Enforcement

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The Increasing Accountability of Senior Management in Financial Services

The Global Financial Crisis is pinned to the moral hazard of bankers but the question is whether it has resulted in any changes to senior management accountability in financial institutions. An analysis of the state of things in the UK shows that disregarding culture and governance can be a costly mistake. The GFC The general …

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European Regulator fines Scandinavian Banks for €2.5m for unauthorised Credit Ratings

The European Financial Regulator ESMA (European Securities and Markets Authority) has today fined five Scandinavian banks for violations of the Credit Rating Agencies Regulation (CRAR). Each of the five banks was fined €495,000 and received a public notice for negligently breaching the CRAR by by issuing credit ratings without being authorised by ESMA to do …

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Watchdog recommends improvements in financial information enforcement

The European Securities and Markets Authority (ESMA) has published the results of a peer review conducted into how national competent authorities (NCAs) supervise financial information (IFRS) according to the Guidelines on Enforcement of Financial Information (Guidelines). The report identifies areas where NCAs can improve their enforcement and makes recommendations to support these improvements. The peer …

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Company Paying Penalty for Violating Key Whistleblower Protection Rule

The Securities and Exchange Commission today announced that an Atlanta-based building products distributor is settling charges that it violated securities laws by using severance agreements that required outgoing employees to waive their rights to monetary recovery should they file a charge or complaint with the SEC or other federal agencies. BlueLinx Holdings Inc. has agreed …

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FCA highlights risks about accepting business from unauthorised introducers or lead generators

The FCA today issued a statement regarding investment advisers’ and authorised firms’ responsibilities when accepting business from unauthorised introducers or lead generators. An authorised firm which accepts business from an introducer must meet its regulatory requirements. If customers are given unsuitable advice by an introducer, the authorised firm may be held responsible for this and …

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FCA advises on Financial Crime reporting

The FCA today issued Policy Statement “PS16/19: Financial Crime Reporting: feedback on Chapter 6 of CP15/42 and final rules”. In this Policy Statement, the FCA reports on the main issues arising from Chapter 6 of Consultation Paper 15/42 Introduction of financial crime reporting form and publish the final rules. In December 2015, the regulator consulted on a proposal …

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ESMA publishes extract on enforcement decisions on financial statements

The European Securities and Markets Authority (ESMA) has published an extract from its confidential database of enforcement decisions on financial statements. The extract includes a selection of 12 decisions that were taken by national enforcers in the period from February 2014 to April 2016. ESMA is publishing extracts from its confidential database of enforcement decisions …

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ESMA finalises standards on sanctions and measures under MAR

The European Securities and Markets Authority (ESMA) has issued today final implementing technical standards (ITS) regarding sanctions and measures which will implement the Market Abuse Regulation (MAR). The ITS prescribe how national competent authorities (NCAs) should notify ESMA annually of the investigations they conduct and the sanctions and measures imposed in their Member States under …

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Bank of England consults on establishment of Enforcement Decision Making Committee

The Bank of England today published a consultation paper on the Establishment of the Enforcement Decision Making Committee – CP/EDMC2016. This consultation paper (CP) sets out the Bank of England (the Bank) and the PRA’s proposal for the establishment of a unified Enforcement Decision Making Committee (EDMC) to take decisions in respect of: (1) the PRA; (2) …

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ESMA fines Fitch Ratings over €1m for breaches of the CRA Regulation and lack of sound internal controls

The European Securities and Markets Authority (ESMA) has fined Fitch Ratings Limited (Fitch) €1.38 million for a series of negligent breaches of the Credit Rating Agencies (CRA) Regulation. ESMA found certain senior analysts in Fitch transmitted nformation about upcoming rating actions on sovereign ratings to certain senior persons in a parent company of Fitch before …

ESMA fines Fitch Ratings over €1m for breaches of the CRA Regulation and lack of sound internal controls Read More »

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