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Friday, October 20 2017 @ 12:14 AM CDT
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Federal Reserve

 Observations on Regulation D and the Use of Reserve Requirements

The methods by which depository institutions can implement Regulation D (Reserve Requirements of Depository Institutions) include maintaining reserves against transaction accounts and enforcing a numeric transfer and withdrawal (transaction) limit for savings deposits if they wish to avoid classifying those accounts as reservable transaction accounts. GAO estimates that 70–78 percent of depository institutions limit savings deposit transactions.

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Current President and Former Vice President to Stop Deceptive Practices

United States Files Enforcement Action against Texas Debt Collection Company, Current President and Former Vice President to Stop Deceptive Practices

A civil complaint was filed today in federal court in Texas against Commercial Recovery Systems Inc. (CRS), of Plano, Texas, its president, Timothy Ford, and its former vice president, David Devany, to assess civil penalties for deceptive and abusive debt collection practices, and to prevent further consumer abuse, the Justice Department announced today.

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Former Executive at Tampa-Based Engineering Firm With FCPA Violations

Washington D.C., Jan

The Securities and Exchange Commission today charged a former officer at a Tampa, Fla.-based engineering and construction firm with violating the Foreign Corrupt Practices Act (FCPA) by offering and authorizing bribes and employment to foreign officials to secure Qatari government contracts.

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Investment Adviser and Manager in South Florida-Based Fraud

Washington D.C., Jan

The Securities and Exchange Commission today announced fraud charges and an asset freeze against a Fort Lauderdale, Florida-based investment advisory firm, its manager, and three related funds in a scheme that raised more than $17 million since November 2013.

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Charges Against Standard & Poor’s for Fraudulent Ratings Misconduct

Washington D.C., Jan

The Securities and Exchange Commission today announced a series of federal securities law violations by Standard & Poor’s Ratings Services involving fraudulent misconduct in its ratings of certain commercial mortgage-backed securities (CMBS).

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Microcap Scheme Involving Purported Mining Companies

Washington D.C., Jan

The Securities and Exchange Commission today announced charges against attorneys, auditors, and others allegedly involved in a microcap scheme the agency stifled last year when it suspended the registration statements of 20 purported mining companies being used for sham offerings of stock to investors.

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Fee Rate Advisory #3 for Fiscal Year 2015

Washington D.C., Jan.

The Securities and Exchange Commission today announced that starting on Feb. 14, 2015, the fee rates applicable to most securities transactions will be set at $18.40 per million dollars.

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SEC Charges UBS Subsidiary With Disclosure Violations and Other Regulatory Failures in Operating Dark Pool

Washington D.C., Jan.

The Securities and Exchange Commission today charged a subsidiary of UBS with disclosure failures and other securities law violations related to the operation and marketing of its dark pool.

 

UBS Securities LLC agreed to settle the charges by paying more than $14.4 million, including a $12 million penalty that is the SEC’s largest against an alternative trading system (ATS).

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SEC Adopts Rules to Increase Transparency in Security-Based Swap Market

Commission Also Proposes Additional Security-Based Swap Transaction Reporting Rules and Guidance
Washington D.C., Jan

 

The Securities and Exchange Commission today adopted two new sets of rules that will require security-based swap data repositories (SDRs) to register with the SEC and prescribe reporting and public dissemination requirements for security-based swap transaction data.  The SEC also proposed certain additional rules, rule amendments and guidance related to the reporting and public dissemination of security-based swap transaction data.  The new rules are designed to increase transparency in the security-based swap market and to ensure that SDRs maintain complete records of security-based swap transactions that can be accessed by regulators.

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SEC Charges Canadian Man With Conducting Fraudulent Trading Scheme

Washington D.C., Jan

The Securities and Exchange Commission today charged a man living in Ontario, Canada, with orchestrating a lucrative market manipulation scheme that relied on “layering” in which a trader places orders solely to trick others into buying or selling U.S. publicly traded stocks at artificially inflated or depressed prices.

 

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