GRC Report Staff

The European Union Agency for Cybersecurity (ENISA) has officially launched the 2024 edition of ‘Threathunt 2030,’ a pivotal conference dedicated to anticipating and addressing future cybersecurity threats. Hosted in Athens, this flagship event brings together leading cybersecurity experts, policymakers, and industry stakeholders to explore the evolving landscape of cyber threats and develop strategies to enhance resilience across the EU.

The German Federal Financial Supervisory Authority (BaFin) has issued new guidance notes aimed at helping banks and insurers transition to the requirements set forth by the Digital Operational Resilience Act (DORA). Set to take effect from January 17, 2025, DORA introduces a comprehensive framework for managing ICT risks and third-party risks, marking a significant shift from the existing supervisory frameworks.

The Office of the Comptroller of the Currency (OCC) has revealed its latest enforcement actions, emphasizing the regulator's continued focus on maintaining the integrity and stability of the national banking system. Targeting two major banks and a former bank employee, these actions highlight the OCC's commitment to addressing issues ranging from unsafe banking practices to financial crimes.

The Securities and Exchange Commission (SEC) announced today that Macquarie Investment Management Business Trust (MIMBT), a registered investment adviser, has agreed to pay $79.8 million to settle charges of fraud. The case involves the overvaluation of illiquid assets and the execution of unlawful cross trades that favored certain clients over others.

The Financial Industry Regulatory Authority (FINRA) has taken action against two broker-dealers, TradeUP Securities, Inc. and Dalmore Group LLC, for various regulatory violations. Both firms have agreed to significant fines and censures without admitting or denying the findings.

The Securities and Exchange Commission (SEC) has taken action against First Horizon Advisors, Inc., a registered broker-dealer, for failing to comply with Regulation Best Interest (Reg BI). The charges, announced on September 18, 2024, specifically relate to First Horizon's recommendations of structured notes, a type of complex derivative security.

The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) have both issued new policy statements on bank merger transactions. This aligned approach, announced on September 17, 2024, aims to bring unprecedented transparency and clarity to the bank merger review process.