The Securities and Exchange Commission (SEC) has unveiled its new Diversity, Equity, Inclusion, and Accessibility (DEIA) Strategic Plan for fiscal years 2023-2026. This strategic plan represents a significant step forward in the SEC's commitment to fostering diversity, equity, inclusion, and accessibility within the organization and across the broader financial industry.
The Securities and Exchange Commission (SEC) has announced that it has reached a settlement with CBRE, Inc., a Dallas-based commercial real estate services and investment firm, and a subsidiary of publicly traded CBRE Group, Inc. The charges stem from CBRE's use of an employee release that violated the SEC's whistleblower protection rule.
The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has unveiled a Small Entity Compliance Guide, aiming to assist small businesses in adhering to the beneficial ownership information (BOI) reporting rule. Beginning in 2024, numerous entities established or registered to operate in the United States will be mandated to report details about their beneficial owners – the individuals who ultimately own or control a company – to FinCEN. This guide has been created to aid businesses in determining whether they are obligated to report their beneficial ownership information to FinCEN.
In a recent speech, the Chair of the UK's Financial Conduct Authority (FCA), Ashley Alder, emphasized the importance of international cooperation in addressing global financial challenges and opportunities. The speech, delivered at Eurofi, outlined the FCA's commitment to working alongside EU and global partners to promote sustainable economic prosperity while addressing common risks in the financial sector.
Wall Street is grappling with an unwelcome side effect of inflation, one that doesn't involve rising prices at the pump but rather, heftier checks to be cut for regulatory violations. Recent reports suggest that big banks and brokerage firms are being compelled to pay substantially larger settlements for regulatory investigations, including those that may not have resulted in losses for investors. This surge in regulatory fines, even for what were once considered technical violations, is prompting concern and frustration among financial institutions.
The Securities and Exchange Commission (SEC) has taken action against Lyft Inc., accusing the ride-sharing giant of failing to disclose pertinent information related to a significant pre-initial public offering (IPO) stock transaction involving a company board director. This enforcement action sheds light on the importance of transparency in corporate disclosures, especially concerning transactions close to a company's IPO.
The Financial Crimes Enforcement Network (FinCEN) has taken decisive action by issuing a $15 million civil money penalty against Bancrédito International Bank and Trust Corporation (Bancrédito). This penalty is the outcome of Bancrédito's willful violations of the Bank Secrecy Act (BSA) and its implementing regulations, marking a significant development in financial regulatory enforcement. Notably, this represents FinCEN's inaugural enforcement action against a Puerto Rican International Banking Entity (IBE) and encompasses the first violation for failing to establish and maintain an Anti-Money Laundering (AML) program under the "Gap Rule."