Wolters Kluwer has launched an index of regulatory violations issued to financial services institutions in the U.S. that will provide compliance officers with aggregate volumes and penalty amounts that will help them develop compliance risk management efforts. The new Regulatory Violations Intelligence Index covers regulatory actions from 2018 through 2024 and is presented in half-year… Read More >>
Merrill Lynch & FINRA Resolve Mutual Fund Fees Case
FINRA has ordered broker-dealer Merrill Lynch, Pierce, Fenner & Smith Inc. to “pay more than $7.2 million in restitution and interest to customers who incurred unnecessary sales charges and paid excess fees in connection with mutual fund transactions.” In a formulation that will be familiar to FTF News readers, the firm says: “In settling this… Read More >>
Bloomberg Settles Charges It Misled Tradebook Customers
The U.S. Securities and Exchange Commission has filed “settled charges” against registered broker-dealer Bloomberg Tradebook LLC, founded in 1996 but no longer in operation, for “making material misrepresentations and omitting material facts” about how the firm handled certain customer trade orders. Bloomberg Tradebook has agreed to be censured and will pay a $5 million dollar… Read More >>
UBS Fined $36M for MiFID I Reporting Errors
The U.K.’s Financial Conduct Authority (FCA) has fined UBS £27.6 million ($36,524,840.93) on charges that the Swiss financial services giant had transaction reporting failures when it attempted to comply with now-legacy MiFID I requirements. The fine covers nine-and-a-half years of alleged failings “relating to 135.8 million transaction reports between November 2007 and May 2017,” according… Read More >>
