The U.S. Department of Labor has proposed new rules that would extend mandatory overtime pay to 3.6 million salaried workers. The proposed rule would guarantee overtime pay for most salaried workers earning less than $1,059 per week, about $55,000 per year. “For over 80 years, a cornerstone of workers’ rights Read More
Final new rules and rule amendments adopted Aug. 23 by the Securities and Exchange Commission enhance regulations for private fund advisers, with the aim of “increasing transparency, competition, and efficiency in the private funds market,” the SEC said. The Commission said it has adopted these “carefully tailored rules to address Read More
Titan Global Capital Management USA has agreed to a cease-and-desist order, a censure, and a $1 million settlement with the Securities and Exchange Commission “for using hypothetical performance metrics in advertisements that were misleading,” the SEC announced Aug. 21. The New York-based FinTech investment advisory firm offers multiple complex strategies Read More
Ethics investigations can be challenging for just about any organization. If done right, an ethics investigation can help you identify wrongdoing and unethical behavior and put a stop to it before your organization pays the price for not maintaining a conducive and compliant work environment. A poorly executed ethics investigation, Read More
Teva Pharmaceuticals USA, a U.S. affiliate of Teva Pharmaceutical Industries, will pay a $225 million criminal penalty—the largest to date for a domestic antitrust cartel—while Glenmark Pharmaceuticals USA will pay a $30 million criminal penalty to resolve similar criminal antitrust charges, the Department of Justice announced Aug. 21. Both Teva Read More
Cantor Fitzgerald has agreed to a censure and a $100,000 sanction in a settlement with the Financial Industry Regulatory Authority (FINRA) relating to alleged compliance failures for which the financial services firm had previously been warned. From January 2020 to August 2020, Cantor published public quarterly reports on its handling Read More
Goldman Sachs has agreed to a censure and a $425,000 fine in a settlement with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that it failed to report, or inaccurately reported, over-the-counter (OTC) options positions to the Large Options Positions Reporting (LOPR) system. According to the FINRA order, between Read More
The Securities and Exchange Commission has charged London-based audit firm Crowe U.K., its CEO, and senior auditor for the firm’s deficient 2018 audit of music-streaming company Akazoo. According to the SEC order, Crowe U.K. “issued a clean audit report of Akazoo’s 2018 financial statements,” but after Akazoo went public in Read More
UBS and several of its U.S.-based affiliates have reached a $1.4 billion settlement to resolve all civil claims brought against it by the Department of Justice (DoJ) relating to UBS’s legacy residential mortgage-backed securities (RMBS) business in the United States. “With this resolution, UBS will pay for its conduct related Read More
Colombian conglomerate Grupo Aval and its bank subsidiary, Corporación Financiera Colombiana (Corficolombiana), will pay $80.8 million in a resolution with U.S. and Colombian authorities for the company’s role in a widespread bribery scheme with Columbian government officials in violation of the Foreign Corrupt Practices Act. It is a landmark FCPA Read More
