GRC Report Staff

The European Supervisory Authorities (ESAs) - comprising the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority - have unveiled their second batch of policy products under the Digital Operational Resilience Act (DORA) on July 26, 2024. This extensive package, aimed at bolstering the digital operational resilience of the EU's financial sector, includes four final draft Regulatory Technical Standards (RTS), one set of Implementing Technical Standards (ITS), and two guidelines.

The U.S. Securities and Exchange Commission (SEC) has awarded over $37 million to a whistleblower whose information led to a successful enforcement action. The announcement, made on July 26, 2024, underscores the SEC's commitment to encouraging individuals to report potential securities law violations.

Admera Health LLC has found itself at the center of a federal investigation. The New Jersey-based company has agreed to a complex settlement potentially worth over $5.5 million to resolve allegations of an elaborate kickback scheme that violated the False Claims Act.

The Securities and Exchange Commission (SEC) has filed charges against well-known activist short seller Andrew Left and his firm, Citron Capital LLC, for allegedly orchestrating a $20 million fraud scheme. The charges, announced on July 26, 2024, accuse Left of using deceptive tactics to mislead investors through his Citron Research website and social media platforms.

The U.S. Department of Justice has obtained default judgments totaling over $26 million against Patrick Britton-Harr and several laboratory companies he owned. The judgments, entered on July 18 by the U.S. District Court for the District of Maryland, come after Britton-Harr and his companies failed to defend against allegations of violating the False Claims Act.

The Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) have jointly unveiled a multi-pronged approach to address the rapidly evolving landscape of bank-fintech partnerships and associated third-party risks. This initiative includes a detailed statement on potential risks and effective risk management practices, coupled with a Request for Information (RFI) seeking broader input on these complex arrangements. However, the approach has sparked debate within regulatory circles, highlighting the challenges in balancing innovation with prudent oversight.

In the rapidly evolving world of cryptocurrency, navigating the compliance landscape has become increasingly complex and critical. As digital currencies gain mainstream acceptance and their market capitalization soars, regulators worldwide are intensifying their scrutiny.