GRC Report Staff

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.

A De Nederlandsche Bank working paper finds that the implicit too-big-to-fail (TBTF) funding subsidy is driven not by G-SIB designation but by a bank's size relative to its home sovereign's GDP, with banks exceeding roughly 50% of home-country GDP enjoying at least 30% lower credit spreads than comparable peers. For compliance and prudential risk teams, this suggests that resolution planning, capital add-ons, and supervisory stress testing frameworks tied strictly to G-SIB status may understate implicit bailout expectations for large domestic banks.

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.

The Spanish securities regulator (CNMV) has issued a public warning regarding an unauthorized entity operating under the name "Zentrix," which is not licensed to provide investment services in Spain. Note that this alert was logged under the Norway Financial Supervisory Authority jurisdiction, though the source document and link point to the CNMV (Spain), indicating a possible data classification or cross-border alert-sharing discrepancy that compliance teams should verify. This matters because unauthorized entities are frequently linked to fraudulent investment schemes targeting retail investors across multiple jurisdictions.

The Luxembourg financial regulator (CSSF) has issued a public warning regarding the website www.tagmarkets.com, indicating the entity is not authorized to provide financial services in the jurisdiction. This warning has been relayed by the Norway Financial Supervisory Authority, signaling cross-border regulatory attention to this unauthorized provider and the risk it poses to consumers and investors.