The United Kingdom’s Financial Conduct Authority is rolling out a series of regulations intended to crack down on inaccurate environmental, social, and governance (ESG) related claims, known as greenwashing, by providers of investment products to retail investors. The FCA’s measures include putting in place new sustainability disclosure requirements and an Read More
Binance Holdings, which operates the world’s largest cryptocurrency exchange, Binance.com, has pleaded guilty and has agreed to pay over $4 billion to resolve the Justice Department’s investigation into violations related to the Bank Secrecy Act (BSA), failure to register as a money transmitting business, and the International Emergency Economic Powers Read More
A Los Angeles jury convicted two corporate executives on November 16 of conspiracy and failure to report information related to defective residential dehumidifiers that had been linked to multiple fires. Simon Chu, 68, of Chino Hills, California, and Charley Loh, 65, of Arcadia, California, were convicted of conspiracy to defraud Read More
The U.S. Department of Health and Human Services announced a $100,000 settlement with Doctors’ Management Services for failures to determine the potential risks and vulnerabilities to electronic protected health information after a cyberattack exposed the information of more than 200,000 patients. It is notable in that it is the first Read More
The Securities and Exchange Commission announced charges against Austin, Texas-based software company SolarWinds and its chief information security officer, Timothy G. Brown, for fraud and internal control failures relating to allegedly known cybersecurity risks and vulnerabilities. The complaint alleges that, from at least its October 2018 initial public offering through Read More
The Federal Trade Commission has altered its data security rule, known as the Safeguards Rule, to require nonbank financial firms—including mortgage brokers, auto dealers, and payday lenders—to report data breaches to the agency, according to an announcement made Friday. The FTC’s Safeguards Rule requires non-banking financial institutions, such as mortgage brokers, Read More
The Securities and Exchange Commission has released its 2024 examination priorities to alert companies of the areas that the Examination Division plans to focus on in the upcoming year. This year’s examinations will prioritize areas that pose emerging risks to investors or the markets in addition to core and perennial Read More
The Securities and Exchange Commission has adopted a new rule which will require individuals and entities to report information about securities loans to a registered national securities association (RNSA) and require RNSAs to make publicly available information that they receive regarding those lending transactions. The rule is intended to increase Read More
Discover Financial Services reached a consent agreement with federal regulators over failures in its Discover Bank unit’s compliance management system. In July, the company reported that it had received a proposed consent order from the Federal Deposit Insurance Corporation (FDIC) “in connection with consumer compliance.” But the company provided few Read More
The Securities and Exchange Commission has announced charges against five broker-dealers, three dually registered broker-dealers and investment advisers, and two investment advisers for widespread failures to maintain and preserve electronic communications and for off-channel communications. The firms admitted the facts set forth in their respective SEC orders and acknowledged that Read More
