Singapore financial regulator MAS seeks feedback on their proposals to enhance safeguards for proper conduct of digital prospecting and marketing activities, and address conduct risks and issues associated with these activities. See…
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Singapore MAS – Proposed Amendments to Payment Services Regulations 2019, Notices issued under the Payment Services Act 2019 or MAS Act, and Proposed New Regulations on Exemptions for a Specified Period – This consultation is closed.
MAS has proposed amendments to the Payment Services Regulations 2019 and existing notices applicable to payment service providers, as well as new proposed regulations on exemptions for a specified period. MAS invites…
French financial regulator the AMF fines Melanion Capital and its manager for breaches of professional obligations
In its decision of 24 April 2023, the Enforcement Committee handed down a warning and a fine of €200,000 to the portfolio asset management company Melanion Capital, and a warning and a fine of €150,000 to its manager, Mr Jad Comair.
Yet more fines against J.P. Morgan by the SEC
J.P. Morgan Securities LLC fined $750,000 by the SEC for failing to implement reasonable controls and supervisory procedures. The firm’s supervisory procedures did not address handling, documenting, and reviewing soft block overrides, resulting…
NEW YORK STATE fines OneMain LLC $4,250,000 for Cybersecurity breaches
OneMain is a sub-prime lender operating in 44 US states, with a reported turnover of $4.37 billion in annual revenue in 2021. An audit carried out by the DEPARTMENT OF FINANCIAL SERVICES found deficiencies…
SEC Institutes cease-and-desist proceedings against Gartner
The Commission found that Gartner violated the anti-bribery, books and records, and internal accounting control provisions of the Foreign Corrupt Practices Act of 1977 (FCPA) as a result of a scheme to…
Microsoft required to pay $20 million to settle FTC allegations that it unlawfully collected personal data from children without their parents’ consent.
Microsoft will pay $20 million to settle Federal Trade Commission charges that it violated the Children’s Online Privacy Protection Act (COPPA) by collecting personal information from children who signed up to its…
Florida Chief Compliance Officer Convicted by federal jury for $50 million Medicare fraud
A federal jury has convicted Steven King, 45, of conspiracy to commit health care fraud and wire fraud. King, the chief compliance officer of a pharmacy holding company, fraudulently billed Medicare over…
US SEC Issues Administrative Order Against Former President and Director of Casablanca Mining for Investment Fraud
“Rather than allow the markets to set the prices of the companies’ securities through the natural interplay of supply and demand, the Defendant engaged in numerous practices aimed at misleading the market to increase and maintain artificially high prices so that he and others could sell of their holdings for substantial gains.”
Recovery plan for central counterparties: French financial service regulator AMF formally aligns to ESMA recovery plan metrics and scenarios guidelines from May 23
The AMF has updated its doctrine with DOC-2023-04, implementing ESMA guidelines on recovery plan indicators and scenarios for clearing houses. These guidelines aim to regulate central counterparties and assist authorities in assessing their recovery plans. The guidelines apply under the “comply or explain” procedure starting May 24, 2023.