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  • SEC Charges 10 Firms With Widespread Recordkeeping Failures

    Date 29/09/2023

    The Securities and Exchange Commission today announced charges against five broker-dealers, three dually registered broker-dealers and investment advisers, and two affiliated investment advisers for widespread and longstanding failures to maintain and preserve electronic communications. The firms admitted the facts set forth in their respective SEC orders and acknowledged that their conduct violated recordkeeping provisions of the federal securities laws. The firms agreed to pay combined penalties of $79 million as outlined below and have begun implementing improvements to their compliance policies and procedures to address these violations.

  • SEC Charges Two Credit Rating Agencies, DBRS And KBRA, with Longstanding Recordkeeping Failures - DBRS Also Charged With Disclosure And Internal Controls Violations

    Date 29/09/2023

    The Securities and Exchange Commission today announced charges against credit rating agencies DBRS Inc. and Kroll Bond Rating Agency, LLC (KBRA) for longstanding failures to preserve electronic records, including off-channel communications on personal and work-issued devices. Additionally, the SEC charged DBRS with violating disclosure and internal control provisions of the federal securities laws in rating certain commercial mortgage-backed securities (CMBS). To settle the charges, DBRS agreed to pay $8 million in civil penalties and KBRA agreed to pay $4 million in civil penalties.

  • It's Time For An Enlightenment On Financial Inclusion, Speech By Nikhil Rathi, UK Financial Conduct Authority Chief Executive, Delivered At PwC Glasgow For The Scottish Financial Enterprise: Extending Financial Inclusion Event

    Date 29/09/2023

    Highlights

    • The FCA cares about financial inclusion and is seeking solutions to spread it, but it doesn't have all the levers at its disposal to have justified making it a statutory requirement.
    • Solutions will come from industry and especially through technology – where clearer and more targeted products can be rolled out at scale.
    • We stand ready to regulate new products such as Buy Now Pay Later (BNPL) and to scrutinise the outcomes that artificial intelligence (AI) will have on inclusion.

  • ISDA Briefing Paper On Clearing At UK Tier-Two CCPs

    Date 29/09/2023

    ISDA has published a briefing paper that addresses the argument put forward by EU authorities that clearing at third-country tier-two central counterparties (CCPs) carries a financial stability risk, as well as risks to monetary policy implementation. In the paper, ISDA highlights that the tier-two designation depends largely on the CCP’s size, which does not translate to increased risk if the CCPs are subject to appropriate risk management and supervision. Furthermore, ISDA notes that European Market Infrastructure Regulation 2.2 ensured that tier-two CCPs from the UK are held to the exact same standards as EU CCPs and are directly supervised by the European Securities and Markets Authority, in addition to being supervised by the Bank of England, which affords EU authorities robust safeguards in a recovery scenario. This highlights that clearing at UK CCPs is not riskier than clearing at EU CCPs. Finally, the paper also covers concerns in relation to risks to monetary policy implementation and crisis scenario concerns.

  • SEC Charges Newell Brands And Former CEO For Misleading Investors About Sales Performance

    Date 29/09/2023

    The Securities and Exchange Commission today charged Newell Brands Inc., a Georgia-based consumer products company and its former CEO, Michael Polk, with misleading investors about Newell’s core sales growth, a non-GAAP (Generally Accepted Accounting Principles) financial measure the company used to explain its underlying sales trends. Both parties agreed to settle the SEC charges.

MV 120 X 600 Hard to Reach