The Securities and Exchange Commission (SEC) has unveiled its enforcement results for fiscal year 2024, showcasing significant efforts to hold wrongdoers accountable and strengthen the integrity of U.S. capital markets. The Commission filed 583 enforcement actions in total, securing a record $8.2 billion in financial remedies, the highest amount in SEC history.
Three broker-dealers are facing fines and regulatory scrutiny after the SEC charged them with filing incomplete suspicious activity reports (SARs)—a critical misstep in the fight against financial crime. Webull Financial LLC, Lightspeed Financial Services Group LLC, and Paulson Investment Company, LLC agreed to pay a combined $275,000 in civil penalties to resolve the allegations, the SEC announced today.
The U.S. Department of Justice (DOJ) has filed a proposal calling for Google to divest its Chrome web browser. The DOJ argues that Chrome, a critical entry point for internet browsing, has been instrumental in cementing Google’s dominance in search. The filing also leaves open the possibility of requiring Google to spin off its Android operating system, should the divestiture of Chrome not sufficiently address competition concerns.
The Consumer Financial Protection Bureau (CFPB) approved a new rule today that will subject nonbank digital payment companies to federal oversight, aiming to ensure the security of personal data, reduce fraud, and prevent illegal “debanking.” The CFPB, an independent U.S. government agency, is tasked with protecting consumers by enforcing federal financial laws and fostering fair, transparent, and competitive consumer financial markets.
Gary Gensler, the 33rd Chairman of the U.S. Securities and Exchange Commission (SEC), announced today that he will step down from his position on January 20, 2025. Gensler, who has served as Chairman since April 2021, has overseen a series of significant regulatory reforms during his tenure.
The Office of the Comptroller of the Currency (OCC) has turned up the heat on banks and individuals flouting regulatory expectations, unveiling a slate of enforcement actions for November 2024. These measures not only aim to rectify serious lapses in compliance but also signal the OCC’s unrelenting commitment to upholding the integrity of the national banking system.
The Federal Financial Supervisory Authority (BaFin) imposed an administrative fine of €300,000 on Pearl Gold AG. The sanction stems from the company’s failure to meet critical financial reporting obligations under the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG), a key piece of legislation governing financial transparency for companies listed in Germany.