The United States (US) Securities and Exchange Commission (SEC) has announced that the New York Stock Exchange, two affiliated exchanges and an affiliated routing broker have agreed to pay US$4.5 million to settle charges that they failed to comply with SEC-approved exchange rules and US federal securities laws.
The United Kingdom Financial Conduct Authority (FCA) has banned (29 April 2014) former UBS trader John Hughes from the financial services industry under s. 56 of the Financial Services and Markets Act 2000 c. 8 for "failings related to US$2.3 billion [in] unauthorised trading losses by another trader [Kweku Adoboli]".
The Financial Markets Authority (FMA) has announced that the Financial Markets Conduct Act 2013 No. 69 (NZ) (the Act) is beginning to generate a positive cultural shift in the New Zealand financial services sector.
Non-bank lender Pepper Australia Pty Ltd (Pepper), supported by the Commonwealth Bank of Australia (CBA) and the National Australia Bank (NAB), has issued $500 million worth of "non-conforming" home loans, namely residential mortgage-backed securities (RMBS) issued to customers with poor credit records or demanding repayment ratios. Reportedly, the issue is Australia's biggest since the global financial crisis and offered investors different tranches of debt, with those with a lower credit rating attracting a higher return for the investor.
The Australian Securities and Investments Commission (ASIC) has issued the following enforcement-related media releases:
The New Zealand Commerce Commission (NZCC) has announced that MAC Warranties Ltd (MAC) has agreed to provide NZ$182,000 in customer compensation after the Auckland District Court found that the finance company misled customers in explaining its sale of 79 repossessed vehicles that had been tendered as security for their loans from MAC.
Bloomberg reports that Hewlett-Packard Company (HP) has agreed to pay US$57 million to settle a suit that alleges the company's management defrauded shareholders in its handling of company strategy in 2011.
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 announced a US$9.3 billion settlement with Bank of America Corporation (BofA) over alleged breaches of securities laws relating to private-label, residential mortgage-backed securities purchased by Fannie Mae and Freddie Mac between 2005 and 2007, as well as a number of allegations of common law fraud.
The United States (US) Attorney's Office for the Southern District of New York (the Office) has announced that a US federal court jury has found four individuals guilty of "all 31 counts in connection with their long-time employment at Bernard L Madoff Investment Securities".
The Australian Securities and Investments Commission (ASIC) has released Report 387 - Penalties for corporate wrongdoing (March 2014). The report "reviews penalties in Australia for corporate wrongdoing to assess whether they are proportionate and consistent", both in comparison with certain overseas jurisdictions and within the Australian context, and will inform ASIC's submission to the federal government's Financial System Inquiry (further information). The report considers market misconduct and financial services misconduct, but does not include statutory directors' and officers' duties in its analysis.
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