Information About Risk Management & Crisis Response
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- Wells Fargo officials reach $240 million settlement over unauthorized accounts
On February 28, 2019, a $240 million (U.S. dollar) settlement reached between Wells Fargo executives and directors and the bank’s U.S. shareholders, concerning the creation of millions of unauthorized customer accounts by bank employees, was filed in federal court in San Francisco. The settlement, w … Read more »
- Inter-jurisdictional enforcement against cryptocurrency-related financial products
In its first enforcement decision concerning cryptocurrency, the Ontario Securities Commission permanently prohibited USI-Tech Limited from trading in securities or derivatives based on its promotion of cryptocurrency-related financial products in Ontario. To obtain this order, OSC Staff used an exp … Read more »
- Ontario Securities Commission announces first ever whistleblower awards
In a landmark announcement on February 27, 2019, the Ontario Securities Commission said that it had paid out its first-ever whistleblower awards under its Whistleblower Program. According to the OSC’s release, three whistleblowers in separate matters received a total of $7.5 million for providing “h … Read more »
- Apple lawyer charged with insider trading
The recent insider trading case of a former senior lawyer at Apple Inc. serves as a reminder that those tasked with upholding a company’s insider trading rules are expected to ‘walk the walk’ when it comes to complying with ethical and legal obligations in handling confidential information. This cas … Read more »
- New guidance from OSFI on technology and cybersecurity incident reporting
Cyber security continues to be a chief concern for Canadian regulators. On January 24, 2019, the Office of the Superintendent of Financial Institutions (“OSFI”) published the Technology and Cybersecurity Incident Reporting Advisory, which will apply to all federally regulated financial institutions … Read more »
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