The United States (US) Department of Justice (DoJ) and a number of other US federal and state agencies have announced a record US$13 billion settlement with bank JPMorgan Chase & Co (JPMorgan). The DoJ states that the settlement is the largest ever with a single entity in US history and resolves "[US] federal and state civil claims arising out of the packaging, marketing, sale and issuance of residential mortgage-backed securities (RMBS) by JPMorgan, Bear Stearns and Washington Mutual" during and prior to the global financial crisis.
The United States (US) Financial Industry Regulatory Authority (FINRA) has announced that it has fined two firms a total of US$1.825 million for "failing to report or accurately report certain large options positions and for related supervisory deficiencies".
The United States Securities and Exchange Commission (SEC) has announced settlements with three investment advisory firms regarding their breaches of securities law arising from failures to rectify compliance problems identified by the SEC.
The Australian Securities and Investments Commission (ASIC) has announced that UBS Securities Australia Ltd (UBS) has paid a A$50,000 penalty for "conduct which resulted in a market for a put option not being both fair and orderly", after its designated trading representative entered an incorrect price for a trade.
Netherlands-based bank Rabobank Group (Rabobank) has announced that it has reached settlements with Dutch central bank De Nederlandsche Bank (DNB), the Dutch public prosecutor Openbaar Ministerie (OM), the Japan Financial Services Authority (FSA), the United Kingdom Financial Conduct Authority (FCA), the United States (US) Commodity Futures Trading Commission (CFTC) and the US Department of Justice (DoJ) that include financial penalties totaling €774 million.
United States (US)-based bank JPMorgan Chase & Co (JP) is negotiating a settlement with the US Department of Justice (DoJ), the US Federal Housing Finance Agency and the office of the New York state attorney general in relation to JP's alleged mis-selling of mortgage-backed securities in the lead up to the financial crisis.
A US Federal Court jury has found Bank of America Corporation (BofA) liable on a civil fraud charge relating to defective mortgages sold by its Countrywide unit to the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).
The Australian Securities and Investments Commission (ASIC) has announced that Black Earth Resources Ltd has been fined after pleading guilty to 12 charges under the Corporations Act 2001 No. 50 (Cth), including in relation to its failure to hold annual general meetings (AGMs).
The United States (US) Securities and Exchange Commission (SEC) has made available an Order (30 September 2013) determining a whistleblower award claim following a successful SEC enforcement action.
United Kingdom (UK) Chancellor of the Exchequer George Osborne has released an Overview (October 2013) of proposed changes to the Financial Services (Banking Reform) Bill 2013 (UK) that are to be introduced in its passage through the House of Lords from early October 2013. According to Mr Osborne, the proposed changes are part of a process of almost three years' consultation, including with reference to the recent "attempted ... manipulation" of the benchmark interest rate known as the Libor.
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