The SEC reports that Deloitte Touche Tohmatsu LLC, aka Deloitte Japan, will be censured and pay $2 million to settle charges that it issued audit reports for an audit client while several employees “maintained bank accounts with the client’s subsidiary,” in violation of SEC audit independence rules. Deloitte Japan is a member firm of Deloitte… Read More >>
Thesys Out as Plan Processor for CAT Project
The ambitious consolidated audit trail (CAT) industry project has suddenly moved into a new chapter with the revelation late last week that Thesys Technologies, acting as Thesys CAT, will be phased out as the plan processor for the SEC-mandated big data initiative. A transition is underway to designate a new plan processor to collect every… Read More >>
Traiana’s HKEX OTC Clear Link Targets FX Deliverables
New Link Targets FX Deliverables Traiana, an infrastructure services vendor for trading and risk management, is providing direct central clearing connectivity to the Hong Kong Exchanges (HKEXs) and Clearing’s OTC Clearing Hong Kong (OTC Clear), officials say. The news means that market participants can now access the OTC Clear service for USD/CNH and USD/HKD FX… Read More >>
Temenos Offers NAV Oversight via Bloomberg Terminal
Temenos Collaborates with Bloomberg Banking software vendor Temenos is collaborating with Bloomberg to deliver contingency Net Asset Value (NAV) calculations to buy-side institutions via the Bloomberg terminal. Temenos is making its Multifonds Global Accounting product accessible via the Bloomberg Terminal, so that it will operates with data, analytics, and other investment workflow services from Bloomberg,… Read More >>
JPMorgan Pays $135 Million to Settle ADR Woes
JPMorgan Chase Bank N.A. is paying more than $135 million in total monetary relief to settle the SEC’s allegations that it improperly handled “pre-released” American Depositary Receipts (ADRs), an industry practice that the bank says it has stepped away from. The SEC’s actions against JPMorgan constitute the “eighth action against a bank or broker, and… Read More >>
SEC, CFTC Brace for Extended Government Shutdown
As the U.S. gets back to work after the holidays, SEC and CFTC officials are preparing for an ongoing and widening shutdown of the federal government that may affect the law enforcement and litigation efforts of the regulators. When the shutdown began on Dec. 22, initially nine federal departments and agencies were impacted by the… Read More >>
BNY Mellon Settles ‘Pre-Release ADRs’ Case for $54M
Custodian giant Bank of New York Mellon has agreed to pay more than $54 million to settle charges via the SEC that engaged in the “improper handling of ‘pre-released’ American Depositary Receipts (ADRs).” As the SEC notes, ADRs are “U.S. securities that represent foreign shares of a foreign company” that “require a corresponding number of… Read More >>
Three Brokers Pay $6M to Settle Blue Sheet Cases
Three broker-dealers will pay more than $6 million to settle charges that they provided SEC officials with incomplete and inaccurate “electronic blue sheet,” or EBS, data. Electronic blue sheets include the required securities trading information that the SEC uses to “carry out its enforcement and regulatory obligations, including the investigation of insider trading and other… Read More >>
SEC Charges Two ICO Issuers with Registration Violations
The SEC reports that charges have been settled against CarrierEQ Inc., the privately held, Boston-based startup that does business as Airfox, and Paragon Coin Inc., an online financial entity formed in mid-2017 and headed by a former Miss Iowa beauty queen. Paragon proposed to “add blockchain technology to the cannabis industry and work toward legalization… Read More >>
ITG Settles Dark Pool Case for $12 Million
Agency broker ITG Inc. and its subsidiary AlterNet Securities Inc. are paying $12 million to settle charges via the SEC that it misled dark pool subscribers. Earlier this year, officials at ITG, which also offers financial technology, acknowledged the case and settlement amount. ITG maintains that it has taken remedial action while neither admitting nor… Read More >>
