Compliance & Ethics

The Luxembourg financial regulator (CSSF) has issued a public warning identifying SB Systems sp. z o.o. as an entity conducting unauthorized financial activities, despite this alert being logged under Norway's Financial Supervisory Authority jurisdiction tag. Compliance teams should treat this as a fraud/unauthorized-entity warning and ensure the firm is screened against onboarding and transaction monitoring systems regardless of jurisdictional labeling discrepancies.

De Nederlandsche Bank joined a roundtable hosted by the Dutch House of Representatives' Committee on Housing and Spatial Planning to discuss fiscal bottlenecks affecting the housing market, submitting a position paper on housing and taxation. While this is a low-intensity advisory engagement rather than a binding regulatory action, it signals DNB's ongoing policy influence on housing-related fiscal reform that could eventually shape mortgage lending and taxation frameworks.

The Norway Financial Supervisory Authority has issued a warning regarding "Zenith Grow," an entity fraudulently claiming authorization from the UK's Financial Conduct Authority. This is a clone firm scam, and compliance teams should ensure customer-facing staff and fraud detection systems are aware of this specific threat to prevent client losses and reputational exposure.

The Norway Financial Supervisory Authority (Finanstilsynet) has issued a public warning regarding "Sollventis," identified as a clone of a legitimately registered entity, originally flagged by Spain's CNMV. This case highlights the ongoing risk of fraudulent firms impersonating authorized financial entities to deceive investors, requiring heightened vigilance from compliance teams handling client onboarding and third-party due diligence.

The New York Department of Financial Services has issued the Eighth Amendment to Insurance Regulation 213 (11 NYCRR 103), replacing the 2025 Valuation Manual reference with the 2026 Valuation Manual published by the NAIC. This update affects life insurers subject to Principle-Based Reserving requirements in New York and requires compliance teams to align actuarial reserve calculations with the updated manual immediately upon effectiveness.

The CSSF has issued a public warning regarding fraudulent entities and individuals misusing the name of Nordea Investment Funds S.A. to solicit funds or engage in unauthorized financial activities. Compliance teams at financial institutions should be alert to potential client exposure to this scheme and ensure robust due diligence on counterparties claiming affiliation with Nordea. This warning underscores ongoing risks of impersonation fraud targeting legitimate, regulated asset managers.

The Norway Financial Supervisory Authority has issued a warning, echoing a CSSF Luxembourg notice, concerning fraudulent entities misusing the name of iM Global Partner Asset Management S.A. Compliance teams should note that this is an impersonation/clone firm scam rather than an action against the legitimate regulated entity, but it carries reputational and consumer protection risks requiring immediate awareness and client communication.