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Latest Regulatory Announcements
Official announcements from the United States Securities and Exchange Commission (SEC) highlighting recent actions taken by the Agency and other newsworthy information.
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SEC Brings Charges in Edgar Hacking CaseWashington, D.C.--(Newsfile Corp. - January 15, 2019) - The Securities and Exchange Commission today announced charges against nine defendants for participating in a previously disclosed scheme to hack into the SEC’s EDGAR system and extract nonpublic information to use for illegal trading. The SEC charged a Ukrainian hacker, six individual ...
Banking/Financial Services
2019-01-15 11:27 AM ET | Newsfile SEC Press Digest -
JPMorgan to Pay More Than $135 Million for Improper Handling of ADRs
Washington, D.C.--(Newsfile Corp. - December 26, 2018) - The Securities and Exchange Commission today announced that JPMorgan Chase Bank N.A. will pay more than $135 million to settle charges of improper handling of “pre-released” American Depositary Receipts (ADRs).ADRs – U.S. securities that represent foreign shares of a foreign company – require ...
Banking/Financial Services
2018-12-26 6:33 PM ET | Newsfile SEC Press Digest -
Agencies Invite Comment on a Proposal to Exclude Community Banks from the Volcker Rule
[DATELINE]Five federal financial regulatory agencies on Friday invited public comment on a proposal that would exclude certain community banks from the Volcker Rule, consistent with the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA).The Volcker Rule generally restricts banking entities from engaging in proprietary trading and from owning or ...
Banking/Financial Services
2018-12-21 11:00 PM ET | Newsfile SEC Press Digest -
Martha Miller Named Advocate for Small Business Capital Formation
Washington, D.C.--(Newsfile Corp. - December 21, 2018) - The Securities and Exchange Commission today announced that Martha Legg Miller has been named as the first Advocate for Small Business Capital Formation.The position and the new Office of the Advocate for Small Business Capital Formation were created pursuant to the bipartisan SEC ...
Banking/Financial Services
2018-12-21 7:09 PM ET | Newsfile SEC Press Digest -
Two Advisory Firms, CEO Charged With Mutual Fund Share Class Disclosure Violations
Washington, D.C.--(Newsfile Corp. - December 21, 2018) - The Securities and Exchange Commission today announced settled charges against two New York-based investment advisers and the CEO of one of the advisers who selected mutual fund share classes inconsistent with their disclosures to clients. The firms and the CEO will collectively pay ...
Banking/Financial Services
2018-12-21 4:51 PM ET | Newsfile SEC Press Digest -
SEC Charges Audit Firm and Suspends Accountants for Deficient Audits
Washington, D.C.--(Newsfile Corp. - December 21, 2018) - The Securities and Exchange Commission today filed settled charges against national audit firm Crowe LLP, two of its partners, and two partners of a now-defunct audit firm for their significant failures in audits of Corporate Resource Services Inc., which went bankrupt in ...
Banking/Financial Services
2018-12-21 3:08 PM ET | Newsfile SEC Press Digest -
SEC Staff Encourages Continued Engagement on Impact of MiFID II Research Provisions
Washington, D.C.--(Newsfile Corp. - December 21, 2018) - Earlier this year, significant new rules relating to research became effective in the European Union (EU). In an effort to assist market participants regarding their U.S.-regulated activities as they engage in efforts to comply with the EU’s Markets in Financial Instruments Directive ...
Banking/Financial Services
2018-12-21 3:07 PM ET | Newsfile SEC Press Digest -
SEC Charges Two Robo-Advisers With False Disclosures
Washington, D.C.--(Newsfile Corp. - December 21, 2018) - The Securities and Exchange Commission today instituted settled proceedings against two robo-advisers for making false statements about investment products and publishing misleading advertising. The proceedings are the SEC’s first enforcement actions against robo-advisers, which provide automated, software-based portfolio management services.An SEC order ...
