On Jan. 28, 2019, Waters spoke on House floor in support of bipartisan proposal. Cited bipartisan nature, urged members to vote for bill, as will improve situation. Bill passed by vote of 413-3, if becomes law, SEC has to issue report in one year. Waters also spoke on HR 56, financial technology protection act, passed…
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UK Treasury Amend AML Regs
On Jan. 29, 2019, UK FCA published an updated version of its MLR individual form. Use if applying to add an individual after registration as annex I financial institution.
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MSRB Advertising MIA, Dealers
On Jan. 28, 2019, MSRB proposed rule to extend effective date of advertising rule. Extend initial effective date of Feb. 7, 2019, to be within 6 months of MSRB notice. Will announce new date within 60 days of publication of rule in the federal register.
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CFPB $3.2mn Enova Settlement
Allegations Consumers authorized payment from certain bank accounts, but in many instances Enova debited from accounts that consumer had not authorized. Firm found to have failed to honor loan extensions, granted to consumers. Customer Account Details Company purchased loan applications from lead generators, in some cases the applications were from consumers, who already had loans…
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FR AMF Monitoring Of Marketing
On Jan. 22, FR AMF announced investor panel to aid monitoring. To aid AMF active monitoring of marketing practices for products within its scope. AMF set up panel of investors who will pass on information disseminated to them. Are non-professional individuals with diversified portfolios of financial instruments. CSA institute is to collect documents addressed to…
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UK FCA, SFO Tesco Accounts Market Abuse
On Jan. 23, 2019, UK SFO issued the deferred prosecution agreement with Tesco. Via DPA Tesco Stores Limited accepted responsibility for false accounting practices. Feb. to Sep. 2014, instead of working to safeguard financial interests of company and shareholders, culture encouraged illegal practices to meet accounting targets. This included improperly pulling forward income from subsequent…
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