On Jul. 17, CAL INS said bill to protect seniors signed into law. Commissioner-Dave Jones, had sponsored the bill to protect California seniors Impact of Law Law improves long-term care insurance and accelerated death benefit statutes. Assembly Bill 2180, facilitates policy review process for more insurance choice. California is home to the largest number of…
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CFTC Pay Foreign Whistleblower
On Jul. 16, CFTC issued first award for a foreign whistle-blower. First payment by CFTC whistleblower program to person in a foreign country. $70k has been awarded for a significant contribution leading to a settlement. This is sixth award for information on violations of Commodity Exchange Act.
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DoJ Integrity Elder Fraud Group
On 11 July, DoJ, SEC, CFPB, FTRC task force on elder fraud. Follows President Trump July 11, 2018 signing executive order against fraud. Order established a new task force on market integrity and consumer fraud. Scope Focus on fraud vs. consumers-especially elderly, service members, veterans. As well as corporate fraud that victimizes general public or the…
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CFTC $30mn to Whistleblower
On Jul. 12, CFTC announced largest-ever whistleblower award. Whistleblower provided original information that led to an enforcement action. The $30mn award is the largest made under the CFTC whistleblower program. Previous highest award, paid to CFTC whistleblower, was $10mn in Mar. 2016. CFTC hope award will facilitate upward momentum and success of its program.
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SEC Exam Best Execution Issues
On Jul. 11, SEC issued alert on best execution issues in adviser exams. Described common best execution findings, cited in deficiency letters sent to IAs. Fiduciary Standardu Advisers Act has established a federal fiduciary standard for investment advisers. To seek to obtain best execution of client trades based on facts and circumstances. When directing brokerage,…
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CSA OSC Whistleblower Program
On Jun. 29, OSC issued report on whistleblower program role. Progress report marked two years since the launch of its whistleblower program. OSC whistleblower program is first of its kind by a Canadian securities regulator. Follows OSC Jul. 2016 whistleblower office begin taking complaints. Update Report Program accepts tips on violations of Ontario securities law…
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