06/19/2023
PIMCO charged by US SEC over disclosure and procedures failures
$9m settlement
Legal, Regulation & Compliance
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.”
06/01/2023
A bumpy path to US dollar weakening
The dollar has held its ground in 2023 to date, even amid ongoing turmoil in America’s regional banking sector and a political crisis over the US debt ceiling.
06/01/2023
Captrust adds Fort worth's Omega wealth Partners
The three will join CAPTRUST along with six additional colleagues.
05/31/2023
U.S. regulators have tools to handle banking turmoil: ex-comptroller
Fed response to SVB collapse bogged down by legal restrictions, Eugene Ludwig says
05/24/2023
US regional banks swap $220bn in deposits to soothe insurance nerves
Use of ‘reciprocal’ accounts jumped as turmoil enveloped financial sector
05/23/2023
Wells Fargo Agrees to Pay $1 Billion to Settle Pension-Led Lawsuit
Mississippi’s public employees' fund, a Louisiana sheriffs’ fund and the state of Rhode Island were among the lead plaintiffs.
05/22/2023
AI-Generated Recommendations Can Still Fall Under Reg BI, FINRA Exec Warns
Firms using AI tech to generate ‘customized’ suggestions for clients may not realize those recommendations still fall under the best interest rule, warned a senior director at FINRA's annual conference.
05/22/2023
Allen & Overy and Shearman & Sterling to create the first fully integrated global elite law firm
Combination will accelerate growth strategy of both firms, each with distinct market leadership and strong cultural compatibility.
05/22/2023
Finra Sanctions Wells Broker Who Had Friend Named Beneficiary on Client Account
The rule also blocks brokers from instructing a customer to name another person, such as the broker’s family members, to be beneficiary.
05/19/2023
HilltopSecurities Selects Broadridge to Provide Regulatory and Customer Communications Processing
A better digital experience for regulatory and transactional communications
05/18/2023
Deutsche Bank to pay $75 mln to settle Jeffrey Epstein accusers’ suit
The suit was filed last year in New York by an anonymous woman on behalf of herself and other accusers, alleging Deutsche Bank did business with Epstein for five years knowing he was engaged in sex-trafficking activity, the report said.