Socium to Manage Portfolios & Ops via Sentry A private equity and private credit fund administrator, Socium Fund Services reports that it has deployed the Sentry loan portfolio management technology solution from Broadridge Financial Solutions, a post-trade systems, services, and applications provider. Socium will use the Sentry system “to more efficiently manage complex private credit… Read More >>
Citi & FINOS Push for ‘Common Cloud Controls’
Financial services giant Citi and the Fintech Open Source Foundation (FINOS) are launching an open standard project that will formulate “consistent controls” for cloud computing cybersecurity, resiliency, and compliance that cloud service providers (CSPs) can use as the basis for a common set of services. The “Common Cloud Controls (CCC)” push is intended to bring… Read More >>
CCOs Worry Most About SEC’s Marketing Rule: Survey
The SEC’s controversial marketing rule, a comprehensive effort to regulate investment advisers’ marketing communications, remains a top concern among the chief compliance officers (CCOs) at these firms, according to the results of the 2023 Investment Management Compliance Testing (IMCT) survey. Nearly three-quarters of survey respondents, or 70.32 percent, chose advertising/marketing as the hottest compliance issue… Read More >>
Raymond James Settles Charges of High Fees for $12M
Raymond James & Associates, Inc., and Raymond James Financial Services, Inc. have been ordered to “return $8.25 million, plus interest, to customers who were charged unreasonably high fees.” That is the top-line conclusion of a multi-state investigation of brokers who overcharged investors. Massachusetts Secretary of the Commonwealth William F. Galvin, spearheaded the investigation, which also… Read More >>
EDX Markets Creates a New Path for Crypto Exchanges
Without a lot of fanfare, digital asset marketplace company EDX Markets, based in Jersey City, N.J., went live with a cryptocurrency platform during a crypto winter that’s beginning to thaw while regulators are rooting out alleged crypto crooks and rogues. Crucially, EDX describes itself as “the first-of-its-kind digital asset marketplace” that sidesteps providing custody support… Read More >>
Crypto-Crime ‘Down Significantly’ in 2023: Chainalysis
“Our data shows that cryptography-related crime is down significantly this year.” So says Chainalysis, the New York City-based blockchain-analytics company. Of course, the crypto-crime goal posts do tend to keep moving, from quarter to quarter and year to year, thanks in part to would-be crypto moguls like Alex Mashinsky, founder of Celsius, a now bankrupt… Read More >>
SEC Revamps Rules for Money Market Fund Liquidity
The SEC is changing key rules governing how money market funds are handled during times of market stress and is imposing increases in minimum liquidity requirements to “provide a more substantial buffer” amid rapid redemptions, according to the regulator. However, as the 3-2 vote of the commissioners reflects there is controversy over these amendments of… Read More >>
Merrill Lynch Pays $12M to Resolve SAR Charges
Merrill Lynch, Pierce, Fenner & Smith Inc. and its parent company BAC North America Holding Co. (BACNAH) have settled with the SEC and FINRA over charges that the broker-dealer failed to file approximately 1,500 Suspicious Activity Reports (SARs) from 2009 to late 2019, resulting in penalties and fines totaling $12 million. The SAR shortcomings came… Read More >>
Evidology Systems Applies A.I. to Compliance & Other News
QED Platform Uses A.I. for Deeper Analysis Regulatory technology provider Evidology Systems reports that the company is using artificial intelligence (AI) technology to implement extensions of its core QED (Quality and Evidence Driven) platform to enable scenario analysis of its underlying model “inside third-party applications and workflows.” The QED platform is a “unique combination of… Read More >>
Marcum Settles Alleged SPAC Audit Failures for $13M
If you’re a firm that specializes in auditing other firms, shouldn’t your first duty be to ensure that your audits are accurate? Or should your first duty be to ensure your own growth? The U.S. Securities and Exchange Commission (SEC) has the obvious answer. The SEC has charged Marcum LLP, the audit firm in question,… Read More >>
