The United States (US) Federal Housing Finance Agency (FHFA) as conservator of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) has made available Settlement Agreement (24 February 2014 - available via the media release below) reached with France-based bank Société Générale (SG) and associated individuals and entities over alleged breaches of federal and state securities laws.
Syncora Holdings Ltd (Syncora) has made available Annual Statement 2013 (February 2014) for its financial guarantee insurance subsidiary Syncora Guarantee Inc (SGI), which states that SGI has received US$400 million from JPMorgan to settle SGI's residential mortgage-backed securities (RMBS)-related claims against JPMorgan and its affiliates.
The United States (US) Senate Homeland Security and Governmental Affairs Committee's (HSGAC) Permanent Subcommittee on Investigations has released its majority and minority staff report Offshore Tax Evasion - The Effort to Collect Unpaid Taxes on Billions in Hidden Offshore Accounts (26 February 2014).
The Group of 20 (G20) has released the Communiqué (undated) from its meeting of finance ministers and central bank governors held in Sydney, Australia during 22 - 23 February 2014. The communiqué states that the meeting's outcomes include the endorsement of the Standard for Automatic Exchange of Financial Account Information (undated) (the Standard) as part of a global response to base erosion and profit shifting.
Yonhap News Agency (Yonhap) reports that the Seoul Central District Court in the Republic of Korea has sentenced CJ Group chairperson Lee Jay-hyun to four years' imprisonment and fined him KRW26 billion (approximately US$24 million/€18 million) for tax evasion and embezzlement.
The Australian Securities and Investments Commission (ASIC) has released Report 383 - ASIC enforcement outcomes: July to December 2013 (January 2014), which outlines enforcement outcomes achieved by ASIC between 1 July - 31 December 2013. In that period, ASIC achieved 340 enforcement outcomes, including criminal, civil and administrative actions, as well as negotiated outcomes such as enforceable undertakings.
The United States (US) Department of Labor (DoL) has announced that Western Asset Management Company (Western Asset) is to pay a total of US$21 million to resolve charges that its trading activities resulted in losses to employee benefit plan accounts and associated funds.
The European Commission (EC) has released a provisional version (29 January 2014) of a proposal for a Regulation of the European Parliament and of the Council of the European Union (EU) on "structural measures improving the resilience of EU credit institutions". According to the EC, the proposed reforms aim to stop large banks from engaging in proprietary trading and the EC has also adopted a number of accompanying measures aimed at making transactions more transparent.
The United States (US) Commodity Futures Trading Commission (CFTC) has made available an Order (15 January 2014) settling charges against Brazil-based firms Multigrain SA (Multigrain) and Agricola Xingu SA (Agricola Xingu) for reporting failures.
The following United States (US) authorities have made available documentation of JPMorgan Chase & Co's (JPMorgan) settlement of criminal and civil charges relating to its dealings with Bernard L Madoff Investment Securities LLC (Madoff Securities), including in connection with a multi-billion-US-dollar ponzi scheme operated by Bernard Madoff (the Madoff fraud) in his former role as Madoff Securities chairperson:
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