Author Archives: danielenskat

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SEC hands out $90 million to whistleblowers in April 2018 alone

Since issuing its first award in 2012, the SEC has awarded more than $266 million to 55 individuals under the whistleblower program. In that time, almost $1.5 billion in monetary sanctions have been ordered against wrongdoers based on actionable information … Continue reading

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SEC Standard of Conduct for Inv Pros

Dalia Blass, who last September was named the SEC’s head of investment management (David Blass, her husband, spoke at CSI NY last year about some of the industry developments), addressed the Standards of Conduct for Investment Professionals in NY this … Continue reading

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SEC fines Yahoo (aka Altaba) $35 million for failing to disclose massive cybersecurity breach

Russian hackers in late 2014 stole Yahoo’s “crown jewels”, hundreds of millions of usernames, emails, phone numbers, birthdays, passwords, and security questions. Last week, the company in its entirety agreed to pay $35 million in SEC fines for failing to … Continue reading

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The regulatory case and example of Wells Fargo

Over $4 billion set aside for the fake account and MBS issues post-crisis, another billion today in fines for issues around mortgages, loans and risk compliance, and the Fed putting a limit on growth with a balance sheet cap. Aside … Continue reading

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Delay for AIFMD third-country passport extension

It looks like the EU will hold off on AIFMD third-country passport extensions until Brexit develops a clearer path. Ugo Bassi, Director of Financial Markets, pointed towards the technical complexities and ongoing assessment period, also in light of Brexit, at … Continue reading

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Average annualized cost of cybersecurity for financial services firms $17M+

Below are a few interesting data points from the Ponemon Institute 2017 Cost of Cyber Crime Study, jointly developed with Accenture: Notably, the average annualized cost for financial services companies is over $17M, and include evolving business models by criminals, … Continue reading

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SEC names Driscoll as Director of OCIE and moves away from “broken windows” approach

The SEC officially named Pete Driscoll the Director of the agency’s Office of Compliance Inspections and Examinations (OCIE). OCIE directs the national examination program with a risk-based approach and Driscoll has served as director since January 2017. Chairman Clayton in a … Continue reading

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