On Jan. 22, FINRA issued 2019 risk monitoring, exam priorities. Highlights priorities, identifies areas of ongoing concern, to help firms to assess areas relevant to business, prepare for examinations, have adequate monitoring. Addresses older risks from sales practice; hiring, supervision of APs with history. Including cybersecurity; fraud, insider trading, and manipulation across markets. FINRA also…
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JER Harassment/Whistleblowing
On Jan. 21, JER States implemented bullying/whistleblowing policy. New framework managing bullying/harassment in the public sector, outlines clear responsibilities for managers, early process to resolve cases informally if possible. Internal mediators/investigators recruited to manage cases quickly and impartially. New whistleblowing policy encourages employees to speak out when they witness inappropriate activity, including concerns about patient…
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GE BaFin Large Exposure Reports
On Jan. 17, GE BaFin proposed regulation amending GroMiKV. Draft regulation amending the large loan and credit facility regulations (GroMiKV). Overview Followed May 2016 ECB decision to implement AnaCredit reporting, see #27641. Several European credit registers stated intend stop participation in Euro-Evidenz. Deutsche Bundesbank decided to stop investing in adjustment of Euro-Evidenz. Therefore reporting requirements for Euro-Evidenz…
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SEC Expiration Tick Size Pilot
On Jan. 16, 2019, FINRA announced pilot data collection to end on Apr. 2, 2019. While pilot quoting, trading requirements ended on Oct. 2, 2018, firms meeting definition of trading center continued obligation to submit specific data element. OATS will continue to accept data with fields populated, and will not be rejected. May choose continue…
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CFPB, NYAG Jeweler $14mn Card
On Jan. 16, CFPB, NYAG fined jewelers $14mn for card violation. Settled claims against Sterling Jewelers Inc, operates 1,500 US jewelry stores. Trades by various names, including Kay Jewelers, Jared, Galleria, JB Robinson. Subsidiary of Signet Jewelers Ltd, retailer in US, Canada, and United Kingdom. Alleged Violations Sterling Jewelers opened store credit-card accounts without customer…
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FR AMF Suitability Requirements
On Jan. 15, FR AMF issued position on MiFID II suitability requirements. AMF position DOC-2019-03 applies in full ESMA guidelines on MIFID II suitability. Follows Nov. 2018, ESMA issued translations of suitability guidelines. Set out what investment service provider must do to verify suitability requirement in providing investment advisory, portfolio management services, for third parties.…
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