The U.S. securities and commodities regulatory agencies pushed the congress to increase their budget. They argued that more fund is needed to do their functions in the growing financial markets and technology in recent years.
Legal & Regulatory
Portugal Shifts to Bank Resolution Fund; Revises Loan Terms
The banks in Potugal had a lot of issues to solve after failing to sell Novo Banco. This has made a lot adjustments that needs to be done by the banks.
Congressional Committee To Revive Apple-FBI Debate on Tuesday
A congressional committee has announced reviving testing of Apple and FBI on Tuesday. Apple’s general counsel and an FBI official will testify on behalf of respective sides. Lawmakers consider the debate centering public interest as important and summoned the disagreed parties to testify before the lawmakers.
Yahoo Again Amends Employee Severance Plan, But This Time To Protect Their Interest
A regulatory filing by Yahoo Inc. on Thursday suggests that the tech giant has changed its employee severance plan. The new plan confirms severance payments even after acquisition of the tech giant. Analysts consider the filing as its preparation for selling entire or at least part of its core business.
Microsoft Sues Government Over Peeping To Individual’s Information Abusing Decades Old Law
Microsoft has sued the US Department of Justice on Thursday for alleged secret intervention of the government agencies to individual’s information. Through searching secretly, the US government is violating the Fourth as well as First Amendment, alleges the lawsuit. Microsoft believes, this practice has gone too far and hence seeks court intervention to address the situation.
Latest News
Medical marijuana will be legalized after Gov. Wolf signs the bill on Sunday after the 149-46 vote in favor of marijuana legalization. However, it will take about two years before sufferers of acute ailment can get advantage of the benefits because of the several processes including regulatory and growing process.
Deutsche Bank has primarily agreed settling lawsuit centering ‘Silver Fix’ scam on Wednesday. Under the agreement, the German bank will have to count monetary penalty while helping the plaintiff investors in suits with other banks. Both the agreed parties have declined to elaborate terms and conditions for this accord.
SEC has filed a lawsuit against former ConvergEx exec Basilly on Tuesday on the allegation of defrauding traders. Prior to that, ConvergEx has admitted wrongdoing through its several units and counted penalty of $150 million to the regulators. However, his lawyer claims innocence rejecting all allegations and cites that Bassily has acted as per ConvergEx approved business model.
The largest coal miner in the US has sought protection under bankruptcy law on Wednesday ending speculations over its future. The filing has been acknowledged as the largest bankruptcy case by liabilities during this year. With this filing, a century old publicly traded company is going to shutting down its operations in the US.
GAO suggested financial regulators to disclose more information on their crisis policy framework. While five large banks do not have enough plan to manage operation during crisis.
The U.S. Congress has delayed work on Puerto Rico debt bill. Originally, the bill was scheduled to be the subject of hearing on Wednesday before receiving final amendments on Thursday. After that, it will be sent for debate on the House.
As a response to China’s new anti-terror law, 25 tech companies in the country have signed a pledge to help the government combat online terror activities. Under the law, tech companies are required to decrypt information for Beijing and provide assistance to keep the internet from terror-related contents.
European privacy watchdogs is now assessing the Privacy Shield framework that would regulate the EU-U.S. relations in privacy protection. It’s likely that the EU watchdogs will ask for another review to be conducted in 2018, when a new a new EU data protection law comes into force.
Ken Paxton, the Texan attorney general has been sued on Monday by the US regulators on accusation of playing role in a stock scam. In addition to the civil lawsuit, Paxton has also been sued with criminal charges for defrauding investors. The Texan Democrats as well as Republicans have called for his resignation.
