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Bridging the Week by Gary DeWaal: July 6-10 and 13, 2015 (MF Global; John Corzine; Money Passes; REMIT; G-IBs)
Enforcement actions, private litigation and guidance regarding the criteria for regulatory investigations took center stage in developments impacting the financial services industry last week. In one disciplinary action brought by the Financial Industry Regulatory Authority, there were no fines – apparently in light of the “extraordinary cooperation” of the named broker-dealers. In the publication of “Enforcement Referral Criteria,” the UK Financial Conduct Authority provided insight into its deliberation process for commencing investigations for possible wrongdoing. As a result, the following matters are covered in this week’s edition of Bridging the Week:
- Alleged Fictitious Sales to Facilitate Improper Money Pass Prompts CFTC Injunctive Action and Asset Freeze (includes Compliance Weeds);
- Santander Holdings Agrees With Fed to Broad Plan to Address Alleged Governance, Risk Management and Capital Planning Deficiencies;
- Five Broker-Dealers to Pay Back More Than US $30 Million to Retirement Accounts and Charities Charged Too Much for Mutual Funds (includes My View);
- MF Global Investors Reach US $64.5 Million Settlement With John Corzine and Other MF Global Officers and Directors Related to Firm’s Collapse;
- ICE to Provide REMIT Reporting for Relevant Wholesale Energy Market Transactions Executed on ICE European Marketplaces;
- FCA Publishes Criteria Used for Formal Enforcement Investigations;
- G-IB Banned From Business by NFA While Principals Suspended for Charging Too Much to Customers (includes Compliance Weeds); and more
Click here to access the video and article versions of this week’s version of Bridging the Week.
(Click here to access information on the new New York State BitLicense regulations that impact any firm conducing a virtual currency business activity involving New York or a NY resident in the article “New York BitLicense Regulations Virtually Certain to Significantly Impact Transactions in Virtual Currencies” in the July 8, 2015 Advisory by Katten Muchin Rosenman LLP.)
Did you miss last week’s edition of Bridging the Week? Click here to access. Click here to access the most current edition of Corporate and Financial Weekly Digest by Katten Muchin Rosenman LLP.
For further information, contact:
Gary DeWaal
Katten Muchin Rosebridging the weenman
575 Madison Avenue
New York, New York
(212) 940-6558
gary.dewaal@kattenlaw.com
Finally, if you are a financial services organization in New York or Chicago with summer interns, you may wish to consider signing them up for upcoming sessions of MarketsWiki Education World of Opportunities programs coordinated by John Lothian, publisher of the John Lothian News. The session in New York is on July 15 while there are sessions in Chicago on August 4, 5 and 7. Click here to access details regarding the NY program, and here for the Chicago sessions.
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