United States

Market Abuse

US SEC Charges Two Over SPAC Insider Trading Scheme

By Sanday Chongo Kabange | 02/04/2023

The duo used non-public information in advance of at least 7 merger announcements involving SPACs to earn illicit profits of more than $3.4mn.

PEPs & Sanctions

Fed, OFAC Penalise Wells Fargo for Sanctions Non-Compliance

By Editors | 02/04/2023

Wells Fargo’s predecessor, Wachovia, provided software that was used by a foreign bank to process USD 532 million in prohibited transactions.

Capital Adequacy

Biden Administration Calls for Stricter Rules for Midsize Banks

By Manesh Samtani | 02/04/2023

Banks with between $100bn and $250bn in assets would have to increase liquidity and capital, submit to enhanced stress tests, and write resolution plans.

Market Abuse

US Court Dismisses Archegos-related Lawsuit Against Banks

By Editors | 01/04/2023

The judge ruled that Goldman Sachs and Morgan Stanley were not liable to investors for selling stocks they knew Archegos would be forced to sell.

Clearing & Post-Trade

Rules Proposed to Adopt T+1 in US Muni Bond Market

By Editors | 31/03/2023

US equities and corporate bond markets will move to T+1 on 28 May 2024. The same implementation date is proposed for municipal securities.

Anti-Bribery & Corruption

Bankman-Fried Enters Not Guilty Plea to Revised Indictment

By Editors | 31/03/2023

Bankman-Fried previously pleaded not guilty to eight charges. Four charges were added last month and a bribery charge earlier this week.

Cryptocurrency

US SEC Forces Shut Down of Crypto Platform Beaxy

By Sanday Chongo Kabange | 30/03/2023

The SEC charged Beaxy and its affiliates for performing the functions of an exchange, broker, clearing agency, and dealer without registration.

Fraud, Scams & Cybercrime

Real Estate Sector Vulnerable to BEC Threats: FinCEN

By Editors | 30/03/2023

FinCEN published a report on the patterns and trends of business email compromise scams targeting the real estate sector.

Anti-Money Laundering

Credit Suisse Violated 2014 Plea Deal with US DOJ

By Manesh Samtani | 30/03/2023

UBS could be forced to pay US authorities $1.3bn – the amount Credit Suisse had discounted from its 2014 plea deal.