The United States Financial Regulatory Authority (FINRA) has announced that it has accepted (30 June 2014) Goldman Sachs Execution & Clearing's (GS) consent to the entry of findings by FINRA.
The Australian Securities and Investments Commission (ASIC) has announced that Newcrest Mining (Newcrest) has admitted contraventions of the Corporations Act 2001 No. 50 (Cth) involving the selective disclosure of market-sensitive information to analysts and failing to disclose this information to the relevant bourse.
The United Kingdom Financial Conduct Authority (FCA) has announced that it has issued final notices to the following entities (both dated 16 June 2014), fining them for "failing to ensure [that] financial promotions for [Credit Suisse International's (Credit Suisse)] Cliquet Product were clear, fair and not misleading":
The United States Federal Trade Commission (FTC) has made available an order (11 June 2014) settling allegations (4 December 2013) that Lin Miao and seven companies "pitched text message services offering alerts [for celebrity news and trivia], but placed charges for these services - typically [US]$9.99 a month - on consumers' bills without their permission" in a practice known as mobile cramming; and "used deceptive websites designed to collect consumers' mobile phone numbers that would then be billed for the services".
The Full Federal Court of Australia has handed down its decision in ABN AMRO Bank NV v Bathurst Regional Council  FCAFC 65 (6 June 2014). The court has dismissed an appeal by ABN Amro Bank, Standard & Poor's (S&P) and Local Government Financial Services, ruling that local councils are entitled to compensation after they were sold financial products with the safest AAA credit rating, which turned out to be highly risky investments.
The United States Department of Justice (DoJ) has announced that former Rabobank derivatives trader Takayuki Yagami has pleaded guilty for "his role in a conspiracy to commit wire and bank fraud by manipulating Rabobank's Yen London InterBank Offered Rate (LIBOR) submissions to benefit his trading positions".
The United States Securities and Exchange Commission (SEC) has made available an order (16 June 2014) under which hedge fund advisory firm Paradigm Capital Management and owner Candace Weir have agreed to pay US$2.2 million to settle charges that they "engag[ed] in prohibited principal transactions and then retaliat[ed] against the employee who reported the [prohibited] trading activity to the SEC". The case is the first to be filed under the SEC's "new authority to bring anti-retaliation enforcement actions".
The United States Department of Justice (DoJ) has announced that former Arthrocare Corporation chief executive officer Michael Baker and the company's former chief financial officer Michael Gluk have been found guilty of a series of fraud-related charges that resulted in financial losses of more than US$400 million.
The United States Internal Revenue Service (IRS) has launched FATCA Foreign Financial Institution (FFI) List Search and Download Tool, a website which hosts a searchable list of financial institutions registered, accepted and assigned a Global Intermediary Identification Number in accordance with Foreign Account Tax Compliance Act (FATCA) regulations.
The Associated Press (AP) reports that 77,000 banks worldwide have agreed to share data with the United States Internal Revenue Service to assist it in offshore tax evasion investigations. The agreements will reportedly assist the IRS to enforce the Foreign Account Tax Compliance Act. Deloitte Tax LLP representative Denise Hintzke reportedly stated that the strong uptake indicated that financial institutions "are taking [FATCA] pretty seriously and intend to comply".
AP: 77,000 foreign banks to share tax info with IRS (2 June 2014)
(Source: IRS; AP)
The Financial Industry Regulatory Authority (FINRA) has announced that it has censured Barclays Capital Inc, Goldman Sachs & Co and Merril Lynch, Pierce, Fenner & Smith, Inc and fined each organisation US$1 million after finding that they each failed to provide accurate and complete trading information to FINRA, the Securities and Exchange Commission and other regulators.
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