regulators—beyond the Consumer Financial Protection Bureau—are investigating its credit card account management practices.
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News BriefOFAC imposes new sanctions to mark anniversary of Russia’s Ukraine invasion
The Office of Foreign Assets Control unveiled a slew of new sanctions against financial services firms and individuals that either support Russia’s war effort or have been judged to be undermining existing U.S. sanctions.
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News BriefCornerstone Healthcare Group to pay $21.6M over false claims
Cornerstone Healthcare Group will pay more than $21.6 million to settle allegations it filed false claims to Medicare by inflating the cost of services, billing for unauthorized services, and other violations initially brought forward by a whistleblower.
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News BriefDOJ publishes voluntary self-disclosure policy for corporations
The Department of Justice codified a new policy regarding the voluntary self-disclosure of corporate misconduct, following recent announcements on the updates by agency officials.
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News Brief
SEC fines SPAC $104K for control failures that enabled CFO embezzlement
African Gold Acquisition Corp. will pay a $103,591 fine for allegedly having flawed internal controls, reporting, and recordkeeping procedures that allowed its former chief financial officer to drain approximately $1.2 million from its bank account.
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News BriefSEC cites CCO error in HITE Hedge short selling case
Investment advisory firm HITE Hedge Asset Management and its private fund clients agreed to pay more than $220,000 to settle allegations the firm violated a Securities and Exchange Commission rule concerning short selling.
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News BriefWells Fargo probed for employee use of off-channel communications
The Securities and Exchange Commission and Commodity Futures Trading Commission are investigating Wells Fargo regarding employees’ improper use of off-channel communications to conduct business and the bank’s recordkeeping of those communications.
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News BriefTreasury No. 2 warns of increased Russian sanctions enforcement
Deputy Secretary of the Treasury Wally Adeyemo said the agency is primed to step up its enforcement efforts regarding sanctions and export controls announced against Russia in the year since the country invaded Ukraine.
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News BriefMormon church, investment manager pay $5M for misstating asset ownership
The Church of Jesus Christ of Latter-day Saints and its investment advisory firm agreed to pay a total of $5 million to settle charges from the Securities and Exchange Commission that both entities conspired to obscure the value of the church’s investments.
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News BriefRaiffeisen confirms OFAC probe into Russia, Ukraine business
Raiffeisen Bank International said it received a request for information from the Treasury Department’s Office of Foreign Assets Control regarding its business activities related to Russia and Ukraine.