On Feb. 13, 2018, CFPB published finalized change to final rule in federal register. Becomes effective Apr. 9, 2019, with all changes from Jan. 25, reflected comment. Background: Rule covers loans that require consumers to pay all or most of the debt at once. Include auto title loans, deposit advance products, loans with balloon payment.…
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FINRA Wedbush Client Assets
On Feb. 5, FINRA fined Wedbush $1.5mn for client asset violations. To punish violations of Customer Protection and Net Capital Rules, and related supervisory and books and records failures over period of 2009-2016, several consumers defrauded. Customer Protection, Net Capital Rule Broker-dealer obligated to protect customer assets as custodian for investments must be segregated in…
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South Africa – SARB Sanctions China Bank
On 2 February, SARB imposes sanctions on China Construction Bank. South African Reserve Bank (SARB) imposes administrative sanctions on China Construction Bank Corp. Johannesburg Branch for non-compliance with the Financial Intelligence Centre Act 38 of 2001 (FIC), as amended. SARB has directed the Bank to take remedial action. SARB Inspection SARB conducted an inspection in…
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Hong Kong – SFC Best Execution Guide
On Jan. 30, HK SFC issued guidance on conduct for best execution. Issued thematic review of best execution, and effectiveness of control practices. Summary Set standards of conduct, internal controls expected in delivering best execution. Licensed corporations (LCs) should execute client orders on best available terms. Fundamental to market integrity, protect investors, LCs act in…
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U.K. Property Ownership Register
UK BEIS issued notice of a property ownership register. UK cited world-first register stating owners of overseas companies buying property. To go live by early 2021, to crack down on criminal gangs, laundering money in UK. Property AML Since 2004, more than £180mn worth of UK property, has been under investigation. Over 75 percent of…
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ASIC Conflicts Giving Advice
On Jan. 23, ASIC issued report on conflicts in advice by larger firm's. Reported on how large financial institutions manage conflicts of interest in advice. Findings Reviewed advice provided by five biggest vertically integrated financial institutions. Identified areas where improvement needed in management of conflicts of interest. In most cases, weightings in products recommended towards…
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