Banking/Financial Services
2018-12-21 12:47 PM ET | Newsfile SEC Press Digest -
SEC Office of Compliance Inspections and Examinations Announces 2019 Examination Priorities
Washington, D.C.--(Newsfile Corp. - December 20, 2018) - The Securities and Exchange Commission's Office of Compliance Inspections and Examinations (OCIE) today announced its 2019 examination priorities. OCIE publishes its exam priorities annually to promote transparency of its examination program and provide insights into the areas it believes present potentially heightened risk ...
Banking/Financial Services
2018-12-20 3:42 PM ET | Newsfile SEC Press Digest -
SEC Adopts Transaction Fee Pilot for NMS Stocks
Washington, D.C.--(Newsfile Corp. - December 19, 2018) - The Securities and Exchange Commission today announced that it has voted to adopt new Rule 610T of Regulation NMS to conduct a Transaction Fee Pilot in NMS stocks. The pilot is designed to generate data that will help the Commission analyze the effects ...
Banking/Financial Services
2018-12-19 5:11 PM ET | Newsfile SEC Press Digest -
SEC Adopts Final Rules to Allow Exchange Act Reporting Companies to Use Regulation A
Washington, D.C.--(Newsfile Corp. - December 19, 2018) - The Securities and Exchange Commission adopted final rules to allow reporting companies to rely on the Regulation A exemption from registration for their securities offerings. "Regulation A provides an exemption from registration under the Securities Act for offerings of securities up to $50 ...
Banking/Financial Services
2018-12-19 2:03 PM ET | Newsfile SEC Press Digest -
SEC Charges Additional 13 Unregistered Brokers Who Sold Woodbridge Securities to Retail Investors
Washington, D.C.--(Newsfile Corp. - December 19, 2018) - The Securities and Exchange Commission today announced charges against an additional 13 individuals and 10 companies for unlawfully selling securities of Woodbridge Group of Companies LLC to retail investors. Woodbridge collapsed into bankruptcy in December 2017 and the SEC previously charged ...
Banking/Financial Services
2018-12-19 12:36 PM ET | Newsfile SEC Press Digest -
SEC Proposes Rule Changes for Fund of Funds Arrangements
Washington, D.C.--(Newsfile Corp. - December 19, 2018) - The Securities and Exchange Commission today voted to propose a new rule and related amendments designed to streamline and enhance the regulatory framework for fund of funds arrangements. Funds of funds are created when a mutual fund or other type of fund invests in ...
Banking/Financial Services
2018-12-19 11:47 AM ET | Newsfile SEC Press Digest -
SEC Adopts Rule of Practice 194
Washington, D.C.--(Newsfile Corp. - December 19, 2018) - The Securities and Exchange Commission today announced that it has voted to adopt Rule of Practice 194. In general, this rule creates a transparent, efficient, and comprehensive process for a registered security-based swap dealer or major security-based swap participant, collectively known as ...
Banking/Financial Services
2018-12-19 11:03 AM ET | Newsfile SEC Press Digest -
SEC Proposes Risk Mitigation Techniques for Uncleared Security-Based Swaps
Washington, D.C.--(Newsfile Corp. - December 19, 2018) - The Securities and Exchange Commission today voted to propose rules requiring the application of risk mitigation techniques to portfolios of uncleared security-based swaps. Proposed Rules 15Fi-3 through 15Fi-5 would establish requirements for registered security-based swap dealers and major security-based swap participants (SBS ...
Banking/Financial Services
2018-12-19 11:02 AM ET | Newsfile SEC Press Digest -
SEC Approves 2019 PCAOB Budget and Accounting Support Fee
Washington, D.C.--(Newsfile Corp. - December 19, 2018) - The Securities and Exchange Commission voted today to approve the 2019 budget of the Public Company Accounting Oversight Board (PCAOB) and the related annual accounting support fee.The 2019 PCAOB budget totals $273.7 million. The accounting support fee totals $262.9 million, of which $228.5 million ...
Banking/Financial Services
2018-12-19 10:21 AM ET | Newsfile SEC Press Digest -
SEC Adopts Final Rules for Disclosure of Hedging Policies
Washington, D.C.--(Newsfile Corp. - December 18, 2018) - The Securities and Exchange Commission today approved final rules to require companies to disclose in proxy or information statements for the election of directors any practices or policies regarding the ability of employees or directors to engage in certain hedging transactions with ...
