FinTech Futures: Top five stories of the week – 12 May 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
SEC
SEC fines HSBC and Scotia Capital over recordkeeping failures
HSBC Securities and Scotia Capital have agreed to pay penalties of $15 million and $7.5 million respectively.
Crypto exchange Bittrex files for bankruptcy protection in the US
The move comes just weeks after the firm announced it would be shutting down operations in the US.
BitConnect faces $2bn SEC fraud charge
SEC alleges BitConnect and founder Satish Kumbhani siphoned investor funds into digital wallets.
UBS pays $8m to settle SEC compliance charges
US regulator found failings in the bank’s handling of exchange-traded products.
FINRA orders Robinhood to pay $70m penalty for “false and misleading information”
The sanction is the largest financial penalty issued by the regulator.
The SEC confirms appointment of Gary Gensler as new chair
Gensler joins as the Democrats gain a majority among the commissioners of the US Securities and Exchange Commission.
SEC launches voluntary inquiry into US Spac craze
This year alone has birthed eight lawsuits against US Spac deals.
GameStop trader Deep F—ing Value, a licensed broker, sued for “fake persona”
The lawsuit accuses Gill of “deceitful and manipulative conduct”.
Robinhood faces SEC probe over deal disclosure
US brokerage unicorn in hot water over order flow dealings.
Nasdaq proposes IPO alternative to raise funds
Nasdaq’s proposal to the SEC pushes for alternative routes to the public markets.
US regulators relax Volcker Rule restrictions
Major US banks allowed to unlock wider range of investment options.
US regulators sign up to Global Financial Innovation Network
The CFTC, FDIC, OCC and SEC are all on board.
SEC introduces new rule to boost ETF competition
US regulator hopes to break open a market dominated by large players.
Video: fintech news weekly round-up – 11 February 2019
Challengers Starling and Revolut, Tink, and the importance of digital assets.
CoinAlpha fined $500k for crypto law breach
Blockchain protocol also gets a cease and desist from the US regulator.
AriseBank execs fined $2.5m over ICO scam
US Securities and Exchange Commission lays down the law yet again.
I’m a celebrity… get my ICO out of here!
US Securities and Exchange Commission makes two people in/famous.
US regulator plays hardball over ICO securities
Yo fintech! Don’t mess with the Securities and Exchange Commission.
WB21 bank boss faces lawsuit by US regulator
WB21 bank boss faces lawsuit by US regulator
US regulator lures crypto fools with fake ICO site
HoweyCoins might look real, but it isn’t.
Centra Tech founders arrested and charged with fraud
Three out of the four charges carry a maximum sentence of 20 years.
SEC charges Mozido founder with investment fraud
Michael Liberty and “friends” took some real liberties with the cash.
SEC stops alleged AriseBank ICO scam
To prevent investors being “victimised by what we allege to be an outright scam”.
Top ten Bitcoin stories in 2017
Bitcoin was buzzing all year along.
SEC files fraud charges in Bitcoin and office space scams
A UK citizen living in New York is facing fraud charges brought by the US Securities and Exchange Commission (SEC) in relation to two bogus investment schemes.
US fintech regulation: a divided picture at the federal level
Addressing the views of the Department of Treasury, the CFPB, and the SEC on the regulation of the fintech industry in the US.
Fintech in the US: the state of the union is questionable
An overview of the current fintech regulation in the US by the prudential regulators: the OCC, the FDIC, and the Federal Reserve.
SEC says “no” to Winklevoss Bitcoin exchange-traded fund
The US Securities and Exchange Commission (SEC) has dashed the hopes of internet entrepreneurs and venture capitalists Cameron and Tyler Winklevoss, who were hoping to create an exchange-traded fund (ETF) for the virtual currency Bitcoin.
United States of happiness for two-day settlement rule
The US Securities and Exchange Commission (SEC) is being vigorously back slapped and group hugged by the finserv industry for finalising rule changes to help achieve a two-day settlement cycle (T+2). With an avalanche of acronyms, the Depository Trust & Clearing Corporation (DTCC), Investment Company Institute (ICI) and Securities Industry and Financial Markets Association (SIFMA), […]
Top fintech stories this week – 20 January 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Thesys awarded major tech contract to track all US stock and options orders
Thesys Technologies, trading technologies and analytics software specialist, has won the contract to build a new system for the Securities and Exchange Commission (SEC) to track and store all stock and options orders and transactions.
SEC beefs up surveillance as Barclays probe results in $72 million fine
The Securities and Exchange Commission has stepped up its drive to monitor and enforce the financial markets by implementing new surveillance tools to examine and inspect reconciliations. The deal comes as the US regulator charges Barclays with failing to build adequate compliance systems and the bank suffers a fine in the UK.
Dark pools are unfairly damaging exchanges warns report
Trading rules in the US are giving dark pools an unfair advantage over exchanges and could be damaging liquidity, according to a new report by the Capital Markets Cooperative Research Centre.
Market surveillance: a watching brief
The US Securities & Exchange Commission is often accused of using skateboards to chase Ferraris in its attempts to keep up with trading houses, but less than a year after announcing that it intended to create a new market surveillance system – and six months after going live with it – its cloud-based approach is […]
SEC hopes for Midas touch from HFT surveillance system
the US Securities and Exchange Commission says that its cloud-based approach is paying dividends and allowing it to examine the structures of the markets it supervises at a greater level of granularity than ever before.
FINRA appoints di Florio to curb risk
The US Financial Industry Regulatory Authority has appointed Carlo di Florio as executive vice president, risk and strategy. In his new role, di Florio will lead FINRA’s office of risk, emerging regulatory issues, enterprise risk management and strategy.
US regulators seek huge budget increases to keep up with industry
It’s not just the banks that are struggling with the costs of regulation – so are the regulators. In the US. The Commodity Futures Trading Commission has requested a 52% budget hike to $315 million dollars – described by one of its own commissioners as “improbable and unsustainable”.
Washington watchdog raps regulators over Dodd-Frank rule-making
US financial services regulators have not properly evaluated the impact of rules they have proposed or introduced in implementing the Dodd-Frank Act, and should improve their co-ordination says a critical report from a congressional watchdog.
