SEC and FINRA to Hold Regional Compliance Outreach Programs for Broker-Dealers
The Securities and Exchange Commission and the Financial Industry Regulatory Authority (FINRA) today announced the opening of registration for their 2016 Regional Compliance Outreach Programs for Broker-Dealers that will take place in New York, Atlanta, Dallas, Boston, Chicago, and San Francisco, beginning in the spring. The SEC's Office of Compliance Inspections and Examinations, in coordination with the SEC's Division of Trading and Markets, is partnering with FINRA to sponsor the programs. Similar to the 2015 National Compliance Outreach Program for Broker-Dealers, each regional program will provide a forum for regulators and industry professionals of broker-dealer firms to discuss current regulatory…
Read MoreSEC Completes Muni-Underwriter Enforcement Sweep
The Securities and Exchange Commission today announced enforcement actions against 14 municipal underwriting firms for violations in municipal bond offerings. The actions conclude charges against underwriters under the Municipalities Continuing Disclosure Cooperation (MCDC) Initiative. In all, 72 underwriters have been charged under the voluntary self-reporting program targeting material misstatements and omissions in municipal bond offering documents. The MCDC Initiative, announced in March 2014, offered favorable settlement terms to municipal bond underwriters and issuers that self-reported violations. The first enforcement actions against underwriters under the initiative were brought in June 2015 against 36 municipal underwriting firms. An additional 22 underwriting firms…
Read MoreSEC Charges Software Company With FCPA Violations
The Securities and Exchange Commission today announced that software manufacturer SAP SE has agreed to give up $3.7 million in sales profits to settle charges that it violated the Foreign Corrupt Practices Act (FCPA) when procuring business in Panama. An SEC investigation found that SAP’s deficient internal controls allowed a former SAP executive to pay $145,000 in bribes to a senior Panamanian government official and offer bribes to two others in exchange for lucrative sales contracts. The SEC charged the SAP executive, Vicente E. Garcia, in a separate enforcement action last year that included a parallel criminal action. Garcia has…
Read MoreBarclays, Credit Suisse Charged With Dark Pool Violations
The Securities and Exchange Commission today announced that Barclays Capital Inc. and Credit Suisse Securities (USA) LLC have agreed to settle separate cases finding that they violated federal securities laws while operating alternative trading systems known as dark pools and Credit Suisse’s Light Pool. The New York Attorney General’s office is announcing parallel actions against the two firms. Barclays agreed to settle the charges by admitting wrongdoing and paying $35 million penalties to the SEC and the NYAG for a total of $70 million. Credit Suisse agreed to settle the charges by paying a $30 million penalty to the SEC,…
Read MoreSEC Announces Agenda for February 2 Meeting of the Equity Market Structure Advisory Committee
The Securities and Exchange Commission will hold the third meeting of the Equity Market Structure Advisory Committee on February 2, beginning at 9:30 a.m. EST. The Commission established the advisory committee to provide a formal mechanism through which the Commission can receive advice and recommendations on equity market structure issues. The meeting will focus on the events of August 24, 2015 and certain issues affecting customers in the current equity market structure. The meeting will be held at the SEC’s headquarters at 100 F Street, N.E., Washington, D.C., and is open to the public. It also will be webcast live…
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