News Centre

SEC Issues $5 Million Whistleblower Award

Date 20/04/2020

The Securities and Exchange Commission today announced a $5 million award to a whistleblower who provided significant information that led to a successful enforcement action.  The whistleblower provided critical evidence of wrongdoing, which helped save time and resources in the SEC’s investigation, and the whistleblower suffered a unique hardship as a result of raising concerns internally. 

Public Letter To European Commission And European Parliament On The Devastating Impact Of Rejecting The Draft Regulatory Technical Standards (Level 2) On PRIIPS For EU Citizens As Long Term And Pension Savers

Date 20/04/2020

Today Ms Anne-Sophie Parent, Secretary General of AGE Platform Europe, and Mr Guillaume Prache, Managing Director of BETTER FINANCE, the European Federation of Investors and Financial Services Users, sent an Open Letter to the European Commission and European Parliament’s ECON Committee on the issue of the draft level 2 rules for the Key Information Document (“KID”) of “retail” investment products (“PRIIPs”) proposed by the European Supervisory Authorities.

US Crude Oil Price Turn Negative For First Time In History

Date 20/04/2020

U.S. crude oil futures turned negative on Monday for the first time in history as storage space was filling up, as demand for energy falls due to the coronavirus pandemic.

New York State Department Of Financial Services Superintendent Linda A. Lacewell Announces Industrial Bank Of Korea To Pay $35 Million To New York State For Violations Of New York Anti-Money Laundering And Recordkeeping Laws - DFS Investigation Finds IBK And Its New York Branch Failed To Implement And Maintain Adequate Bank Secrecy Act And Anti-Money Laundering Compliance Programs

Date 20/04/2020

Superintendent of Financial Services Linda A. Lacewell today announced that the New York State Department of Financial Services (DFS) has entered into a consent order with Industrial Bank of Korea (IBK) and its New York branch under which the bank will pay fines totaling $35 million to New York State for violations of New York Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) laws.

New York Attorney General James Announces Agreement With Industrial Bank Of Korea Related To Illegal Transfer Of Over $1 Billion To Iran - AG James, SDNY Investigation Results In $51 Million Settlement

Date 20/04/2020

Attorney General Letitia James today announced the resolution of an investigation into the Industrial Bank of Korea (IBK) for allowing more than $1 billion to be illegally transferred to the Government of Iran. The six-year investigation, led by the New York Attorney General’s Office (NYAG) and the United States Attorneys’ Office for the Southern District of New York (SDNY), revealed that due to IBK’s deficient anti-money laundering programs, IBK customer Kenneth Zong and the companies he owned and/or controlled, were able to illegally transfer more than one billion U.S. dollars for the Government of Iran using financial institutions located in New York. As part of the agreements, IBK will forfeit $51 million dollars.

UK Financial Conduct Authority Expectations For Wet-Ink Signatures In Light Of Coronavirus (Covid-19) Restrictions

Date 20/04/2020

Bank Of England: Minutes Of The Wholesale Distribution Steering Group - March 2020

Date 20/04/2020

The Wholesale Distribution Steering Group have the objective of overseeing the design of a new end-state model for wholesale cash distribution. This is to support the UK in an environment of declining cash volumes.

CFTC: Agricultural Advisory Committee To Meet Via Teleconference April 22

Date 20/04/2020

The Agricultural Advisory Committee (AAC) will hold a public meeting on Wednesday, April 22, 2020, at 3:00 p.m. EDT via teleconference. U.S. Secretary of Agriculture Sonny Perdue will address the meeting, which will focus primarily on the COVID-19 (coronavirus) pandemic and its impact on agricultural commodity markets. CFTC Chairman Heath P. Tarbert is the sponsor of the AAC.

Cross-Border Data Connectivity Matters For Everyone - A Statement From The Global Services Coalition

Date 20/04/2020

For the global economy to function, not only do goods and services need to move across international borders, so does information. Especially now, with the world battling a global pandemic, it is critical to be able to move data quickly across borders. In fact, digital data is in constant movement round the world, powering many of the services that global users have come to take for granted.

AFME Data Finds Europe’s Capital Markets Have Performed Well Despite Market Stress From COVID-19

Date 20/04/2020

AFME has today published new research on the initial impact of COVID-19 on Europe’s capital markets. The report analyses the recent trends during the current abnormal market circumstances.