The Securities and Exchange Commission announced that Prosper Funding LLC will pay a $3 million penalty for miscalculating and materially overstating annualized net returns to retail and other investors. San Francisco-based Prosper is a marketplace lender that, through its website, offers and sells securities linked to the performance of its consumer credit loans. According to the SEC’s order, from approximately July 2015 until May 2017, Prosper excluded certain non-performing charged off loans from its calculation of annualized net returns that it reported to investors.

Continue reading…

The International Ethics Standards Board for Accountants (IESBA) today released its Strategy and Work Plan, 2019-2023. Titled Elevating Ethics in a Dynamic and Uncertain World, the publication describes the board’s strategy and priorities toward the setting of high-quality, future-ready ethics standards for professional accountants that are widely adopted around the world.
Continue reading…

The Information Commissioner’s Office (ICO) has fined Bounty (UK) Limited £400,000 for illegally sharing personal information belonging to more than 14 million people. An ICO investigation found that Bounty, a pregnancy and parenting club, collected personal information for the purpose of membership registration through its website and mobile app, merchandise pack claim cards and directly from new mothers at hospital bedsides.

Continue reading…

The Financial Conduct Authority (FCA) is warning General Insurance (GI) firms about manufacturing, sales and distribution approaches that can lead to customers purchasing inappropriate products, paying excessive prices or receiving poor service. The recently implemented Insurance Distribution Directive requires that all firms in the GI distribution chain act in accordance with the best interests of the customer. The recently implemented Senior Manager and Certification Regime is designed to make Senior Managers accountable for the actions of their firms.

Continue reading…

If a United States – China purchasing agreement goes through – Taiwan and Malaysia will suffer the most in the near term – South Korea and Japan also have a lot to lose, according to a Goldman Sachs report. It will be effecting the Semiconductor exporters in Asia are esspecialy, if China decides to import more American products to ease trade tensions. Taiwan would lose more than 1% of its GDP, while Malaysia would lose about 0.7%, according to the report’s estimates, based on the assumption that China’s “shopping list” will amount to $125 billion of American imports annually. South Korea and Japan could also lose $8 billion each.

Continue reading…

After more than 7 years, Julian Assange (Wikileaks co-founder) stay at the Ecuadorian embassy in London ends. With the cooperation from Ecuador, where Assange had sought political refuge, London police arrested Assange. The London police took Assange into custody for failing to surrender to a warrant, that was issued by the Westminster Magistrates’ Court, back in 2012. according to the Associated Press, Assanges arrest was also related to a United States (US) extradition warrant. The US charged Assange with conspiracy to commit computer hacking for his ‘alleged role in one of the largest compromises of classified information in the history of the United States’.
Continue reading…

A former GP practice manager has been fined for sending personal data to her own email account without authorisation, following an investigation by the Information Commissioner’s Office (ICO). Shamim Sadiq worked at Hollybrook Medical Centre in Littleover, Derby, but was suspended on 3 November 2017 for unrelated matters and dismissed later that month.
Continue reading…

The Federal Reserve Board (FRB) published a final rule implementing policy changes to procedures governing the provision of intraday credit to U.S. branches and agencies of foreign banking organizations (FBOs). The changes are intended to refine the methods for determining the level of intraday credit that these branches and agencies can receive from the Federal Reserve Banks.
Continue reading…

Commission helps Member States to better apply EU environment rules to protect citizens and enhance their quality of life. The Commission published the second Environmental Implementation Review, part of its initiative launched in 2016 to improve the implementation of European environmental policy and commonly agreed rules in all EU Member States.
Continue reading…

The Securities and Exchange Commission charged the former CFO and two former employees of a publicly traded transportation company with fraud for manipulating the company’s financial results in order to meet earnings targets and projections. The SEC alleges that Peter Armbruster, the former CFO of Roadrunner Transportation Systems Inc., hid incurred expenses by improperly deferring and spreading them across multiple quarters to minimize their impact on Roadrunner’s net earnings. Armbruster then allegedly manipulated certain reductions to liabilities, creating an income “cushion” that could be accessed in future quarters to offset expenses. 

Continue reading…