On Aug. 7, SEC fined Sonus Networks for false revenue projections. Sonus Networks and executives agreed to pay over $1.9mn to settle charges. Alleged Violations Former Sonus CFO, Mark Greenquist, was found to be aware of red flags which undermined the company’s first quarter 2015 announced estimates of revenue. Warnings included Sonus pulling forward deals…
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About: ILG
Recent Posts by ILG
OFAC Reimposed Iran Sanctions
On Aug. 6, OFAC revised existing Iran-FAQs for reimposed sanctions. Follows White House Aug. 2018 executive order re-imposing sanctions re Iran. OFAC Statement and FAQ OFAC has revised statement and updated FAQ on implementation of May 2018 decision to end US participation in joint comprehensive plan of action (JCPOA). Implements Treasury May 2018 notice reimposing…
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FINRA Customer Diligence Rule
On Jul. 30, 2018 NFA announced compliance rule amendments to incorporate CDD. Applies to FCM, IB members must comply, identify beneficial owners, diligence. Also updated self-exam questionnaire and AML Procedures web client system. All changes are immediately effective, as required by the CDD rules in effect.
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Spain Adopt GDPR Emergency
On Jul. 30, Spain issued law to urgently implement part of GDPR. Temporary legislation passed to implement necessary part of EU GDPR regulation. Need for Decree Law Constitution provides, in case of extraordinary and urgent need, the Government may make temporary legislative provisions which shall take form of a decree-law. Follows entry into force across…
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SEC Best Interest v. Fiduciary
On Jul. 30, SEC's Hester Peirce spoke about best interest v. fiduciary. At 2018 NAPA DC Fly-In Forum, Peirce spoke of best interest v. fiduciary duty. Standards debated on intent of words and interpretation applied by BD and IA. Definitions Proposed regulation best interestrequires BDs to act in the best interest of the retail customer…
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UK FCA SMR Unregulated Acts
On Jul. 27, 2018, UK FCA issued final handbook notice 57 on status of industry codes. Rules on FCA Recognized Industry Codes (DEPP, EG) Instrument 2018 (FCA 2018/36). Board has made changes to the FCA Handbook sections as follows: Glossary, DEPP 6. The FCA has also made changes the following section of the enforcement guide:…
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