The Securities and Exchange Commission announced that it has reopened the public comment periods for 11 rulemaking releases and one request for comment due to a technological error resulting in numerous public comments submitted through the agency’s online comment form not being received. The SEC advised that all those who Read More
Sigma, a privately owned brokerage firm, has agreed to pay 531,000 pounds ($592,000) in a settlement with the U.K. Financial Conduct Authority (FCA) resulting from a failure to report certain required transactions. According to the FCA’s Oct. 6 final notice, many of Sigma’s failings resulted from inadequate governance and oversight Read More
The Public Company Accounting Oversight Board (PCAOB) has fined four audit firms for failing to file Form APs and, thus, failing to disclose who led specific audits for the firm and whether any other firms were involved in those audits. Failure to file Form APs in a timely manner is Read More
Wells Fargo will pay a total of $145 million in a settlement with the Department of Labor (DOL) to resolve allegations that Wells Fargo’s 401(k) plan overpaid for its own stock, the agency announced. In a settlement announced Sept. 12, Wells Fargo agreed to pay a $13.2 million penalty to Read More
Irish regulators have fined social networking platform Instagram 405 million euros (US$404 million) for failing to protect children’s personal data in violation of the EU’s General Data Protection Regulation (GDPR). As the Lead Supervisory Authority for Meta/Instagram, Ireland’s Data Protection Commission (DPC) began an investigation into Instagram in September 2020 Read More
It’s been twelve years in the making, but last week the Securities and Exchange Commission finally adopted a rule mandated by the Dodd-Frank Act of 2010 that will require companies to disclose the relationship between executive pay and the financial performance of the company. The SEC first proposed amendments to Read More
Manufacturers of fossil-fueled heating appliances—such as gas furnaces and water heaters—may be the next industry that will have to commit to reducing its nitrogen oxide (NOx) emissions. On Aug. 23, more than two dozen environmental, consumer-protection, and public-health organizations formally petitioned the U.S. Environmental Protection Agency (EPA) to initiate rulemaking Read More
Citigroup Global Markets has agreed to pay more than 12.5 million pounds ($15 million) in a settlement with the U.K. Financial Conduct Authority (FCA) resulting from a failure to properly detect market abuse activities. Introduced in 2016, the Market Abuse Regulation (MAR) created requirements to monitor for insider dealing, unlawful Read More
The Consumer Financial Protection Bureau (CFPB) on Aug. 10 issued an interpretive rule laying out when digital marketing providers for financial firms must comply with federal consumer financial protection laws. Traditionally, those who fall under the regulatory umbrella of the Consumer Financial Protection Act (CFPA), referred to under the law Read More
In a precedent-setting and highly controversial ruling, the U.S. Supreme Court Thursday curtailed the Environmental Protection Agency’s authority to regulate greenhouse gas emissions. In a 6-3 decision in West Virginia v. Environmental Protection Agency, the Court ruled that Congress—not the EPA—has authority to devise emissions limits for power plants. The Read More
