The failings are said to include inadequate oversight of paid influencers and widespread disclosure lapses affecting millions of clients. FINRA said Webull failed to supervise or retain records of promotional content produced by more than 400 paid social media influencers between January 2019 and December 2022. They add that some of the content contained exaggerated…
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ASIC added that one of the compliance failures went undetected for over a decade. They relate to Macquarie’s futures dealing operations and over-the-counter (OTC) derivatives trade reporting. ASIC’s action requires the bank to develop a remediation plan, appoint an independent expert to review the plan and assess the effectiveness of the remediation in preventing future…
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In a letter of acceptance, waiver, and consent published on May 1, FINRA stated that the firm failed to accurately report statistical and summary information regarding written customer complaints from January 2020 through June 2022, in violation of FINRA Rule 4530. During this period, the regulator said that at least 300 complaints went unreported, including…
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The move follows a compensation payment made by the Compensation Scheme of Last Resort (CSLR). The action stems from Viridian Equity’s failure to comply with three determinations made by the Australian Financial Complaints Authority (AFCA) on 31 October 2024. After the firm failed to pay the required compensation, the CSLR stepped in on 11 March…
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The fine is for violations of block trade regulations, according to the disciplinary notice published by CME Group. In addition to the fine, Gain Global has been ordered to disgorge $449,910 in profits. The penalties stem from findings by NYMEX's Business Conduct Committee, which concluded that the firm engaged in prohibited pre-hedging activity on multiple…
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According to a disciplinary notice issued by the exchange, the violations occurred across various NYMEX Energy futures and spread markets between 6–31 March 2023 and 2–20 June 2023. TFS Derivatives neither admitted nor denied the findings but accepted the settlement terms. The NYMEX Business Conduct Committee reportedly found that TFS repeatedly reported block trades with…
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According to a Letter of Acceptance, Waiver, and Consent (AWC) published by the regulator, the New York-based investment banking firm failed to establish and implement policies and internal controls reasonably designed to comply with the Bank Secrecy Act. Notably, FINRA says the firm did not respond in a timely manner to Financial Crimes Enforcement Network…
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The fine and censure are said to be for multiple compliance violations, including failures to implement policies required under Regulation Best Interest (Reg BI). According to a Letter of Acceptance, Waiver, and Consent published by FINRA last week, the firm failed to establish, maintain, and enforce written procedures reasonably designed to comply with Reg BI…
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According to FINRA, between April 2013 and February 2023, Revere mismarked approximately 19,000 order tickets related to syndicate offerings, including initial public offerings (IPOs), bonds, and real estate investment trusts (REITs). The firm reportedly classified these transactions as unsolicited, despite its registered representatives having solicited most of the trades. The misclassification led to inaccurate books…
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In a press release on Monday, the regulators cited serious concerns over ASX’s management of operational risks and the speed of its response to the incident. In a joint letter to ASX, the RBA and ASIC highlighted the risk that further operational failures could undermine the reliability of the CHESS system until its replacement is…
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