> Firm Will Pay a Total of $38 Million in Penalties to Settle With Regulators
$38 million!?!? That's a expensive mistake for not submitting some paperwork that should be automated.
I'd like to see a list of international government agencies and what they can/do charge for penalty fines. I suspect that the United States SEC sets a high bar compared to some of the smaller fines I've seen elsewhere. GDPR appears to be one of the top contenders
Yeah. I feel like putting a rule that if an account trade volume exeeeds 1% of average daily volume for a stock then submit the report wouldn't be too hard. Could be done offline during trade settlement. I'm wondering if there's more rigid requirements about when to submit them.
the US Patriot act / FINRA was created as a job creation measure. It is essentially an indirect tax on banks to increase jobs after the stock market crash of 2001 ("compliance").
That is pretty cynical view of it and it has certainly been a side effect ( along with creation of 'list' cottage industry ), but I would argue that it was not its purpose.
$38 million!?!? That's a expensive mistake for not submitting some paperwork that should be automated.
I'd like to see a list of international government agencies and what they can/do charge for penalty fines. I suspect that the United States SEC sets a high bar compared to some of the smaller fines I've seen elsewhere. GDPR appears to be one of the top contenders
https://www.tessian.com/blog/biggest-gdpr-fines-2020/