Compliance & Ethics

In an effort to further refine and enhance Europe’s financial infrastructure, the Joint Committee (JC) of the European Supervisory Authorities (ESAs) has just published its evaluation report on the EU’s Securitization Regulation (SECR). The report, which arrives at a crucial moment for the European financial markets, offers a comprehensive review of how the regulation has been performing and lays out several key recommendations for making Europe’s securitization framework more effective, transparent, and investor-friendly.

Diopsys Inc., a medical device company based in Pennsylvania, is reaching into its coffers to settle a significant legal matter, agreeing to pay up to $14.25 million to resolve allegations of submitting false claims to Medicare and Medicaid. The claims were tied to the company’s NOVA device, a piece of equipment cleared by the FDA for visual evoked potential (VEP) testing. But it turns out, the device was being used in ways it wasn’t approved for—something the government says led to false claims for payment from both Medicare and Medicaid.

The AMF's 2025 International Seminar wrapped up on March 20, leaving behind not just a digital trail but an invaluable conversation on the future of global financial regulation. Held in a 100% online format from March 10 to 20, the event brought together over 950 participants from 85 financial market authorities worldwide. It was a gathering of minds—regulators, experts, and thought leaders—all grappling with the growing complexities of financial markets in today’s fast-paced, tech-driven world.

Ofcom has imposed a £1.05 million fine on Fenix International Limited, the operator behind OnlyFans, for failing to provide accurate information about its age assurance measures. This penalty comes after the company provided misleading responses to formal requests made by the regulator in 2022 and 2023, raising concerns over its age verification processes for users.

The Monetary Authority of Singapore (MAS) is looking to broaden the horizons for investment opportunities by proposing a new regulatory framework. The idea is simple yet transformative—giving retail investors a chance to tap into private market investment funds, an area previously reserved for institutional players or the ultra-wealthy.

Poland’s Supreme Administrative Court (NSA) has ruled in favor of the Polish Financial Supervision Authority (KNF), rejecting an appeal from Raiffeisen Bank International (RBI) over a hefty fine for failing to properly fulfill its role as a depositary. This ruling, which dates back to February 13, 2025, strengthens the KNF’s oversight powers and sets a critical precedent for financial market supervision in the country.

This week, the Department of Justice (DOJ) announced two settlements involving False Claims Act (FCA) violations. Evolutions Flooring, a California-based importer, and Seoul Medical Group, a healthcare provider, will pay a combined total of over $70 million to resolve allegations of fraudulent activity. These settlements highlight the DOJ's ongoing efforts to enforce compliance and hold companies accountable for misrepresentations made to the U.S. government.