FINRA has ordered American Portfolios Financial Services to pay more than $1.2 million in restitution and fined the firm $400,000 over supervisory failures that left hundreds of investors paying unnecessary costs and fees on unit investment trusts.
Swiss financial regulator FINMA has found serious risk management and anti-money laundering failures at Julius Bär, concluding an enforcement proceeding that exposed weaknesses in more than $1.26 billion (CHF 1 billion) of private debt lending and in the bank’s handling of clients linked to two Russian politically exposed persons.
Hong Kong’s Securities and Futures Commission has fined Zheng Da International Financial Holding approximately $899,000 (HK$7 million) and suspended one of its responsible officers after finding failures in the firm’s anti-money laundering controls, client monitoring and oversight of electronic trading systems.
EIOPA has cut quarterly reporting templates by 26% and annual templates by 30% for solo undertakings under the revised Solvency II Directive. For small and non-complex undertakings, the cuts run at 36% quarterly and 44% annually.
For more than a decade, companies controlling much of Poland’s wholesale medicines market exchanged sensitive commercial information that showed what individual pharmacies were buying from rival suppliers, how much they were paying and what terms they had been offered, according to Poland’s Office of Competition and Consumer Protection, or UOKiK.
For an accounting firm auditing companies under the supervision of Saudi Arabia’s Capital Market Authority, an inspection will no longer necessarily end when the regulator leaves the room. The CMA Board has approved amendments to the Rules for Registering Auditors of Entities Subject to the Authority’s Supervision, tightening requirements around professional qualifications, quality management, regulatory inspections and transparency. The amendments take effect from the date of their publication.
More than 1,000 organizations in Wales already work under the Wales Accord on the Sharing of Personal Information. What changes now is the footing beneath that work. WASPI has launched its UK GDPR Code of Conduct for Information Sharing Protocols, an Article 40 Code designed to give organizations a consistent framework for sharing personal information across health, education, social care, safeguarding, and other public services.
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