Compliance & Ethics

SEC Adopts Updated Ethics Rules Enhancing Oversight on Securities Trading by Agency Personnel

The Securities and Exchange Commission (SEC) has announced the adoption of amendments to its ethics rules, aimed at modernizing and strengthening its ethics compliance program. These amendments, adopted in collaboration with the Office of Government Ethics, mark a substantial update to the existing regulations governing securities holdings and transactions of all SEC employees, their spouses, and minor children.

Frankfurt Chosen as Host for EU Anti-Money Laundering Authority

Frankfurt has been selected as the headquarters for the European Union's Anti-Money Laundering and Countering the Financing of Terrorism Authority (AMLA). The decision was made through a joint vote on Thursday by Members of the European Parliament (MEPs) and EU ambassadors.

FTC Orders Avast to Pay $16.5 Million and Halt Sale of Browsing Data After Deceptive Practices

The Federal Trade Commission (FTC) has mandated that software provider Avast pays $16.5 million and cease the sale or licensing of web browsing data for advertising purposes. The settlement comes as a response to charges asserting that Avast, along with its subsidiaries, violated privacy commitments by selling user data despite assuring customers that its products would safeguard them from online tracking.

JPMorgan to Pay $350 Million Penalty Over Trade Reporting Gaps

In a regulatory filing on Friday, JPMorgan Chase and Co disclosed that it will pay approximately $350 million in civil penalties to resolve issues related to incomplete trading data reported to surveillance platforms. The penalties come in response to government inquiries into the bank's trading processes.

FINRA Levies $1.6 Million Fine Against Morgan Stanley for Municipal Securities Violations

The Financial Industry Regulatory Authority (FINRA) has imposed a $1.6 million fine on Morgan Stanley Smith Barney LLC for recurrent lapses in timely handling failed inter-dealer municipal securities transactions and addressing municipal security positions held short for more than 30 calendar days, alongside related supervisory failures. This marks the first disciplinary action where FINRA has charged a firm with violating the close-out requirements of the Municipal Securities Rulemaking Board (MSRB) Rule G-12(h) and associated supervisory shortcomings.

OCC Unleashes Regulatory Crackdown: Enforcement Actions Unveiled for February 2024

The Office of the Comptroller of the Currency (OCC) has unleashed a series of enforcement actions, shaking the financial landscape with penalties and prohibitions aimed at ensuring accountability within national banks and federal savings associations. This February's actions expose systemic deficiencies and lapses in compliance, reflecting the OCC's commitment to safeguarding the integrity of the financial system.

FCA Imposes Ban and Fines Former London Capital & Finance Compliance Head Over Financial Promotions

The Financial Conduct Authority (FCA) has taken decisive action against Floris Jakobus Huisamen, a key figure at London Capital & Finance plc (LCF), by imposing a ban and substantial fines for his role in the misleading financial promotions of minibonds targeted at retail investors.