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On 4 February 2025, the Basel Committee on Banking Supervision (Basel Committee) published its work programme and strategic priorities for 2025/26. The programme prioritises work on Basel III implementation, risk assessment and safeguarding resilience, digitalisation, and liquidity. As part of its work on risk assessment the Basel Committee will pursue a deep dive analytical investigation on banks’ interconnections with non-bank financial intermediation. It will also assess whether specific features of the Basel Framework performed as intended during the 2023 banking turmoil. It will also pursue a range of analytical, supervisory and potential regulatory initiatives related to banks’ liquidity.
Author: Simon Lovegrove (UK)
Posted: February 5, 2025, 5:29 pm
On 5 February 2025, the EU Platform on Sustainable Finance (Platform) issued a report Simplifying the EU taxonomy to foster sustainable finance. The report builds on previous Platform work and responds to a European Commission (Commission) mandate to help simplify and improve the effectiveness of the framework of the Taxonomy Regulation by enhancing its usability. The report identifies key areas for improvement, including simplification, data access and coherence with other regulations. It offers recommendations to the Commission grounded in two years of market observations, pilot projects and outreach to stakeholders, including investors, credit institutions, insurers, corporates, small and medium-sized enterprises (SMEs), auditors and consultants, that are affected by the EU sustainable finance regulatory framework. The report also provides suggestions on areas that it believes should be prioritised during its next mandate. The report makes four core proposals to the…
Author: Simon Lovegrove (UK)
Posted: February 5, 2025, 5:22 pm
On 4 February 2025, the Payment Systems Regulator (PSR) published a policy statement on its new compliance monitoring framework, setting out how it will monitor compliance and identify non-compliance. Background In a thought piece accompanying the policy statement, the PSR flags that it has been busy in recent years with several important new regulations coming into force, including the card acquiring market review remedies, the expansion of confirmation of payee and the authorised push payment (APP) reimbursement requirements. These developments have increased the need for the PSR to know whether firms are following the regulations and to manage any non-compliance. Policy statement The policy statement explains why and how the PSR monitors compliance with its payments regulations, including how the compliance monitoring team’s work is structured. It includes information on: The scope of the PSR’s monitoring work. Its approach to compliance…
Author: Anita Edwards and Simon Lovegrove (UK)
Posted: February 5, 2025, 4:39 pm
On 5 February 2025, the Financial Conduct Authority (FCA) published a policy statement, PS25/1, on reforming the commodity derivatives regulatory framework. Background The FCA published its proposals in consultation paper CP23/27, published in December 2023, which covered the key pillars of the commodity derivatives regulatory regime, i.e. position limits, exemptions from those limits, position management controls, the position reporting regime and the ancillary activities test. For more details on CP23/27, please see our briefing. Final rules and guidance As well as summarising feedback received to CP23/27, PS25/1 sets out the FCA’s response and final position on the rules and guidance to be included in the FCA Handbook. The FCA explains that its final rules and guidance remain focused on strengthening the resilience of UK commodity derivatives markets under a variety of market conditions so that they can continue to serve their users, in the UK and…
Author: Anita Edwards and Simon Lovegrove (UK)
Posted: February 5, 2025, 4:33 pm
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker John Devenney (Devenney), currently associated with Vanguard Marketing Corporation, has at least one disclosable event. These events include one customer complaint, alleging that Devenney recommended unsuitable investments in different investment products including debt securities among other allegations and complaints. FINRA BrokerCheck shows a settled customer complaint on November 11, 2024. The client alleged that the representative did not follow his instructions which caused him to lose thousands of dollars. Activity took place between october 31, 2024, and november 11, 2024. Continue Reading
Author: Staff Attorney
Posted: February 5, 2025, 2:24 pm
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Matthew Feldman (Feldman), currently associated with Northwestern Mutual Investment Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Feldman recommended unsuitable investments in different investment products including debt securities among other allegations and complaints. FINRA BrokerCheck shows a pending customer complaint on November 04, 2024. Customer alleges transfer-on-death brokerage account was misrepresented to her as comparable to a high-yield savings account and was not properly managed. Continue Reading
Author: Staff Attorney
Posted: February 5, 2025, 2:23 pm
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Lee Mcneill (Mcneill), currently associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has at least one disclosable event. These events include one customer complaint, alleging that Mcneill recommended unsuitable investments in different investment products including debt securities among other allegations and complaints. FINRA BrokerCheck shows a pending customer complaint on December 06, 2024. Customer alleges misrepresentation of an annuity contract in october 2024. Continue Reading
Author: Staff Attorney
