Compliancex - Page 9 of 30 - The Compliance Exchange

SEC Awards Record $279 Million To Whistleblower

Jack J. Kelly SEC, Securities and Exchange Commission, Whistleblower May 5, 2023

The nation’s top securities regulator on Friday announced it had given a $279 million award through its whistleblower program — the largest in its history. The Securities and Exchange Commission said the unnamed whistleblower provided information and assistance that led to a successful enforcement ...Read More

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“We must regulate AI,” FTC Chair Khan says

Jack J. Kelly Artificial Intelligence, Federal Trade Commission, FTC May 5, 2023

On Wednesday, Federal Trade Commission (FTC) Chair Lina Khan pledged to use existing laws to regulate AI in a New York Times op-ed, “We Must Regulate A.I. Here’s How.” In the piece, she warns of AI risks such as market dominance by large tech firms, ...Read More

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Wall Street is cutting more jobs as Morgan Stanley plans 3,000 layoffs

Jack J. Kelly Banks, IPO, Job Cuts, Jobs, Layoff May 5, 2023

As Wall Street’s slump in IPOs and mergers deepens this year, top advisory firms including Morgan Stanley, Bank of America and Citigroup have turned to job cuts in recent weeks. Morgan Stanley plans to eliminate roughly 3,000 positions by the end of June, according to a person with knowledge of the ...Read More

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Officials Suspect One Possible Scandal on Crazy Bank Stock Movements

Jack J. Kelly Bank Failure, Banks, Market Manipulation May 5, 2023

While investors fret about a contagion in the banking industry taking down the entire sector, U.S. regulators are investigating the possibility that “market manipulation” is what’s actually behind tanking bank stocks. A spike in short-seller activity and volatility in bank stocks has drawn the attention of federal and ...Read More

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U.S. Court Orders SEC to Respond to Coinbase Allegations Within 10 Days

Jack J. Kelly Coinbase, Cryptocurrency, Digital Assets, Regulation, SEC, Securities and Exchange Commission May 5, 2023

The U.S. Securities and Exchange Commission (SEC) has been ordered by a U.S. court to respond to cryptocurrency exchange Coinbase’s (COIN) complaint over how it applies securities laws to digital assets. The Third Circuit Court of Appeals said in a Wednesday filing that the ...Read More

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Using a Private Version of ChatGPT as an Enabler for Risk and Compliance

Jack J. Kelly Artificial Intelligence May 1, 2023

Organizations face many challenges regarding cybersecurity, including keeping up with the ever-evolving threat landscape and complying with regulatory requirements. In addition, the cybersecurity skill shortage makes it more difficult for organizations to adequately staff their risk and compliance functions. According to the (ISC)2 2022 Cybersecurity ...Read More

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JPMorgan Chase takes over First Republic after biggest U.S. bank failure since 2008

Jack J. Kelly Bank Failure, Banks, FDIC May 1, 2023

Regulators took possession of First Republic on Monday, resulting in the third failure of an American bank since March, after a last-ditch effort to persuade rival lenders to keep the ailing bank afloat failed. JPMorgan Chase, already the largest U.S. bank by several measures, emerged as ...Read More

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The Truth About Banking Regulation? There’s Far Too Little of It

Jack J. Kelly Bank Failure, Dodd-Frank, FDIC, Federal Reserve, GAO, Regulation May 1, 2023

After Silicon Valley Bank and Signature Bank went bust in March, liberals and conservatives argued over the cause. Liberals blamed a 2018 law that weakened oversight of midsize banks under the 2010 Dodd-Frank financial reform law, and also an ill-considered 2019 regulation by the Federal Reserve Board that weakened oversight still ...Read More

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Theranos founder Elizabeth Holmes isn’t headed to jail tomorrow after all

Jack J. Kelly Conspiracy, Fraud, Prison, Scandal April 27, 2023

Theranos founder Elizabeth Holmes will not be heading off to prison tomorrow to begin serving an 11-year sentence, as first reported by the WSJ. Though earlier this month U.S. District Court Judge Edward Davila denied her request to remain free while she appeals her conviction, this week she ...Read More

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Gary Gensler’s Old Crypto Lecture Video Stuns Coinbase CEO

Jack J. Kelly Cryptocurrency, Digital Assets, Ethereum, ICOs, SEC, Securities, Securities and Exchange Commission April 26, 2023

A 2018 video of Gary Gensler, former professor at Massachusetts Institute of Technology (MIT) and current chair of the Securities and Exchange Commission (SEC), is making rounds on Twitter where he says that cryptocurrencies are as valuable as commodities or cash and are not securities. What Happened: The video is ...Read More

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