Banking/Financial Services
2018-12-18 6:34 PM ET | Newsfile SEC Press Digest -
SEC Charges Former Panasonic Executives
Washington, D.C.--(Newsfile Corp. - December 18, 2018) - The Securities and Exchange Commission today charged two former senior executives of the U.S. subsidiary of Panasonic Corp. with knowingly violating the books and records and internal accounting controls provisions of the federal securities laws and causing similar violations by the parent ...
Banking/Financial Services
2018-12-18 5:18 PM ET | Newsfile SEC Press Digest -
SEC Publishes Two Reports on Credit Rating Agencies Showing Continued Focus on Compliance and Competition
Washington, D.C.--(Newsfile Corp. - December 18, 2018) - Credit rating agencies registered with the SEC continue to promote compliance by enhancing their policies, procedures, and internal controls in response to Commission rules and staff examinations. SEC staff reports released today on nationally recognized statistical rating organizations (NRSROs) show that some firms are self-reporting ...
Banking/Financial Services
2018-12-18 4:12 PM ET | Newsfile SEC Press Digest -
Daniel Kahl Named Deputy Director of the Office of Compliance Inspections and Examinations
Washington, D.C.--(Newsfile Corp. - December 18, 2018) - The Securities and Exchange Commission today announced that Daniel Kahl has been named Deputy Director of the agency’s Office of Compliance Inspections and Examinations (OCIE). Mr. Kahl has been with the SEC for over 17 years, serving as OCIE’s Chief Counsel since ...
Banking/Financial Services
2018-12-18 1:06 PM ET | Newsfile SEC Press Digest -
SEC Solicits Public Comment on Earnings Releases and Quarterly Reports
Washington, D.C.--(Newsfile Corp. - December 18, 2018) - The Securities and Exchange Commission today published a request for comment soliciting input on the nature, content, and timing of earnings releases and quarterly reports made by reporting companies. The request for comment solicits public input on how the Commission can ...
Banking/Financial Services
2018-12-18 11:28 AM ET | Newsfile SEC Press Digest -
Scott W. Bauguess, Deputy Director of the Division of Economic and Risk Analysis, to Leave the Agency After a Decade of Service
Washington, D.C.--(Newsfile Corp. - December 17, 2018) - The Securities and Exchange Commission today announced that Scott W. Bauguess, Deputy Director of the Division of Economic and Risk Analysis (DERA) and Deputy Chief Economist, will leave the agency in January after more than 11 years of service. Dr. Bauguess joined the ...
Banking/Financial Services
2018-12-17 5:29 PM ET | Newsfile SEC Press Digest -
BNY Mellon to Pay More Than $54 Million for Improper Handling of ADRs
Washington, D.C.--(Newsfile Corp. - December 17, 2018) - The Securities and Exchange Commission today announced that Bank of New York Mellon will pay more than $54 million to settle charges of improper handling of “pre-released” American Depositary Receipts (ADRs).ADRs – U.S. securities that represent foreign shares of a foreign company ...
Banking/Financial Services
2018-12-17 12:37 PM ET | Newsfile SEC Press Digest -
Jeffrey S. Mooney Named Associate Director in the Office of Clearance and Settlement
Washington, D.C.--(Newsfile Corp. - December 14, 2018) - The Securities and Exchange Commission today announced that Jeffrey S. Mooney has been named Associate Director of the Office of Clearance and Settlement in the agency’s Division of Trading and Markets. Mr. Mooney joined the SEC staff in 1996 and has served in ...
Banking/Financial Services
2018-12-14 11:52 AM ET | Newsfile SEC Press Digest -
SEC Charges Former New York Investment Advisor and Daughter With Conducting a Ponzi Scheme
The Securities and Exchange Commission today charged a former Rockland County, New York-based investment adviser and his daughter with conducting a multi-million dollar Ponzi scheme that defrauded local community members as well as members of their family and close friends.The SEC alleges that Hector May, an investment adviser representative and the president ...
Banking/Financial Services
2018-12-13 8:51 PM ET | Newsfile SEC Press Digest