MyComplianceOffice Blog

U.S. Securities and Exchange Commission Chair Gary Gensler said in a speech to the Practicing Law Institute that during the fiscal year that just ended on September 30, the agency filed over 700 actions and obtained judgments and orders totaling $6.4 billion, including $4 billion in civil penalties.

 The actions, outlined in a recent press release, covered a wide range of misconduct including charges around insider trading, disclosure failures and omissions, market manipulation and fraud, misleading investors, executive accountability, failure to maintain books and records, failure to register crypto as a security and insufficient policies and procedures. 

Global conduct risk and compliance technology provider MyComplianceOffice (MCO) has placed in the Deloitte Technology Fast 50 Ireland for the third consecutive year and won the Scale Up Award.

It’s been just about a year since the Bank of England’s Prudential Regulation Authority (PRA) issued the Dear CEO letter Thematic findings on the reliability of regulatory reporting, serving notice to firms that the agency has seen “a historic lack of focus, prioritisation, and investment in this area.”

It’s not a new problem but the letter has brought it into sharp relief. One year on, where are firms regarding the expectations around regulatory reporting and governance set out in the letter?

Competing priorities for compliance departments today include tight budgets, challenges hiring and retaining skilled professionals, the continuing impact of COVID 19 and remote and hybrid work—all while maintaining a culture of compliance in the midst of everything else.

The U.S. Securities and Exchange Commission (SEC) recently released the staff bulletin Standards of Conduct for Broker-Dealers and Investment Adviser Conflicts of Interest to reiterate the required standards and obligations for broker-dealers under Regulation Best Interest (Reg BI) and for investment advisers the fiduciary duty standards under the Investment Advisers Act of 1940.