GRC Report Staff

The Financial Industry Regulatory Authority (FINRA) has intensified its enforcement efforts by bringing actions against four prominent firms, underscoring significant failures in compliance, supervision, and disclosure. These actions reflect FINRA's ongoing commitment to holding firms accountable for regulatory noncompliance, particularly regarding investor protection and financial transparency.

The Dutch Authority for the Financial Markets (AFM) has released its fifth update on the Digital Operational Resilience Act (DORA), providing critical guidance on the testing of digital operational resilience for financial firms. Since its implementation in January 2023, DORA aims to fortify financial organizations against IT risks, ensuring they are better equipped to withstand cyber threats and maintain operational continuity.

The Commodity Futures Trading Commission (CFTC) has levied a $3.25 million civil monetary penalty against Olam Group Ltd., a Singapore-based global supply chain manager. The enforcement action, announced on September 27, 2024, addresses significant violations in the reporting of U.S. cotton sales, highlighting the regulatory body's commitment to maintaining market integrity and transparency.

The Irish Data Protection Commission (DPC) has levied a substantial €91 million fine against Meta Platforms Ireland Limited (MPIL), a subsidiary of Meta Platforms, Inc. The decision, announced on September 27, 2024, marks the culmination of an extensive investigation that commenced in April 2019, following MPIL's disclosure of a critical security oversight involving the storage of user passwords in plaintext format within its internal systems.

The U.S. Securities and Exchange Commission (SEC) has doubled down on its commitment to market fairness and transparency, announcing two enforcement actions that hit both DraftKings Inc. and GQG Partners LLC with hefty penalties.

In the latest move by regulators to clamp down on record-keeping violations, the Commodity Futures Trading Commission (CFTC) has fined CHS Hedging, LLC $650,000 for failing to properly maintain required records and executing unauthorized trades. This penalty follows a growing trend of financial regulators taking swift and severe action against firms for failing to meet compliance obligations in the digital age.

The Public Company Accounting Oversight Board (PCAOB) has taken disciplinary action against five audit firms for various regulatory violations, imposing a total of $165,000 in fines along with censures and remedial undertakings.