Category: Regulation

According to FINRA’s Letter of Acceptance, Waiver and Consent, the firm conducted securities business on nine occasions between November 2020 and April 2023 while below the capital levels required under U.S. securities law. Net capital deficiencies ranged from around $1,000 to $33,000, FINRA said. During the same period, Madison Global Partners took part in firm…

According to FINRA, between September 2009 and July 2022 Jefferies inaccurately calculated its customer and proprietary accounts of broker-dealers (PAB) reserve formula.  The errors are said to have led to 136 customer reserve deficiencies and three PAB reserve deficiencies, at times amounting to shortfalls of more than $500 million. FINRA said the failures resulted in…

The penalty follows Revolut’s self-disclosure that it had failed to submit international funds transfer instructions within the timeframes required under the Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) Act. The company has since paid the notice in full. AUSTRAC Chief Executive Brendan Thomas said Revolut co-operated with the regulator and took steps to remedy the…

The penalty follows an investigation by the Australian Securities and Investments Commission (ASIC), which found SocGen breached market integrity rules by allowing two clients to place 33 suspicious orders between May 2023 and February 2024. ASIC said each order bore signs of an attempt to “mark the close”, where trades are placed just before market…

According to the SEC’s order, between August 2020 and December 2023, Vanguard incentivised its financial advisers to enrol and retain clients in PAS, without sufficiently informing clients of the potential conflict created by this compensation structure.  While Vanguard’s official brochure acknowledged that advisers could receive bonuses tied to client enrolments, other disclosure documents and marketing…