FCA Regulatory Priorities for 2018

On April 9, 2018, the UK’s Financial Conduct Authority (FCA) published its Business Plan for 2018/19 which highlights the key priorities for this year. This year’s priorities reflect the resources the FCA needs to prepare for withdrawal from the European Union (EU). Brexit is a key priority for the FCA as it seeks a smooth […]

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Regulatory Update: Former Equifax CIO Charged with Insider Trading – Texting at the Center of the Charges

The text message from the former Equifax CIO was a red flag: “Sounds bad. We may be the one breached.” Federal prosecutors charged a former Equifax chief information officer (CIO) with insider trading, for selling nearly $1 million in company stock before the public disclosure of the Equifax data breach. The former CIO of a […]

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Regulatory Updates: Enforcement is Heating Up Across the Regulatory Landscape

Last month, the SEC and FINRA fined several firms for failure to establish reasonably designed supervision programs to ensure compliance with applicable securities laws and regulations. Individuals were also fined for failing to comply with securities laws and regulations pertaining to electronic communications. The SEC penalized a bank $3.7 million for failing to reasonably supervise […]

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SEC Reveals 2018 OCIE Exam Priorities

The Securities and Exchange Commission (SEC) Office of Compliance Inspections and Examinations (OCIE) recently published its 2018 examination priorities letter. The priorities reflect certain practices and products the examiners believe may present potentially heightened risk to investors or the integrity of the U.S. capital markets. This year’s examination priorities are organized around five themes: (1) […]

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FCA Fines Broker £1 Million for Poor Surveillance of Potential Insider Trading

Last month, the Financial Conduct Authority (FCA) fined a UK brokerage firm just over one million pounds ($1.4 million) for poor market abuse controls and failing to report suspicious client transactions. The regulator said the UK broker had outsourced surveillance of trades on its venue to a US subsidiary, which failed to adequately design, test […]

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The Conversation is Shifting: A Changing Workplace and Untethered Workforce

It’s no secret that office life is changing. Across industries, the silos that technology helped create are being torn down to increase productivity and knowledge sharing. This transition is clearly for the better, but many organizations in regulated industries are struggling to have their compliance programs keep pace with the demand for more mobile-centric communication […]

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The Preferential Effects of Millennials on Financial Services Communications

In this article, originally published by MoneyInc, Smarsh Chief Evangelist Mike Pagani explains the important effects that the Millennial generation is having on business communications practices for financial firms and impacts on compliance. Download the full article here. Members of the Millennial Generation, born between 1980 and 2000, have become an increasingly important customer demographic […]

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Noteworthy Takeaways from FINRA’s 2018 Priorities Letter

FINRA marked the new year by releasing the annual Regulatory and Examination Priorities Letter, identifying areas the regulator will focus on in 2018. While the letter includes new topics and ongoing areas of focus, supervision is a common theme emphasized throughout the 2018 letter. A nice feature to this year’s Letter is a list of […]

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Regulatory Updates: FINRA Fines a Brokerage Firm $2 Million for Email Review Violations, and more Electronic Communication Sanctions in 2018

It’s a new year, and there’s no sign that regulators will be slowing down their review and enforcement actions. Now more than ever, regulators are penalizing firms for non-compliance of retention and supervision obligations. “Firms have a clear obligation to reasonably supervise electronic communications, which includes periodically re-evaluating the effectiveness of existing procedures” said Susan […]

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Mortgage Servicers & Limited English Proficiency Consumers

In October 2017, the Consumer Financial Protection Bureau (CFPB) issued several amendments to the 2016 Mortgage Servicing Rule Amendments¹. Many mortgage servicers question whether these amendments will impact mortgage servicer advertising requirements. The short answer is no, the amendments do not impact the advertising requirements included in either Act. However, in the notice of final […]

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