On Apr. 2, FDIC removed and replaced OTS regulations of thrifts. Final rules remove security procedures, and consumer protection in sale of insurance. Amended FDIC regulation to make removals applicable to State savings associations. Related to Dodd-Frank induced reorganization of rules, conform to FDIC rules, term. Minimum Security The requirements inherited from OTS in 2011,…
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SEC Charges Pastor with Fraud
On Mar. 30 SEC charged Texas pastor with defrauding of investors. Kirbyjon Caldwell, was senior pastor for one of the largest US Protestant churches. With Gregory Smith, as self-described financial planners targeted elderly investors. Alleged Violations Defendants sold investors, interests in defunct, pre-Revolutionary Chinese bonds. Claimed bonds—memorabilia with no investment value- worth millions of dollars.…
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UK FCA Insider Dealing Control
On Mar. 27, FCA proposed financial crime guide on insider trading. FCA has launched consultation on change to the financial crime guide for firms. Crime captures a range of offenses, including insider dealing and manipulation. However, guide does not currently cover countering the risks of insider dealing. Aims and Scope Guide provides practical assistance, information…
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ESMA Market Abuse FAQs 2018
On Mar. 23, ESMA updated its FAQs on implementation of MAR. Follows Dec. 2017, ESMA updated FAQs on market abuse regulations. Updated FAQs ESMA has approved new update to existing MAR FAQ on Pillar 2 requirements and the obligation to disclose inside information, in order to cover the MREL exercise. MRELs must ensure bank has…
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OFAC Iran Cyber US Colleges
On Mar. 23, Treasury OFAC designated Iran cyber actors of colleges. Sanctioned Iranian cyber actors for activities targeting hundreds of universities. Mabna Institute Engaged in theft of personal identifiers and resources for private financial gain. Contracted with Iran government and private entities, to do hacking activities. Conducted coordinated intrusions, into systems belonging to 144 US…
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HK SFC UBS Asia $4.5mn Fine
On Mar. 21, HK SFC fined UBS for facilitation of trading activities. Fined UBS securities Asia Limited $4.5mn for failing to maintain effective controls. Alleged Violations Deficiencies involve record keeping of designation of trades as being 'facilitation'. UBS failed to provide complete information of client consent for facilitation trades. In 2015-16, UBS only able to…
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