07/12/2023
Bank of America hit with multiple fines over banking malpractice
Bank of America harmed hundreds of thousands of consumers over a period of several years and across multiple product lines and services.
Legal, Regulation & Compliance
07/10/2023
Bank of Canada expected to raise interest rate in the face of mixed signals
The majority thought the Canadian economy would be in, or near, a recession by now, squeezed by the most aggressive interest rate-hike cycle in decades.
07/07/2023
Canadian regulators outline expectations for investment funds holding crypto
The guidance provides an overview of public crypto asset funds operating in Canada and describes related oversight initiatives by CSA members.
07/06/2023
Finra Bars Ex-Wells Broker Fired Over Outside Activity, Debit Card Request
Brad M. Jacobson, who was terminated by Wells in April 2022, accepted the bar without admitting or denying the allegations and represented himself in the case.
07/05/2023
The Fed can’t decide how much money US households have left
The problem is that no one, not even the Federal Reserve, knows how much longer the American consumer can keep on spending.
06/28/2023
US banks scramble on research fees as reprieve on European rules runs out
Many in the banking industry had hoped a regulatory reprieve in place since October 2017 would be extended beyond July 3, analysts said, explaining the reason behind the eleventh-hour scramble.
06/27/2023
Banks raised questions in 2020 about FTX-affiliated hedge fund's wire activity, FTX says
Bankman-Fried has pleaded not guilty to 13 counts of fraud and conspiracy.
06/22/2023
The Toronto-Dominion Bank Receives Regulatory Approval for Normal Course Issuer Bid
As previously announced, TD intends to launch a new normal course issuer bid to repurchase for cancellation up to 30 million of its common shares.
06/21/2023
Dimon may have ordered JPMorgan's review of Epstein ties, Virgin Islands says
Internal emails show that following Epstein's July 2019 arrest on sex trafficking charges, JPMorgan conducted a review known as "Project Jeep"
06/20/2023
BofA: Crypto Sentiment 'Remains Poor' Following SEC Actions
The bank also projects that blockchain infrastructure and tokenization will “transform financial and non-financing infrastructure and markets over the next five to 10 years.”
06/19/2023
PIMCO charged by US SEC over disclosure and procedures failures
$9m settlement
06/13/2023
JPMorgan has reached an agreement to settle Jeffrey Epstein victim’s lawsuit—but its problems with the sex trafficker aren’t over
The deal with the victim identified only as Jane Doe doesn’t end JPMorgan’s legal headache over its ties to Epstein.
06/12/2023
U.S. banks struggle to meet Mifid regulations
This critical situation unfolds as U.S. banks and brokers servicing European clients face the daunting prospect of losing a U.S. regulatory “free pass”.
06/12/2023
FirstFT: Expect more US interest rate rises, economists warn
Also in today’s newsletter, Silvio Berlusconi dies, and UBS’s ‘red lines’ for Credit Suisse staff
06/09/2023
Canada Life suspends relationship with Odey wealth management unit- statement
A Canada Life said the company would not be accepting any new fund flows.
06/07/2023
Canaccord board recommends rejecting MBO offer
Due to a regulatory snag
06/06/2023
SEC files 13 charges against Binance and Changpeng Zhao
Binance was to create 40 Bermuda jobs, at least 30 of them Bermudian and spend up to $10 million on training for Bermudians in blockchain technology development.
06/02/2023
Vanguard fined for providing misleading account statements to its customers
The regulatory organization said Vanguard "accepts and consents" without admitting or denying the findings
06/02/2023
DLA Piper lawyers and practices ranked in Chambers USA 2023
The annual rankings are based on extensive research by Chambers & Partners Publishing.
06/02/2023
JPMorgan to Close 21 First Republic Branches
“Clients should expect to continue to receive the same level of service with seamless access to their money.”