All articles by Aaron Nicodemus – Page 51
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ArticleFinTech darling Robinhood fined $65M for misleading customers
Mobile trading app provider Robinhood Financial, which has become a disruptive force in the stock market, has agreed to pay $65 million to the SEC to settle charges of misleading customers about how it makes money and for failing to secure best sale prices.
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ArticleThird time’s a charm? SEC adopts controversial extraction rules
After two failed iterations, the SEC has approved revamped rules laying out what commercial oil, natural gas, and mineral extraction companies must disclose about payments they make to U.S. and foreign governments.
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FTC data requests could pave way to federal privacy law, experts say
FTC requests issued to nine social media and video streaming services for information about how they collect and use personal information could be a step toward the U.S. government enacting federal privacy legislation.
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ArticleAudit whistleblower receives $300K in rare SEC award
The Securities and Exchange Commission announced the award of $300,000 to a whistleblower with audit-related responsibilities, a rarity for the program.
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ArticleRegulators catching up on use of analytics; compliance better take notice
If your company isn’t making optimal use of data to enhance its compliance program, now is the time to start—before it’s too late.
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ArticleCongress passes defense bill with big ramifications for AML, whistleblowers
Congress’ defense spending bill approved Friday includes amendments that could dramatically alter the fight against money laundering, in addition to a new BSA whistleblower program with some kinks to be worked out.
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ArticleNew FinCEN guidance encourages information sharing among banks
FinCEN Director Kenneth Blanco announced updated guidance to encourage more financial institutions to share information among their peers regarding suspicious transactions.
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ArticleSEC enforcement head Avakian to step down by year’s end
Stephanie Avakian, who led the Division of Enforcement at the Securities and Exchange Commission for the past four years, announced she will leave at the end of the year.
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ArticleCFTC Chairman Tarbert to step down early next year
Heath Tarbert, chairman and chief executive of the Commodity Futures Trading Commission, will step down from his post early next year while remaining on as one of the agency’s commissioners.
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ArticleCongress approves enhanced protections for antitrust whistleblowers
After four tries, Congress has finally passed a bill prohibiting employers from retaliating against whistleblowers who report violations of antitrust laws to the Department of Justice.
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ArticleIntercontinental Exchange subsidiary fined $8M for inaccurate securities quotes
A New York-based subsidiary of the Intercontinental Exchange has agreed to pay $8 million as part of a settlement with the SEC for compliance deficiencies related to its provision of securities quotes to subscribers.
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U.K. firm BlueCrest fined $170M for violating U.S. securities laws
U.K.-based investment fund BlueCrest Capital Management has agreed to pay $170 million as part of a settlement with the SEC for allegedly violating anti-fraud provisions of U.S. securities laws.
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ArticlePaul Sarbanes, co-author of SOX accounting law, dies at 87
Paul Sarbanes, the five-term U.S. Senator whose landmark law, the 2002 Sarbanes-Oxley Act, required more transparency in corporate financial reporting, died Sunday at age 87.
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ArticlePreparation, monitoring key to combating third-party cyber-security risk
A spate of recent cyber-security breaches occurring via third parties is a reminder of the importance for companies to stay on top of risk management. Regulators have shown to not take kindly to finger-pointing.
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ArticleBiden’s SEC set to require disclosure of ESG, climate change risk
The SEC under President-elect Joe Biden will push ESG and climate change-related risk alerts, guidance, and rulemaking that will likely require companies to disclose how these risks affect their bottom line.
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ArticleCongress passes bill forcing Chinese companies to comply with U.S. audit rules
In a bipartisan and unanimous vote, the House passed a bill Wednesday that could kick publicly traded Chinese-based companies off U.S. exchanges.
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ArticleU.S. regs urge banks to transition from LIBOR ‘as soon as practicable’
U.S. banking regulators are encouraging financial institutions to stop entering into new contracts that use the U.S. dollar LIBOR as a reference rate ahead of its slated expiration at the end of 2021.
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ArticleJPMorgan Chase fined $250M for ‘unsound’ internal control practices
The OCC fined JPMorgan Chase Bank N.A. $250 million for weaknesses in its internal controls and internal audit for its fiduciary activities.
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ArticleKPMG report: World’s largest companies slow to address climate change risks
The world’s 250 largest companies are not doing very well in recognizing and measuring financial risks related to climate change, so we’ve got some advice to those who are behind the curve.
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ArticleHanna Andersson agrees to pay $400K in CCPA-related breach lawsuit
Children’s clothing retailer Hanna Andersson has agreed to pay $400,000 in what is believed to be the first monetary settlement for a lawsuit related to the California Consumer Privacy Act.