According to the Sacramento Bee, a would-be movie studio executive, Carissa Carpenter, pleaded not guilty last week to defrauding investors of at least $5 million during her failed 17-year attempt at creating a movie studio in Northern California.
On November 17, 2014, the SEC released its 2014 Agency Financial Report (AFR), which provides financial and high-level performance results that allow the President, Congress and the public to understand the SEC’s financial picture and accomplishments during the last year.
Last week, the U.S. Securities and Exchange Commission’s Office of the Whistleblower, created in 2011 pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, released its mandated report to Congress on operations for Fiscal Year 2014, ending on September 30, 2014.
The virtual currency market has emerged in the United Arab Emirates with Dubai’s first Bitcoin ATM introduced in April 2014. Middle East entrepreneurs have begun launching Bitcoin payment products and SMEs are beginning to realise the potential of such technology, with The Pizza Guys becoming the first restaurant in the UAE to accept Bitcoin payments.
Connecticut Senator Richard Blumenthal has written to SEC Chair White urging that the SEC label so-called “fee-shifting” bylaws major risk factors and require companies to disclose them before any initial public offering.
Ahead of the 2014 G20 summit in Brisbane, Mark Carney, Governor of the Bank of England and Chairman of the Financial Stability Board (the “FSB”), the watchdog entrusted with safeguarding against future financial crises, revealed that institutions falling within the unregulated scope of the “shadow banking” sector will face increased scrutiny from financial regulators over the coming year because of the risks they pose to financial stability.
In October, the CFPB issued a final rule amending the 2013 mortgage rules that took effect in January 2014, including a post-consummation points and fees cure mechanism for qualified mortgage loans, which became effective on November 3, when it was published in the Federal Register.
On November 18, 2014, the CFPB staff and Federal Reserve Board co-hosted a webinar that addressed questions about the Final TILA-RESPA Integrated Disclosure Rule that will be effective for applications received by creditors or mortgage brokers on or after August 1, 2015.