Financial Compliance

NSW Introduces New Laws to Crack Down on Property Underquoting

The NSW government is introducing new legislation to combat property underquoting. The laws significantly increase penalties for real estate agents, mandate price guides on advertising, and enhance transparency requirements for property sales.

Macquarie Securities Fined $35 Million for Short Sale Misreporting

The Supreme Court of New South Wales has ordered Macquarie Securities (Australia) Limited (MSAL) to pay a $35 million penalty for systemic failures in reporting tens of millions of short sales over more than a decade. The court also found MSAL engaged in misleading conduct related to the misreporting.

ASIC Warns Gen Z on Social Media Financial Advice Risks

ASIC has issued a warning to young Australians (Gen Z) about the risks of relying on social media and AI for financial advice. New research indicates a significant portion of Gen Z trusts these sources, leading to riskier financial decisions, particularly concerning cryptocurrency investments.

OTS Proposed Rule on Basel II Capital Standards

The Office of Thrift Supervision (OTS) has proposed amendments to its advanced risk-based capital adequacy standards to align with the Dodd-Frank Act. The proposal also seeks to provide limited flexibility in general risk-based capital rules for certain assets not typically held by depository institutions.

Community Reinvestment Act Regulations: Technical Amendment to Asset Thresholds

The OCC, Board, FDIC, and OTS jointly issued a technical amendment to their Community Reinvestment Act (CRA) regulations. This amendment adjusts the asset-size thresholds used to define 'small bank' and 'intermediate small bank' based on the annual percentage change in the Consumer Price Index.

Rule: Prohibited Service at Savings and Loan Holding Companies

The Office of Thrift Supervision (OTS) has issued a final rule amending its regulations concerning prohibited service at savings and loan holding companies (SLHCs). This rule reinstitutes a temporary exemption for individuals who held positions with an SLHC as of the enactment of Section 19(e) of the FDIA, extending its expiration date to December 31, 2012.

Community Reinvestment Act Regulations Revisions

The OCC, Board, FDIC, and OTS have issued a joint final rule revising the Community Reinvestment Act (CRA) regulations. The revisions expand the definition of 'community development' to include activities supporting the Neighborhood Stabilization Program (NSP), providing favorable CRA consideration for such activities that benefit low-, moderate-, and middle-income individuals and geographies.

IPEC Correction to FOIA Privacy Act Rule

The Intellectual Property Enforcement Coordinator (IPEC) has issued a correction to a previously published rule concerning FOIA and Privacy Act provisions. This correction amends specific text related to the issuance and chapter heading within title 5 of the Code of Federal Regulations.

IPEC Final Rule on Freedom of Information Act and Privacy Act

The Office of the Intellectual Property Enforcement Coordinator (IPEC) has issued its final rule implementing the Freedom of Information Act (FOIA) and the Privacy Act. This rule details how to submit FOIA requests to IPEC, how IPEC processes them, and outlines IPEC's Privacy Act policies and procedures for accessing and amending records.

IPEC Proposed Rule on Freedom of Information Act and Privacy Act

The Office of the Intellectual Property Enforcement Coordinator (IPEC) is proposing new regulations to implement the Freedom of Information Act (FOIA) and the Privacy Act. The proposed rule outlines procedures for making FOIA requests and details IPEC's Privacy Act policies and procedures for accessing and amending records.