The Commodity Futures Trading Commission (CFTC) has taken enforcement action against StoneX Markets LLC (StoneX), a registered swap dealer, for violations related to the agency's Business Conduct Standards governing swap dealers. The CFTC's order, which combines filing and settlement, outlines the charges against StoneX and imposes a $650,000 civil monetary penalty.
The Single Resolution Board (SRB), a European Union regulator, has indicated that while most leading euro zone banks have met the January 2024 target for issuing special debt to bolster capital during a crisis, some institutions need to enhance their preparedness for rapid crisis response.
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.