General Business Finance & Banking Administrative Agency

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SEC Sanctions Goldman Based on Market Access Rule

The SEC filed another action based on its market access rule. This time the Respondent is Goldman, Sachs & Co., a wholly owned subsidiary of The Goldman Sachs Group, Inc. In the Matter of Goldman, Sachs & Co., Adm. Proc. File...more

6 Record Search Lessons From $43M Clydesdale Bank Penalty

Clydesdale Bank PLC was recently hit with a more-than-$43 million fine, largely because it failed to search for documents that should have been subject to its destruction policy, and for misleading consumers and its...more

Regulatory Risk Update: The Fair And Effective Markets Review - Recommendations To Strengthen UK Regulation Of FICC Markets And...

In the wake of a number of recent high profile LIBOR and Forex market abuses, the Chancellor of the Exchequer and the Governor of the Bank of England established the Fair and Effective Markets Review ("FEMR") in June 2014 to...more

SEC Enforcement Defendants Descend on Georgia for Judicial Relief from the SEC’s Allegedly Unconstitutional In-House Tribunal

It is often hot in Georgia this time of year. In one particular Georgia federal court, the U.S. Securities and Exchange Commission (SEC) has been feeling some of that heat on an issue of significant interest to subjects of...more

FinCEN Announces Civil Money Penalty Against West Virginia Bank for BSA Violations

On June 15, FinCEN announced a $4.5 million civil money penalty against a West Virginia-based bank for alleged violations of the BSA from 2008 through 2013. According to the Assessment of Civil Money Penalty, the bank failed...more

Non-U.S. Investment Funds and Managers: Regulatory Framework for Raising Capital in the United States

U.S. regulation of money managers, including non-U.S. managers, and the funds they manage is a complex regime that has changed significantly since the implementation of the Dodd-Frank Reform and Consumer Protection Act of...more

Georgia District Court Rules SEC’s Use of Administrative Law Judges In Insider Trading Case “Likely Unconstitutional”

On June 8, in Hill v. Securities And Exchange Commission, Civ. Action No. 1:15-CV-1801-LMM, a Georgia federal judge ruled that the Securities and Exchange Commission’s use of an in-house Administrative Law Judge (“ALJ”) to...more

FinCEN Fines Michigan MSB For BSA/AML Violations, Bans Owner From Serving at Any U.S. Financial Institution

On May 29, a Michigan-based money service business (MSB), along with its owner, admitted to repeated violations of the BSA and have agreed to pay FinCEN a civil money penalty in the amount of $12,000. The company violated the...more

FinCEN Levies $75 Million Penalty on International Casino for BSA/AML Lapse

On June 3, FinCEN announced a $75 million civil money penalty against an international casino for alleged “willful and egregious” violations of the BSA. As detailed in the Assessment, the casino (i) failed to develop and...more

National Bank to Pay $30 Million Civil Penalty to OCC for Alleged SCRA Violations

On May 29, the OCC entered into a consent order with a national bank to resolve allegations that it (i) violated the SCRA; (ii) engaged in unsafe and unsound practices in its efforts to comply with the SCRA; and (iii) engaged...more

Achilles Macris v FCA: Court of Appeal Ruling Safeguards Individuals’ Rights in Regulatory Investigations

As part of its policy of credible deterrence, the UK Financial Conduct Authority (FCA) has frequently sought to include specific examples of individuals’ behaviour in its enforcement notices in order to highlight the failings...more

California-Based Storage Company Agrees to Settle SCRA Claims

On May 15, a San Diego-based storage company entered into a consent order with the DOJ to settle claims that the company’s practice of auctioning off active duty servicemembers’ stored belongings violated the Servicemembers...more

BEA Filing Deadline Looms For US Persons With Foreign Affiliates

Every five years, the US Department of Commerce's Bureau of Economic Analysis (BEA) conducts a survey concerning the extent of investment abroad by US individuals and entities (US persons). In the past, only US persons...more

ESMA Responds to Prospective Directive and Securitization Consultations

ESMA has responded to the European Commission’s consultations on the Prospective Directive and Securitization, recommending, in relation to prospectuses, an approach that would facilitate access to capital, while stressing...more

SEC Adopts Final Rules to Implement "Regulation A+"

As part of its mandate under the JOBS Act to facilitate capital raises by smaller companies and emerging businesses and its continuing effort to broaden the number of investment options for investors, the Securities and...more

Massachusetts Moves to Block Regulation A+

The Secretary of the Commonwealth of Massachusetts has filed a petition for review of Regulation A+. The Secretary is asking that the rule be vacated because it is arbitrary, capricious and not in accordance with the...more

SEC Updates EDGAR for Regulation A+

The SEC has updated its EDGAR Filer Manual to document changes being made to accommodate Regulation A+ under the JOBS Act. EDGAR will be updated to add Regulation A submission form types DOS, DOS/A, DOSLTR, 1-A, 1-A/A,...more

Corporate & Financial Weekly Digest - Volume X, Issue 20

In this issue: - Section 16(b) Decision Provides Important Guidance - FINRA Requests Comment on Proposed Amendments to Rules Governing Communications With the Public - Form BE-10 Filing Deadline...more

Financial Regulatory Developments Focus - May 2015 #3

In This Issue: - Application of EU Requirements for Remuneration Policies for Small and Non-Complex Firms Confirmed - US Regulators Issue the Final Interpretation on Forward Contracts with Embedded Volumetric...more

Cooperative Capital Markets Regulatory System Delayed by One Year

On April 16, 2015, the council of ministers (Council) for the proposed cooperative capital markets regulatory system (Cooperative System) announced that the Cooperative System is now expected to be operational by the fall of...more

Start-up Crowdfunding Exemption Adopted In Certain Canadian Jurisdictions

The Canadian Securities Administrators (“CSA”) and securities regulators of British Columbia, Saskatchewan, Manitoba, Quebec, New Brunswick and Nova Scotia (the “participating jurisdictions”), announced on May 14, 2015, the...more

OCC Updates Consumer Compliance Examination Manual To Incorporate Integrated Disclosures

The Office of the Comptroller of the Currency has released revised TILA and RESPA chapters of its examination manual for consumer compliance exams. The revised chapters incorporate the detailed procedural and substantive...more

FINRA Allows Use of Related Performance Information in Communications Regarding Mutual Funds with Financial Intermediaries and...

Overview and Background - On May 12, 2015, the staff of the Financial Industry Regulatory Authority (FINRA staff) issued an interpretive letter to Hartford Funds Distributors, LLC (Hartford Funds) that conditionally...more

Is the SEC a Toothless Watch Dog?

SEC enforcement actions are supposed to halt violations, protect investors and the markets, act as a deterrent and prevent a future repetition of wrongful conduct. To facilitate those goals settlements typically incorporate...more

FINRA’s NAC Strengthens Sanction Guidelines Related to Fraud and Suitability

On May 12, the Financial Industry Regulatory Authority announced that the National Adjudicatory Council (NAC) revised its Sanction Guidelines to call for tougher sanctions against those who commit fraud or make unsuitable...more

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