Category: Regulation
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North Channel Bank Insolvency: BaFin Establishes Compensation Case!
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Germany’s Federal Financial Supervisory Authority (BaFin) has established the compensation case for the clients of collapsed North Channel Bank. The bank is not able to repay its customers’ deposits in full. The deposits of North Channel Bank’s customers are protected under the Deposit Protection Act. The Bank is a member…
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Austrian FinTech Finabro Renounces Asset Management License!
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Surprisingly, Viennese Fintech Finabro (website) has renounced its asset management license. Last February, the startup, focused on occupational pension schemes, raised five million euros and recently hired a new head of product, Matthias Heindl. The company’s spokeswoman, Melinda Mihoczy, explains what’s going on:
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Impressive! Five Million Dollars For An U.S. Whistleblower!
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The U.S. Securities and Exchange Commission (SEC) announced an award of more than $5 million to a whistleblower whose information led to a successful SEC enforcement action. The whistleblower provided a tip and additional information that helped SEC staff shape its investigative strategy, identify witnesses, and draft documents and information…
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Troubled German Real-Estate Group Adler Is Without An Auditor!
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The crisis-ridden real estate company is used to bad news. But being unable to find an auditor despite a court order is an unusually severe setback even for Adler. The auditing company KPMG refuses to audit the balance sheet of the Adler subsidiary Adler Real Estate for the year 2022.…
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SEC Charges Former McDonald’s CEO With Making False Statements About His Firing!
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The U.S. Securities and Exchange Commission (SEC) charged Stephen J. Easterbrook, the former CEO of McDonald’s Corporation, with making false and misleading statements to investors about the circumstances surrounding his November 2019 dismissal. McDonald’s was also charged with deficiencies in its public disclosure of Easterbrook’s separation agreement.
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Alibaba Shares Ultimately Rise By Double Digits: Ant Progresses In Discussions With Chinese Supervisors!
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The Chinese technology company Ant Group of billionaire Jack Ma is progressing in resolving its regulatory issues with the Chinese Banking and Insurance Regulatory Commission. The regulator allowed the group to increase the capital of its consumer finance subsidiary by 10.5 billion yuan (about €1.4 billion) shortly before the turn…
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US: Coinbase to Pay $100 Million to Settle Money-Laundering Investigation
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The largest U.S. crypto exchange Coinbase has accepted a multi-million dollar fine for allegedly being too lax in its anti-money laundering precautions in New York State. The company will pay a total of $100 million (€94 million) as part of a settlement, the New York financial regulator DFS announced yesterday.…
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Bafin Chief Branson Worries About Shadow Banks And Cryptos!
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Mark Branson, the head of Germany’s financial regulator BaFin has warned of risks to financial stability. Specifically, shadow banks are a thorn in his side because of their rapid growth – and crypto markets, as he explained to journalists in Frankfurt. He is worried about so-called shadow banks and points…
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SEC Charges Former CEO Of Biotech Company CytoDyn With Fraud And Insider Trading!
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The U.S. Securities and Exchange Commission charged Nader Pourhassan, the former CEO of CytoDyn Inc., with fraud and insider trading for misleading shareholders about the progress of a clinical research treatment for COVID-19 and HIV. According to the SEC complaint, Pourhassan repeatedly issued press releases exaggerating CytoDyn’s progress on leronlimab, an…
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The End Of Crypto As We Know It! Auditors Stop Working With Crypto Clients!
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Last week, the French auditor Mazars causes new doubts about the liquitity of ifs crypto clients such as Binance or Crypto.com. It surprising deleted Binance’s PoR audit report from its website and announced the pausing of all activities for all its crypto clients. Mazars also prepared the POR report for…