Politics, Legal & Regulation

July 16, 2021 @ 3:22 pm By JD Alois  |  

Recently, the European Commission distributed a proposal pertaining to the harmonization of consumer credit. The proposal is being reviewed in light of the advent of the digitization of consumer credit. To quote the factsheet distributed by the Commission: “Consumer credit helps consumers finance all sorts… Read More

July 16, 2021 @ 2:51 pm By Omar Faridi  |  

A panel of the Ontario Securities Commission (OSC) confirms that it has approved a settlement agreement with Vantage Global Prime Pty Ltd (VGP) and Vantage International Group Ltd (VIG) for selling contracts for difference (CFDs) to Ontario investors in an improper manner. The settlement agreement… Read More

July 16, 2021 @ 12:28 pm By JD Alois  |  

The Secretary of the Treasury Janet L. Yellen has announced plans to convene the President’s Working Group on Financial Markets (PWG) to discuss the hot topic of Stabelcoins. The PWG meeting, which will include the Office of the Comptroller of the Currency and the Federal… Read More

July 16, 2021 @ 10:11 am By JD Alois  |  

The Bank of Lithuania has issued a warning targeting Binance and its “unlicensed investment services provided in Lithuania.” The Bank did not indicate whether or not it was taking further action to compel Binance to cease any activity within Lithuania. The central bank ordered Binance… Read More

July 15, 2021 @ 7:50 pm By Omar Faridi  |  

The Reserve Bank of India (RBI) revealed on Wednesday (July 14, 2021) that it has decided to indefinitely ban Mastercard Inc (NYSE: MA) from providing any new debit or credit cards to local clients for allegedly violating data storage guidelines. This move appears to be… Read More

July 15, 2021 @ 4:04 pm By JD Alois  |  

“I am concerned about getting this right.” – Jerome Powell Federal Reserve Chairman Jerome Powell hiked up to Capitol Hill this week to visit with the House Financial Services Committee and Senate Banking Committee. The House Comittee held a hearing yesterday with Senate Banking holding… Read More

July 15, 2021 @ 11:51 am By JD Alois  |  

In the days before Q2 earnings, LendingClub (NYSE:LC) has settled its case with the Federal Trade Commission (FTC), subject to court approval. According to a release distributed by LendingClub, the settlement requires LendingClub to make an $18 million payment for consumer remediation, an amount already… Read More

July 14, 2021 @ 3:04 pm By JD Alois  |  

SEC Commissioners Elad Roisman and Hester Peirce have joined together in issuing a public statement on Blotics, a firm formerly operating as Coinschedule, and the enforcement action by the SEC that was revealed today. As was previously reported, the SEC has settled charges against the… Read More

July 14, 2021 @ 1:54 pm By Tony Zerucha  |  

The Securities and Exchange Commission (SEC) has settled charges against UK company Blotics, the operator of Coinschedule.com, a site that promoted digital securities offerings. Blotics was determined to have violated the anti-touting provisions of the federal securities laws by failing to disclose the compensation it… Read More

July 13, 2021 @ 10:45 pm By Tony Zerucha  |  

The Securities and Exchange Commission (SEC) has fined a subsidiary of Teachers Insurance and Annuity Association of America (TIAA) $97 million for producing inaccurate and misleading statements and a failure to adequately disclose conflicts of interest to thousands of participants in TIAA record-kept employer-sponsored retirement… Read More

July 13, 2021 @ 10:44 pm By Omar Faridi  |  

The Philippine Stock Exchange (PSE) is currently seeking regulatory approval to begin offering cryptocurrency trading, PSE President and CEO Ramon Monzon thinks that the bourse can offer an ideal platform for facilitating digital currency trading because of its robust trading infrastructure and established customer safeguard… Read More

July 13, 2021 @ 7:09 pm By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) has taken action against GreenSky, LLC for “enabling contractors and other merchants to take out loans on behalf of thousands of consumers who did not request or authorize them,” according to a statement from the Bureau. The CFPB has… Read More

July 13, 2021 @ 6:53 pm By Tony Zerucha  |  

The Securities and Exchange Commission (SEC) has charged a group of people and companies for misleading claims about a recent special purpose acquisition corporation (SPAC), assertions which stood to gain one CEO $200 million in shares. Facing charges are SPAC Stable Road Acquisition Company, its… Read More

July 13, 2021 @ 10:16 am By JD Alois  |  

Just weeks after a record amount of crypto seized by authorities in the UK, the Metropolitan Police have topped that amount in taking possession of cryptocurrency said to amount to almost £180 million. According to Scotland Yard, the seizures were made by detective from the… Read More

July 12, 2021 @ 11:22 pm By Omar Faridi  |  

The European Securities and Markets Authority (ESMA), the European Union’s securities markets regulator, has reportedly fined DTCC Derivatives Repository Plc (DDRL) a total of €408,000 for seven infringements of the European Market Infrastructure Regulation (EMIR). The violations are related to (or involve) data confidentiality, data… Read More

July 11, 2021 @ 2:23 pm By JD Alois  |  

The Commodity Futures Trading Commission CFTC) has noted that the US District Court for the Southern District of Texas entered a default judgment against Laino Group Limited doing business as PaxForex (PaxForex) of St. Vincent and the Grenadines. According to the CFTC, PaxForex charged PaxForex… Read More

July 10, 2021 @ 7:24 pm By Omar Faridi  |  

The European Commission reveals that it has approved the merger request from the P27 Nordic Payments initiative in order to form its pan-Nordic payments platform. This latest approval from the European Commission marks a key milestone for the project which is focused on working towards… Read More

July 10, 2021 @ 1:31 pm By Omar Faridi  |  

Promsvyazbank and Tochka, a Fintech-focused service for SMEs, reportedly began using an Open Banking API implemented by the Bank of Russia and the Russian Fintech Association (RFA). They’ve passed the tests at the Open API Certification Stand, which is being operated by the Russian Fintech… Read More

July 9, 2021 @ 2:38 pm By JD Alois  |  

Earlier today, President Joe Biden signed the Executive Order that included a litany of policy objectives that are ostensibly designed to improve competition. While some aspects may fall short, one area that may please Open Banking (or Open Finance) advocates is the inclusion of easier… Read More

July 9, 2021 @ 2:07 pm By JD Alois  |  

Individuals affiliated with Long Blockchain, previously operating as Long Island Iced Tea Company, have been hit with allegations of insider trading by the Securities and Exchange Commission (SEC). Once a beverage firm, during the early days of the blockchain boom the company decided to pivot… Read More