The United States District Court for the Southern District of New York has ordered Bank of America Corp (BofA) to pay a US$1.27 billion penalty for fraud. The ruling reportedly relates to a lending program of Countrywide Financial Corporation (Countrywide), which was acquired by BofA in 2008.
Switzerland-based bank and financial services provider UBS has announced that it has resolved its "cross-border tax matter" with German authorities and agreed to pay €300 million to conclude the proceedings.
The Australian Securities and Investments Commission (ASIC) has announced that it concluded an "enhanced adviser monitoring program" for Australian financial services licensee Professional Investment Services Pty Ltd (PIS).
The United Kingdom Equality and Human Rights Commission (EHRC) has published Appointments to Boards and Equality Law (July 2014), which "aims to provide guidance on the equality law framework within which appointments to boards must be made".
The United States Financial Conduct Authority (FCA) has announced that it has banned two firms from recruiting Appointed Representatives (ARs) and individual advisers in what is the FCA's first exercise of its suspension powers.
The White House has made available Closing Corporate Tax Loopholes (26 July 2014), the text of United States President Barack Obama's latest weekly address at the White House.
The United Kingdom Office of Gas and Electricity Markets (Ofgem) has made available an open letter (24 July 2014) regarding the independent review (July 2014) of distribution network operators' (DNOs) performance during the December 2013 UK storms. According to Ofgem, the review finds that the southern UK operations of DNOs SSE and UKPN "could have done more to get customers reconnected faster and to keep them better updated on what was happening".
The China Food and Drug Administration has asked local authorities to examine food processing facilities associated with supplier Shanghai Husi Food (Shanghai Husi) following reports that the company supplied several fast food chains with products containing expired meat.
The Australian Securities and Investments Commission (ASIC) has announced that it accepted an enforceable undertaking (6 February 2013) (the EU) offered by the Royal Bank of Scotland plc and the Royal Bank of Scotland N.V. (collectively, RBS) in relation to potential misconduct involving Australian benchmark interest rate the Bank Bill Swap Rate (BBSW).
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