12/28/2023
Key takeaways from the SEC’s 2023 enforcement results
SEC distributed $930 million to harmed investors in fiscal year 2023, marking the second consecutive year with more than $900 million in distributions.
Legal, Regulation & Compliance
12/27/2023
The New York Times sues OpenAI, Microsoft over use of its stories used to train chatbots
Artificial intelligence companies scrape information available online, including articles published by media organizations, to train generative AI chatbots.
12/22/2023
U.S. fund Ripplewood makes offer to take over Orange Bank-Le Figaro
Ripplewood is also willing to take over Orange Bank's 700 employees, the newspaper said.
12/21/2023
White & Case advises Intesa Sanpaolo on US$3 billion notes issuance
The issuance consists of two tranches
12/20/2023
Latham Advises on Sterling and Wilson’s Qualified Institutional Placement
Firm represents bookrunning lead managers on issuance by global renewable EPC solutions provider.
12/20/2023
US Bank hit with multi-million dollar fines over prepaid card programme for the unemployed
Office of the Comptroller of the Currency
12/19/2023
US court approves CFTC settlement against Binance and $2.7 billion penalty
As previously announced, the order finds Binance, at Zhao’s direction, actively solicited customers in the United States
12/14/2023
Santander to buy BNP Paribas' Mexico asset management business
On its website, BNP Paribas lists life cycle, debt and white-label funds for its Mexico asset management business.
12/06/2023
Wall Street bank bosses warn lawmakers of economic toll from tough new rules
The CEOs hope to use the hearing as an opportunity to try to convince key moderate Democratic senators that the rule, which is being led by the Federal Reserve, could stifle lending, hurting small businesses and consumers.
12/04/2023
Ex-Wells Fargo CEO sues bank for $34 million in withheld pay, stock
The scandal drew scrutiny from shareholders and government officials and led the Federal Reserve in 2018 to order Wells Fargo to keep its assets below $1.95 trillion
12/04/2023
Bank of America To Pay $12,000,000 Fine for Repeatedly Breaking the Law, Sending False Information to Regulators
The agency says Bank of America will pay $12 million for repeatedly sending false information to federal regulators.
12/04/2023
U.S. bank CEOs expected to protest regulation push before Congress
The hearing comes amid a fierce industry campaign to kill the "Basel Endgame" proposal
11/30/2023
US Regulatory Update Q3 2023
The new rules require SEC-registered private fund advisers to comply
11/22/2023
SEC Charges Laidlaw & Co. Reps With Excessive Trading, Violating Reg BI
The SEC also charged the firm with failing to adhere to policies and procedures designed to catch evidence of excessive trading in client accounts.
11/21/2023
Blackstone to close multi-strategy fund after assets drop nearly 90%
"This is a small, legacy fund of around $200 million," a Blackstone spokesperson said in an emailed statement.
11/16/2023
Manulife Investment Management to Acquire Multi-Sector Alternative Credit Manager CQS
The transaction is expected to close in early 2024 subject to customary closing conditions and regulatory approvals.
11/16/2023
Morgan Stanley CEO says his firm is ready for ‘Basel III endgame’ — the sweeping new global rules on banking
Regulators say the changes in the proposals are estimated to result in an aggregate 16% increase in common equity tier 1 capital requirements
11/10/2023
Sources: Focus Financial Firms To Consolidate
Industry sources say Focus Financial Partners' new private equity owner plans to merge the sprawling ecosystem of firms into a small number of its existing entities.
11/09/2023
Citigroup to Pay $25.9 Million for Armenian-American Discrimination
Citi stereotyped Armenians as prone to crime and fraud.
11/06/2023
Consulting firms freeze US starting salaries in bid to shore up profit
McKinsey and BCG among those holding pay at last year’s levels as growth slows