The regulator added that the fine is part of a larger $250,000 settlement which was resolved “simultaneously with similar matters.” FINRA states: "Regulation M under the Securities Exchange Act of 1934, in relevant part, makes it unlawful for underwriters, broker-dealers, and other distribution participants to directly or indirectly 'bid for, purchase, or attempt to induce…
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The SFC investigation is said to have found that Ever-Long fell short in conducting due diligence, disclosing material issues, and ensuring the accuracy of the Application Proof submitted for Coastal’s listing. The regulator explained that key failures included neglecting to verify the rationale and legality of a leasing arrangement central to Coastal's business model, which…
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The company revealed that effective 1 July 2025, three international subsidiaries—MUFG Securities EMEA plc, MUFG Securities Asia Limited, and MUFG Securities (Canada), Ltd.—will transfer from Mitsubishi UFJ Securities Holdings Co., Ltd. (MUSHD) to become direct subsidiaries of MUFG Bank. The move is subject to regulatory approvals in Japan and abroad. The restructuring is said to…
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The fine was for inaccuracies in its short interest positions reporting and deficiencies in its supervisory systems. According to FINRA, the violations spanned over 16 years, from June 2008 to August 2024, involving approximately 820,000 short interest positions totalling 77 billion shares. The regulator found that J.P. Morgan both overreported and underreported short interest data…
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The payments giant said in a release Thursday that it indicates a consumer base willing to spend, albeit with a focus on value. The data aligns with Visa's recent holiday spending report, which recently reported a 4.8% year-on-year increase in holiday retail spending across the United States. Mastercard said online shopping remained a strong preference,…
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In a press release this week, the payments giant explained the data reflects total spending from all payment methods, including cash and cheque, over a seven-week period starting on 1 November 2024. The findings highlight a potential resurgence in consumer confidence and adaptability among retailers. Wayne Best, Visa’s chief economist, noted: “This spending growth demonstrates…
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The U.S. Securities and Exchange Commission (SEC) said Monday that it has filed charges against Connecticut-based Dolphin Associates III and its principal, Donald T. Netter, accusing them of withholding investor funds, charging excessive fees, and misleading investors. The SEC alleges that since November 2016, Dolphin and Netter improperly suspended withdrawals from a private fund they…
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The deal will see Fiserv pay C$201.5 million ($140 million) for the company and is expected to close in the first half of 2025. Payfare’s offerings, which include card program management, a white-label consumer app, and a microservices orchestration layer, are expected to bolster Fiserv’s embedded finance capabilities. Fiserv added that the solutions complement its…
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The admissions were made in civil proceedings brought by the Financial Markets Authority (FMA) in the High Court in Auckland. The issues centred on three package types, including Employee, Gold, and Platinum (EGP) packages, as well as personal and business banking packages. Customers entitled to various benefits under the schemes frequently did not receive the…
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It follows the Australian Securities and Investments Commission’s (ASIC) investigation, which revealed deficiencies in Sanlam Private Wealth Pty Ltd’s oversight of its authorised representatives and corporate authorised representatives (CARs). ASIC said in a press release Monday that it found Sanlam failed to supervise its 42 CARs and 71 authorised representatives adequately, many of whom offered…
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