The Securities and Exchange Commission (SEC) has charged Babu Ramaraj, a Virginia-based engineer, with orchestrating a $30 million fraud scheme through his company, DAB Inspection and Consulting Services LLC. This case highlights significant lapses in governance, risk management, and compliance (GRC) that can lead to severe financial and legal repercussions.
The Consumer Financial Protection Bureau (CFPB) has issued a new directive highlighting potential legal violations by companies that enforce overly broad nondisclosure agreements (NDAs). These agreements could discourage employees from whistleblowing, thereby obstructing the exposure of misconduct and violating federal protections for whistleblowers.
The European Union's Directive on Corporate Sustainability Due Diligence (Directive 2024/1760) officially entered into force today. This significant piece of legislation aims to foster sustainable and responsible corporate behavior by ensuring that companies identify and address adverse human rights and environmental impacts throughout their operations and global value chains.
BNP Paribas S.A. has been hit with an administrative fine of €830,000 by Germany's Federal Financial Supervisory Authority (BaFin). The penalty follows the institution’s German branch's failure to meet crucial regulatory requirements set forth by the German Securities Trading Act and Delegated Regulation (EU) 2017/565. These regulations establish the organizational requirements for investment firms, including transparency and suitability assessments.
Last Friday, a critical IT outage wreaked havoc across the globe, impacting airlines, emergency services, and retail businesses. The disruption began when cybersecurity firm CrowdStrike released a faulty software update, causing widespread system failures. Although the issue was eventually resolved, the aftermath continued to disrupt operations over the weekend, leaving passengers stranded, surgeries postponed, and retailers grappling with unexpected closures.
The European Securities and Markets Authority (ESMA) published an Opinion outlining its long-term vision for improving the EU's Sustainable Finance Regulatory Framework. This comprehensive document aims to enhance the framework's usability and coherence, focusing on facilitating investors' sustainable investment journey while supporting the effective functioning of the entire Sustainable Investment Value Chain (SIVC).
The European Central Bank (ECB) is crafting a new framework to evaluate the impact of geopolitical risks on banks, informed by the lessons learned from the sanctions on Russia, which have disrupted operations for several euro zone lenders. This development was announced by Claudia Buch, the ECB's top banking supervisor, during an online event hosted by the Petersen Institute for International Economics.