Posted: February 5, 2025, 2:22 pm
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Drew Peacock (Peacock), previously associated with Ameriprise Financial Services, LLC, has at least 5 disclosable events. These events include 5 customer complaints, alleging that Peacock recommended unsuitable investments in different investment products including debt securities among other allegations and complaints. FINRA BrokerCheck shows a settled customer complaint with a damage request of $132,163.68 on November 12, 2024. The clients verbally alleged incorrect information was provided by the representative on bond purchases completed in january and february of 2023. Continue Reading
Author: Staff Attorney
Posted: February 5, 2025, 2:21 pm
The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that Broker Mario Payne (Payne), previously employed by Raymond James Financial Services, Inc. has been subject to at least 4 disclosable events. These events include 4 customer complaints. According to records kept by The Financial Industry Regulatory Authority (FINRA), Payne’s most recent customer complaint alleges that Payne recommended unsuitable investments in structured products and makes allegations concerning misconduct relating to the handling of the customer’s accounts. FINRA BrokerCheck shows a pending customer complaint with a damage request of $5,000,000.00 on January 07, 2025. Claimants allege fa improperly engaged in a high-risk, illiquid, complex, and unsuitable investment strategy that concentrated them in structured products such as structured notes, and they also allege the products were misrepresented as safe, guaranteed, and insured. Continue Reading
Author: Staff Attorney
Posted: February 5, 2025, 2:19 pm
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Jeremy Smith (Smith), currently associated with United Planners’ Financial Services of America A Limited Partner, has at least one disclosable event. These events include one customer complaint, alleging that Smith recommended unsuitable investments in different investment products including debt securities among other allegations and complaints. FINRA BrokerCheck shows a pending customer complaint with a damage request of $50,000.00 on November 26, 2024. Unsuitable recommendation based upon the clients’ risk profile. Continue Reading
Author: Staff Attorney
Posted: February 5, 2025, 2:18 pm
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Justin Paden (Paden), currently associated with U.S. Bancorp Investments, Inc., has at least one disclosable event. These events include one customer complaint, alleging that Paden recommended unsuitable investments in different investment products including debt securities among other allegations and complaints. FINRA BrokerCheck shows a pending customer complaint with a damage request of $7,000.00 on December 24, 2024. Customer alleges that the cds purchased by representative on his behalf, were callable cds, and he was not informed when the cds were in fact called. Continue Reading
Author: Staff Attorney
Posted: February 5, 2025, 2:17 pm
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Jesus Rodriguez (Rodriguez), previously associated with Morgan Stanley, has at least 4 disclosable events. These events include 3 customer complaints, one civil event, alleging that Rodriguez recommended unsuitable investments in different investment products including debt securities among other allegations and complaints. FINRA BrokerCheck shows a pending customer complaint on November 15, 2024. Clients alleged fa used funds deposited in their morgan stanley account to purchase investments away from morgan stanley  2019 Continue Reading
Author: Staff Attorney
Posted: February 5, 2025, 2:16 pm
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Billy Aycock (Aycock), currently associated with Cabin Securities, Inc., has at least 17 disclosable events. These events include 17 customer complaints, alleging that Aycock recommended unsuitable investments in different investment products including debt securities among other allegations and complaints. FINRA BrokerCheck shows a pending customer complaint with a damage request of $100,000.00 on November 20, 2024. Breach of fiduciary duty, negligence, breach of contract, aiding and abetting breach of fiduciary duty and violations of ct and other securities laws. Continue Reading
Author: Staff Attorney
Posted: February 5, 2025, 2:15 pm
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Timothy Nobles (Nobles), currently associated with Investment Planners, Inc., has at least one disclosable event. These events include one customer complaint, alleging that Nobles recommended unsuitable investments in different investment products including debt securities among other allegations and complaints. FINRA BrokerCheck shows a settled customer complaint with a damage request of $35,000.00 on November 01, 2024. The investment delivered an outcome that did not align with the claimants goals or understanding of the investment. Continue Reading
Author: Staff Attorney
Posted: February 5, 2025, 2:13 pm
The filing of Opioid-related securities litigation is not a new development; indeed, more than six years ago, I published a post in which I noted the outbreak at the time of a number of opioid-related securities suits against opioid drug companies. Now, in the latest opioid-related securities suits to be filed, and in the wake of the U.S. Department of Justice’s filing of a False Claims Act complaint against the company, a plaintiff shareholder has filed an opioid-related securities class action lawsuit against Walgreens Boots Alliance. A copy of the January 30, 2025, complaint can be found here. Background Walgreens is a health and retail pharmacy company operating in the U.S., U.K, and other countries. In connection with its sale of prescription drugs in the U.S., Walgreens is subject to the Controlled Substances Act (CSA). As the opioid crisis has developed and evolved in the U.S., and in response to the opioid crisis, Walgreens, according to the…
