Duo to offer ISO 15022 Corporate Actions Data Exchange Data International (EDI), a financial and economic data provider, and SimCorp, an investment management solutions provider, have agreed to combine efforts to offer corporate actions data to their clients, officials say. “The integration of EDI’s Worldwide Corporate Actions Service within SimCorp’s integrated front-to-back investment management platform… Read More >>
Instinet Fined $3.8M for Alleged CAT Reporting Failures
Instinet has paid a $3.8 million fine to the Financial Industry Regulatory Authority (FINRA) and settled allegations that the institutional broker failed to fulfill its reporting obligation “timely and accurately” to the Consolidated Audit Trail (CAT) system from June 2020 to the present, according to the self-regulatory organization (SRO). The ambitious, big data, securities transaction… Read More >>
The Fed Will Supervise Crypto Assets & More
In early August, the Federal Reserve Board let the banks know that it is keeping an eye on their “novel activities” such as those involving crypto-assets and distributed ledger technology (DLT) otherwise known as blockchain systems. “The Federal Reserve Board on Tuesday [Aug. 8] provided additional information on its program to supervise novel activities in… Read More >>
Bittrex Resolves SEC’s Charges for $24M
Crypto asset trading platform Bittrex Inc. and its co-founder and former CEO, William Shihara, have settled with the SEC and will pay $24 million in disgorgement, interest, and penalties over allegations that the platform was functioning as an unregistered national exchange, broker, and clearing agency although the defendants neither admit nor deny the SEC’s allegations…. Read More >>
Wedbush Pays $16M to Resolve Recordkeeping Problems
Accusations don’t equal proof of guilt. Lawyers for a certain much-indicted ex-president will tell you that. However, multiple accusations by credible accusers aren’t a particularly good look, whether for a politician or a registered futures commission merchant. Which brings us to Wedbush Securities. The Commodity Futures Trading Commission (CFTC) recently ordered Los Angeles-based Wedbush Securities… Read More >>
DTCC Shuts Down Its GMEI LEI Utility
The DTCC has confirmed to FTF News that it is shutting down its Global Markets Entity Identifier (GMEI) utility and leaving the Legal Entity Identifier (LEI) services business by Aug. 22, and that the Global Legal Entity Identifier Foundation (GLEIF) will assign current LEIs to new, accredited local operating units (LOUs) as part of a… Read More >>
FINRA Fines LPL $3M for Wire Transfer Woes
The Financial Industry Regulatory Authority (FINRA) has fined LPL Financial (LPL) $3 million and ordered the firm to pay $100,000 plus interest in restitution because the firm allegedly “failed to reasonably supervise transfers of customer funds to third parties,” according to the self-regulatory organization (SRO) for U.S. broker-dealers. LPL, a FINRA member since 1973, has… Read More >>
Citi & FINOS Push for ‘Common Cloud Controls’
Financial services giant Citi and the Fintech Open Source Foundation (FINOS) are launching an open standard project that will formulate “consistent controls” for cloud computing cybersecurity, resiliency, and compliance that cloud service providers (CSPs) can use as the basis for a common set of services. The “Common Cloud Controls (CCC)” push is intended to bring… Read More >>
UBS Fined $387M for Credit Suisse’s Archegos Chapter
UBS Group is paying $387 million in fines to the U.S. Federal Reserve System and the U.K.’s Prudential Regulation Authority and finalizing proceedings with the Swiss Financial Market Supervisory Authority (FINMA) — in an effort to close the Archegos Capital Management chapter in the history of Credit Suisse, now a subsidiary of its former Swiss… Read More >>
CCOs Worry Most About SEC’s Marketing Rule: Survey
The SEC’s controversial marketing rule, a comprehensive effort to regulate investment advisers’ marketing communications, remains a top concern among the chief compliance officers (CCOs) at these firms, according to the results of the 2023 Investment Management Compliance Testing (IMCT) survey. Nearly three-quarters of survey respondents, or 70.32 percent, chose advertising/marketing as the hottest compliance issue… Read More >>
