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SEC Proposes Amendments to Form N-PORT Reporting for Investment Companies

The SEC has proposed amendments to Form N-PORT reporting for investment companies, including open-end funds, closed-end funds, and ETFs. The proposal would extend the filing deadline, restore quarterly publication, and streamline reporting items. Public comments are due 60 days after publication in the Federal Register.

ESMA Statement on IFRS 18 and APM Guidelines Interaction

The European Securities and Markets Authority (ESMA) has issued a statement clarifying the interaction between the upcoming IFRS 18 standard on presentation and disclosure in financial statements and ESMA's existing Guidelines on Alternative Performance Measures (APMs). The statement aims to ensure consistent application and understanding of these requirements for financial statement preparers.

Arboretum Mortgage Corp Fined and License Revoked

The Washington Department of Financial Institutions has issued a consent order against Arboretum Mortgage Corporation, requiring a fine of $27,425 and an investigation fee of $2,719.20. The company's mortgage broker license is revoked, and its ability to participate in the industry is restricted until February 6, 2029, subject to compliance with the order.

State of Washington v. Joel John Sarysz - Consumer Loan Act Violations

The State of Washington Department of Financial Institutions has issued a consent order against Joel John Sarysz for violations of the Consumer Loan Act. Sarysz is fined $25,500 and prohibited from the mortgage broker and consumer loan industries in Washington until February 10, 2034.

Arboretum Mortgage Corp. License Revoked and Fined $27,425

The Washington Department of Financial Institutions has revoked the mortgage broker license of Arboretum Mortgage Corporation and imposed a fine of $27,425 for violations of the Mortgage Broker Practices Act. The company also must pay an investigation fee of $2,719.20.

Florida Orders Cease and Desist for Unregistered Securities

The Florida Office of Financial Regulation (OFR) issued an immediate final order against GSB LTD, d/b/a GS Partners, and other members of GSB Group. The order requires them to cease and desist from alleged unregistered and fraudulent securities and banking services, citing a multilevel marketing scheme and misleading profit generation information.

Alliance Credit Union of Florida Placed into Conservatorship

Florida's Office of Financial Regulation placed Alliance Credit Union of Florida into conservatorship on November 8, 2024, appointing the National Credit Union Administration (NCUA) as conservator. Member accounts remain protected by the NCUA's Share Insurance Fund, and services will continue uninterrupted.

Bayview Fined $20M for Cybersecurity Lapses

The Office of Financial Regulation and 52 state agencies fined Bayview Asset Management and its affiliates $20 million for deficient cybersecurity practices and failure to cooperate following a data breach impacting 5.8 million customers. The companies must also implement corrective actions and undergo independent assessments.

Vanguard Agrees to $106 Million Multistate Settlement

Vanguard has agreed to a $106 million multistate settlement with state securities regulators and the SEC for failing to supervise registered persons and disclose tax consequences to investors. The settlement aims to compensate over 10,000 Florida investors and potentially hundreds of thousands nationwide for capital gains taxes incurred due to fund changes.

OFR Settles with Binance.US Money Transmitter in Florida

The Florida Office of Financial Regulation (OFR) has reached an agreement with BAM Trading Services, Inc. (Binance.US), a licensed money transmitter. This settlement addresses procedures to protect Floridians and the marketplace, following a prior multi-state settlement related to a felony conviction.