Morgan Stanley Smith Barney LLC (MSSB) is facing a $15 million penalty from the Securities and Exchange Commission (SEC) after the agency found significant lapses in the firm’s ability to supervise its financial advisors. The gaps in oversight allowed four advisors to misappropriate millions of dollars from client accounts over several years.
The European Union is stepping up its cybersecurity game. At the initiative of the Hungarian presidency, the Council of the European Union has approved a set of conclusions aimed at bolstering the role of ENISA, the EU’s cybersecurity agency. These recommendations come as the bloc faces an increasingly complex cyber threat landscape and amid ongoing discussions to revise the Cybersecurity Act (CSA).
SG Americas Securities, LLC, a New York-based member of the Financial Industry Regulatory Authority (FINRA), has found itself in hot water for failing to comply with essential fingerprinting requirements. FINRA announced a $950,000 fine, a formal censure, and strict remediation obligations following SG Americas’ acknowledgment of violations dating back to 2016.
The Public Company Accounting Oversight Board (PCAOB) has unveiled its inspection playbook for 2025, and it’s clear: the watchdog is doubling down on tackling risks and driving improvements where it counts most. The new staff report, released today, is packed with insights for auditors, audit committees, and anyone invested in safeguarding the financial system’s integrity.
Principal Associate Deputy Attorney General Marshall Miller took the stage at the Practicing Law Institute’s White Collar Crime 2024 program in Washington, D.C., delivering a keynote that delved into the Department of Justice’s (DOJ) recent innovations in corporate crime enforcement. Among the most notable developments he discussed was the newly revamped DOJ whistleblower program — a game-changer in the fight against corporate wrongdoing.
The Hong Kong Monetary Authority (HKMA) has hit China CITIC Bank International Limited (CITIC) with a HK$4 million fine for falling short in its anti-money laundering (AML) duties. Announced today, December 6, 2024, the penalty stems from an investigation that found significant gaps in the bank's ability to monitor suspicious transactions between 2015 and 2018.
Maxen Power, an energy supplier serving over 10,000 non-domestic customers, has agreed to pay £1.65 million after a recent investigation revealed serious customer service issues. The payment, ordered by energy regulator Ofgem, is in response to the company’s failure to meet industry standards, leaving customers vulnerable to financial difficulties.