The Global RegTech Summit USA, held yesterday at 117 West 46th Street, has been acclaimed as the most successful U.S. edition of the event to date. With over 350 attendees, the summit brought together industry leaders, innovators, and experts to discuss the latest trends and challenges in regulatory technology.
The U.S. Securities and Exchange Commission (SEC) has charged Cassava Sciences, Inc., along with its founder and former CEO Remi Barbier and former Senior Vice President of Neuroscience Dr. Lindsay Burns, for misleading investors about the efficacy of a Phase 2 clinical trial for their Alzheimer’s disease therapeutic. The charges stem from misleading statements made in September 2020, resulting in over $40 million in penalties to settle the allegations.
The Financial Industry Regulatory Authority (FINRA) has intensified its enforcement efforts by bringing actions against four prominent firms, underscoring significant failures in compliance, supervision, and disclosure. These actions reflect FINRA's ongoing commitment to holding firms accountable for regulatory noncompliance, particularly regarding investor protection and financial transparency.
The Dutch Authority for the Financial Markets (AFM) has released its fifth update on the Digital Operational Resilience Act (DORA), providing critical guidance on the testing of digital operational resilience for financial firms. Since its implementation in January 2023, DORA aims to fortify financial organizations against IT risks, ensuring they are better equipped to withstand cyber threats and maintain operational continuity.
The Commodity Futures Trading Commission (CFTC) has levied a $3.25 million civil monetary penalty against Olam Group Ltd., a Singapore-based global supply chain manager. The enforcement action, announced on September 27, 2024, addresses significant violations in the reporting of U.S. cotton sales, highlighting the regulatory body's commitment to maintaining market integrity and transparency.
The Irish Data Protection Commission (DPC) has levied a substantial €91 million fine against Meta Platforms Ireland Limited (MPIL), a subsidiary of Meta Platforms, Inc. The decision, announced on September 27, 2024, marks the culmination of an extensive investigation that commenced in April 2019, following MPIL's disclosure of a critical security oversight involving the storage of user passwords in plaintext format within its internal systems.
The U.S. Securities and Exchange Commission (SEC) has doubled down on its commitment to market fairness and transparency, announcing two enforcement actions that hit both DraftKings Inc. and GQG Partners LLC with hefty penalties.