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United States
Enforcement
US SEC Fines Citigroup for ‘Wilful’ Record-Keeping Violations
By Editors | 30/08/2023
The SEC said Citigroup Global Markets used an “unsubstantiated and unverified” method to calculate and record indirect expenses associated with its underwriting work.
Crypto / Digital Assets
US Court Orders SEC to Review Grayscale Bitcoin ETF Application
By Editors | 30/08/2023
The court said the SEC failed to adequately explain why it approved the listing of bitcoin futures ETPs but not Grayscale’s proposed spot bitcoin ETF.
Enforcement
CFTC Fines Goldman Sachs for Missing Audio Recordings
By Editors | 30/08/2023
Goldman’s vendor service for recording mobile calls failed during the pandemic. Commissioner Caroline Pham said the penalty is unfair.
Capital / Liquidity
US Proposes New Resolution Planning, Debt Rules for Banks
By Editors | 30/08/2023
Large banks would have to raise their long-term debt issuance by an estimated $70bn and issue more detailed resolution plans.
Sanctions
US, China Open Communication Channels on Export Controls
By Editors | 30/08/2023
US and Chinese officials agreed to establish a new “export control enforcement information exchange” mechanism and a “commercial issues working group”.
Enforcement
US SEC Settles First NFT-related Enforcement Action
By Manesh Samtani | 29/08/2023
The SEC says NFTs offered and sold to investors by Impact Theory were investment contracts and therefore unregistered securities.
Enforcement
Wells Fargo Fined $35m for Overcharging Advisory Clients
By Mark Johnston | 28/08/2023
Wells Fargo and its predecessor firms overcharged clients because the agreed fees were not entered into billing systems.
Enforcement
Fed Terminates 2017 Cease-and-desist Order Against HSBC
By Mark Johnston | 27/08/2023
HSBC no longer has to provide progress reports on its efforts to improve internal controls or manage risks in connection with its FX trading activities.
Crypto / Digital Assets
US Authorities Propose New Tax Reporting Rules for Crypto
By Manesh Samtani | 27/08/2023
Crypto firms, NFT platforms, and wallet providers would have to report sales and exchanges of digital assets to the IRS.
Enforcement
3M Settles SEC Bribery Case Involving Chinese Subsidiary
By Mark Johnston | 27/08/2023
3M’s Chinese subsidiary paid nearly $1mn to fund at least 24 trips for Chinese government officials that included tourism activities.
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