Banking & Finance

Washington State DFI Final Order against Isaac Mayanja & Associates

The Washington State Department of Financial Institutions entered a Final Order against Isaac Mayanja & Associates and Isaac Nsejjere Mayanja, revoking their registration and imposing a $62,000 fine. The order stems from false filings, failure to disclose, and impeding an examination.

Washington State DFI v. Anguluri, Innovative Investing Group - Statement of Charges

The Washington State Department of Financial Institutions Division of Securities issued a Statement of Charges against Prasad Anguluri and Innovative Investing Group Inc. for operating an unregistered investment adviser business and misleading investigators, seeking fines, disgorgement, and a cease and desist order.

Peterson Wealth Management LLC and Bryce Peterson - Consent Order

The Washington State Department of Financial Institutions entered a Consent Order against Peterson Wealth Management LLC and Bryce Peterson for violating the Securities Act by acting as unregistered investment advisers and exceeding de minimis clientele limits. The order includes a $15,000 fine, disgorgement, and investigative costs.

Washington State DFI v. iCap Enterprises - Securities Fraud

The Washington State Department of Financial Institutions has issued a Statement of Charges against iCap Enterprises, Inc., Chris Christensen, Jim Christensen, and 10 other related parties for alleged securities fraud. The action seeks to impose fines, costs, and cease and desist orders for operating a Ponzi scheme that defrauded over 1,800 investors out of at least $250 million.

SEC v. Fernando Passos - Fraud Enforcement Action

The SEC announced a final consent judgment against Fernando Passos, former executive vice president of IRB Brasil Resseguros S.A., for fraud. Passos is permanently enjoined from violating antifraud provisions, barred from serving as an officer or director of a public company, and ordered to pay a $500,000 civil penalty.

Texas DOB Enforcement Orders Update

The Texas Department of Banking has updated its Enforcement Orders page, adding new entries for various financial services, including Money Services Businesses, Perpetual Care Cemeteries, and Private Child Support Enforcement Agencies. Notable additions include specific revocation and cease and desist orders.

FCA CEO Speech: UK Wholesale Finance Renaissance

FCA chief executive Nikhil Rathi delivered a speech on the future of UK wholesale finance, emphasizing the UK's role as a global trading hub and the FCA's commitment to market integrity and reform. The speech, delivered at the Goldman Sachs EMEA Head of Trading conference, highlighted opportunities for growth and the need for the UK financial sector to adapt at market speed.

SEC Bars Ricardi Celicourt for Unregistered Broker Activities

The SEC has barred Ricardi Celicourt from association with any broker or dealer and from participating in any penny stock offering. This action follows findings that Celicourt acted as an unregistered broker, facilitating the sale of unregistered securities for Royal Bengal Logistics, Inc. and receiving over $517,000 in compensation.

ESMA Supervisory Briefing on Algorithmic Trading

The European Securities and Markets Authority (ESMA) has issued a supervisory briefing to support consistent supervision of algorithmic trading across the EU. The briefing provides National Competent Authorities with tools and clarified expectations for supervising firms engaged in algorithmic trading under MiFID II, including considerations for AI.

ESMA Consults on EMIR 3 Post-Trade Risk Reduction Services

The European Securities and Markets Authority (ESMA) has launched a consultation on the requirements for post-trade risk reduction (PTRR) services under EMIR 3. The consultation seeks feedback on draft Regulatory Technical Standards (RTS) that define conditions for PTRR services to benefit from a clearing obligation exemption.