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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Ruth Prickett2024-02-28T13:17:00
Financial firms continue to flout rules designed to protect investors from being misled about the true value of financial products, according to a recent bulletin from the U.K.’s Financial Conduct Authority (FCA).
The regulator warned firms that practices such as “flying” and “printing” create “a false impression of a financial instrument’s liquidity and/or price.” Not only does this unethical behavior damage reputations and undermine trust in the market, but it might also mean firms are breaching the U.K.’s Market Abuse Regulation and the Financial Services Act, as well as sections of the FCA’s handbook.
“Flying involves a firm communicating to its clients, or other market participants, via screen, instant message, voice, or other method that it has bids or offers when they are not supported by, or sometimes not even derived from, an order or a trader’s actual instruction,” the FCA’s Jan. 30 market watch report explained. “Printing involves communicating, by one of the above methods, that a trade has been executed at a specified price and/or size, when no such trade has taken place.”
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2024-03-12T19:10:00Z By Jeff Dale
The U.K. Financial Conduct Authority fined Inspirational Financial Management nearly £900,000 (U.S. $1.1 million) regarding alleged failures in advice and oversight provided to customers who were primarily members of the British Steel Pension Scheme.
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The U.K. Financial Conduct Authority warned the chief executive officers of approximately 1,000 financial institutions it supervises regarding common failures in anti-money laundering procedures it observed during recent assessments.
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The U.K. Financial Conduct Authority will rein in its enforcement focus and commit to providing more updates on its ongoing investigations as part of a revamped strategy designed to quicken the pace and increase the deterrent impact of its cases.
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The U.S. Supreme Court extended the statute of limitations for businesses attempting to challenge some federal regulations, allowing regulated entities a longer timeline to appeal a decision.
2024-06-28T19:55:00Z By Aaron Nicodemus
The Supreme Court of the United States overturned a long-held precedent in which courts deferred to federal agencies in interpreting complex or ambiguous regulations–a decision that could make thousands of federal regulations more vulnerable to legal challenges.
2024-06-28T17:00:00Z By Aaron Nicodemus
Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network.
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