Category: Fines

FINRA
June 26, 2023 BY Steffy Bogdanova

FINRA imposes a $900k fine on Credit Suisse's US business arm

FINRA stated: The firm’s late and inaccurate TRACE reports violated FINRA Rules 6730 and 2010. In addition, the company failed to provide notifications for approximately 190 new issue offerings in TRACE-reportable securities. Moreover, Credit Suisse's supervisory system, designed to ensure the accuracy and timeliness of TRACE reporting, was found to be unreasonable by the self-regulatory…

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June 20, 2023 BY Steffy Bogdanova

CySEC fines 101investing.com operator €50K

The regulator said: The Company did not apply adequate and appropriate policies, controls, and procedures, so as to mitigate and manage the risks of money laundering and terrorist financing effectively, in relation to the detailed examination of each transaction which by its nature may be considered to be particularly vulnerable to be associated with money…

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CFTC
May 15, 2023 BY Steffy Bogdanova

CFTC imposes a $45 million penalty on HSBC for manipulative and deceptive trading

Additionally, the regulator accused HSBC’s subsidiary of attempting to manipulate on-screen prices, which were partly based on issuer swaps, by engaging in spoofing activities with interdealer brokerages that controlled the screens. Spoofing involves placing orders with the intention of canceling them before execution, constituting fraudulent behavior. According to the CFTC, HSBC traders deliberately traded at…

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Goldman Sachs
April 11, 2023 BY Steffy Bogdanova

CFTC slaps a $15 million fine on Goldman Sachs

According to CFTC’s filling, Goldman made transactions of dozens of “same-day” equity index swaps with US-based clients in 2015 and 2016. The "same-day" equity index swap involves striking the equity leg on the day that the other key terms of the swap are agreed upon, instead of the following day, which is the usual practice.…

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March 24, 2023 BY Steffy Bogdanova

ESMA fines S&P €1.11 million for premature release of credit ratings

ESMA found S&P Global Ratings Europe Limited guilty of three contraventions, which included internal control and transparency breaches. The financial market supervisor fined S&P €825,000, €210,000, and €75,000 for each of the violations, respectively. The credit agency can challenge the decision before the Board of Appeal of the European Supervisory Authorities. S&P Global Ratings is…

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January 24, 2023 BY Steffy Bogdanova

SEC fines Bloomberg $5 million for misleading disclosure on fixed income securities

Osman Nawaz, Chief of the Division of Enforcement’s Complex Financial Instruments Unit, said: Bloomberg has assumed a critical role as a pricing service to participants in the fixed-income markets and it is incumbent on Bloomberg, as well as on other pricing services, to provide accurate information to their customers about their valuation processes. This matter…

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January 10, 2023 BY Steffy Bogdanova

FCA fines Guaranty Trust Bank (UK) £7.6 million for AML failures

In the beginning of 2018, GT Bank stopped taking on new customers. Given the FCA’s concerns, the bank agreed to wider voluntary restrictions on business later the same year. These additional requirements remained in place until mid-2021. They were lifted then GT Bank remediation plan, which was checked by an independent third party. The FCA…

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CFTC
December 21, 2022 BY Steffy Bogdanova

CFTC fines CHS Hedging $6.5 million for supervision failures

The CFTC stated that one of CHS Hedging’s customers engaged in speculative trading that sustained millions of dollars in losses in their company account from January 2017 through December 2020. The customer and their company made margin payments of more than $147 million to CHS Hedging over the course of that period. The CFTC found…

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