Author: Kevin LaCroix
Posted: February 5, 2025, 1:58 pm
Yesterday, the SEC announced the executive staff that will be working for Acting Chairman Mark Uyeda. As noted in the announcement, the sixteen individuals named in the press release advise the Acting Chairman on matters before the Commission and work closely with SEC staff. The announcement also indicates that Sebastian Gomez Abero has been appointed as Acting Deputy Director (Legal and Regulatory Policy) for the Division of Corporation Finance, and Antonia Apps has been appointed as Acting Deputy Director for the Division of Enforcement. While on the topic of staffing at the SEC, the clock is ticking on the Administration’s efforts to de-staff the SEC and other federal agencies pursuant to the now-infamous “Fork in the Road” email that approximately two million federal employees received last week from the Office of Personnel Management (OPM). The email offered federal workers the ability to undertake a “deferred resignation” if they resigned by…
Author: David Lynn
Posted: February 5, 2025, 12:10 pm
As I noted last month, the SEC’s creeping Inline XBRL requirements present a trap for the unwary, because failing to tag disclosure using Inline XBRL has the draconian penalty of rendering a company not “current” for form eligibility and Rule 144 purposes. As we now enter the heart of the annual reporting season, companies should double down on their efforts to check the Inline XBRL tagging of their reports prior to filing them on EDGAR. Bob Dow of Maynard Nexsen has observed that some filers this season have failed to tag their new insider trading policy disclosure required by Item 408(b) of Regulation S-K and their cybersecurity disclosures required Item 106 of Regulation S-K (which just became subject to Inline XBRL tagging requirements after a one-year phase in). This harkens back to the situation that we observed when the quarterly disclosure of the adoption or termination of Rule 10b5-1 plans went into effect, as some companies began making filings after…
Author: David Lynn
Posted: February 5, 2025, 12:05 pm
We have posted the transcript for our webcast “The Latest: Your Upcoming Proxy Disclosures.” Mark Borges of Compensia and CompensationStandards.com, Alan Dye of Hogan Lovells LLP and Section16.net, Ron Mueller of Gibson Dunn & Crutcher LLP and yours truly discussed the latest guidance on how to improve your executive and director pay disclosure to improve voting outcomes and protect your board, as well as how to handle the most difficult issues on oversight, engagement and disclosure of executive and director pay. On the topic of the SEC’s potential agenda for executive compensation disclosure and related matters, Mark Borges noted: While it’s still too early to tell whether the incoming SEC Chair has these or any other compensation disclosure requirements on his immediate agenda, of the three, I think the one most at risk is pay ratio. Even there, I wouldn’t quantify that as high risk. As Dave said, each of those rules was Congressionally…
Author: David Lynn
Posted: February 5, 2025, 12:00 pm
On 4 February 2025, the Property (Digital Assets etc) Bill completed the House of Lords Committee stage. The purpose of the Bill is to make provision about the types of things that are capable of being objects of personal property rights, as is further explained in our previous blog regarding the original publication of the Bill in September 2024. The Bill will now move to Report stage within the House of Lords.
Author: Anita Edwards and Simon Lovegrove (UK)
Posted: February 5, 2025, 10:27 am
On 4 February 2025, the Financial Conduct Authority (FCA) published a speech delivered by its chief operating officer, Emily Sheppard, on the topic “Culture is contagious” at the 10th Annual Culture and Conduct in Financial Services Summit. In the speech, Ms Sheppard explains that: Culture drives conduct and decision-making, which directly impact outcomes for consumers, markets and the economy. As a result, it will continue to be a regulatory concern for the FCA. The informed, responsible risk-taking that is required for long-term economic growth must be “built on a strong foundation of healthy firm cultures”, as cultures that encourage open dialogue, constructive challenge and learning from failure, fuel innovation, agility and longer-term success. Non-financial misconduct (NFM) – including behaviours such as bullying, harassment and discrimination – is one of the clearest warning signs of a failing culture, and regulators have an…
Author: Anita Edwards and Simon Lovegrove (UK)
Posted: February 5, 2025, 10:18 am




Mark J. Astarita, Esq. is a securities lawyer who represents investors, financial professionals and firms in litigation, arbitration and regulatory matters across the country. He is a partner in the national securities law firm of Sallah Astarita & Cox, LLC and can be reached by email at mja@sallahlaw.com or by phone at 212-509-6544.

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Securities Attorney at  | 212-509-6544 | mja@sallahlaw.com | Website |  + posts

Mark Astarita is a nationally recognized securities attorney, who represents investors, financial professionals and firms in securities litigation, arbitration and regulatory matters, including SEC and FINRA investigations and enforcement proceedings.

He is a partner in the national securities law firm Sallah Astarita & Cox, LLC, and the founder of The Securities Law Home Page - SECLaw.com, which was one of the first legal topic sites on the Internet. It went online in 1995 and is updated daily with news, commentary and securities law related links.