JP Morgan Chase will pay $ 307 million as a fine to regulatory authorities. The reason of such decision of the regulators is that the bank did not disclose the information about conflicts of interests to investors in the implementation of its own advertising investment products to clients.
Based on the date of the Securities and Exchange Commission and the Commodity Futures Trading Commission, the two structures of the bank invested facilities in mutual funds and hedge funds managed by JP Morgan, but did not speak with investors about their preferences of using own funds, and thus caused considerable damage to customers.
Investors were deprived of the necessary information that would help them to make the most profitable decisions.
The bank will pay $ 267 million to the Commission on Securities and Exchange Commission, as well as pleads guilty . The bank also will pay $ 40 million fine to the Commodity Futures Trading Commission and gives $ 60 million profit that was obtained illegally.
Representatives of the bank said that their actions were not intentional and they are very sorry about what happened.
Wealth management firms are required to disclose the preferences of investors. Until November 2013, JP Morgan Securities did not disclose to investors the necessary information.
Earlier this year, the Ministry of Labor has proposed new rules that aimed at strengthening disclosure for retail investors.
JPMorgan Chase is the financial institution, which was formed at the confluence of several large US banks. In the ranking of the largest public companies in the world of Forbes Global 2000 in 2015 the bank took the 6th place. JPMorgan Chase is the best investment bank in 2015 according to the information of the «Global Finance» magazine.
The Supreme Court declared Astra Bank insolvent, the press service of the National Bank reports. By its decision, the Supreme Court overturned the decisions of the Kyiv District Administrative Court and the Sixth Administrative Court of Appeal, which found the central bank’s actions illegal. The NBU reminded that Astra Bank is the only bank that […]
The Supreme Court did not satisfy the cassation appeal of Sberbank of Russia and recognized the Ukrainian state Оschadbank as the legal owner of the Sberbank trademark in the country. “The Supreme Court did not find grounds to satisfy the cassation appeal of Sberbank of Russia and upheld the decision of the Northern Commercial Court […]
The National Bank did not go out this week with interventions on the interbank market, according to the press service of the regulator on Friday, November 27. The Central Bank has been refusing to buy or sell currency for three weeks in a row. At the same time, since the beginning of the year, the […]
Residents of the United States spent a record $ 9 billion on shopping in online stores on “Black Friday” – a day of big sales, which follows Thanksgiving celebrated on the fourth Thursday in November. This was reported by the Associated Press, citing data from Adobe Analytics, which analyzes information from 80 of the 100 […]
Company representatives, who engaged in the design, construction and equipment for solar power plants, note a significant decline in demand for their services. This is due to instability of the industry and growing debts for “green” electricity. “We are talking about 1260 MW of RES generation that has been launched in the first three quarters […]
Tesla CEO Elon Musk wants to turn the Tesla plant near Berlin into the world’s largest factory for the production of batteries for electric vehicles. The businessman stated this on Tuesday, November 24, speaking via video link at the European Conference of Battery Manufacturers. The plant near Berlin will be one of a kind as […]
Shares of US electric car manufacturer Tesla continue to rise sharply amid news of the company’s future accession to the S&P index. On Tuesday, November 24, the market value of Elon Musk’s company crossed the $ 500 billion mark for the first time. Tesla shares are said to have risen nearly 550 percent this year, […]
The Dow Jones and S&P 500 stocks hit record highs on Tuesday, November 24 amid official news of the transfer of power in the United States and progress in the development of coronavirus vaccines. In particular, the Dow Jones industrial index rose by 1.5% and for the first time in history exceeded 30,000 points. According […]
French oil and gas company Total and Google Cloud developed technology based on artificial intelligence to assess the potential use of the solar energy in homes. This is stated in the message of the Total. “Total and Google Cloud pooled their expertise to jointly develop innovative tools of the Solar Mapper, which aims to accelerate […]Next
Tesla met all the criteria, but it was still not included in the S&P 500. Committee of the S&P Dow Jones Indices refused to include Tesla`s shares in the S&P 500. Such decision was made despite the automaker’s fulfillment of the last criterion to be included in the index – Tesla showed a profit for […]Next
Shares of Nikola fell to 36.45% over the last week. Energy giant BP’s announcement on Wednesday that it is abandoning a potential partnership with Nikola, which exacerbated a number of problems faced by the startup in the recent days. Nikola planned to organize the production of its cars in partnership with other large manufacturers and […]Next
Harley-Davidson Inc., the largest motorcycle manufacturer in the United States, has announced its plans to cut about 700 jobs worldwide as part of a global business reorganization caused by the economic crisis due to the coronavirus pandemic. According to the company press release, the restructuring plan expected to reduce its global staff by about 13% […]Next
Agro-industrial holding Astarta-Kyiv, the ultimate beneficiary of which is Viktor Ivanchyk and company Borsch Ventures headed by Yevgeny Utkin formed a common company under the name of Agro CORE , the main activity of which will be projects in the field of development of innovative systems which manage agricultural business. This information became known from […]Next
Structure of BMW in the USA is accused by regulatory authorities in violation of Federal safety regulations, and the late withdrawal that do not comply with statutory safety systems. Mini Cooper cars, which are produced by BMW, failed the crash test; the cars were not relevant minimum safety standards. The company had to warn its […]Next
In the second quarter of 2020, Ukraine’s gross external debt increased by $ 2.5 billion and amounted to $ 122.8 billion, according to the National Bank. In terms of GDP, debt increased to 78.8% from 75.1% at the end of the first quarter. At the beginning of the year the figure was 78.6%. “External debt […]Next
The Kyiv Administrative Court of Appeal found guilty the National Bank of Ukraine (NBU) in bankruptcy of the Ukrgazprombank. This is stated in the judgment from April 26 in the case N826 / 26255/15, writes UBR. The NBU actions were called “illegally inactive” by the decision. Thus, was confirmed the decision of the previous court – the District […]Next
On December 12, 2019, Kyiv City State Administration held an International Roundtable on Land Legal Relations organized by the Union of Real Estate Specialists of Ukraine SFNU and the Ukrainian Chapter of FIABCI International Real Estate Federation. Representatives of the Ukrainian real estate market and agrarian sector participated in the event. A teleconference was held […]Next
The European Bank for Reconstruction and Development (EBRD) expects the means amount reduction which has invested in the Ukrainian economy. According to “European truth” newspaper, Sergey Guriev,the chief economist of the EBRD, told about it in his interview. He explained:”Really, our volume of investment this year will have been less than previous as we don’t […]Next
S&P Investment Risk Management Agency launched a legal portal Lawyer.ua 5 years ago. It was designed as an innovative online-platform for lawyers’ communication and for all who needed legal assistance. Experts now can effectively provide legal services in personal online-cabinets while clients can get qualified legal assistance promptly. Today, Lawyer.ua has grown into a large-scale […]Next
Amazon, an online retailer, has received permission from the US Federal Aviation Administration (FAA) to use drones to deliver parcels to customers. The permit was issued for the Prime Air service. Bloomberg writes that now Amazon will be able to start delivering their orders to customers on a commercial basis. The company and its competitors […]Next
International financial company Fairfax Financial Holdings Limited (Toronto headquarters, Canada) purchased 9.99% of shares of agricultural Ukrainian holding Astarta, which is the flagship of the domestic sugar market, which also is one of the largest provider of milk in the country. In addition,a new owner of shares acquired the right to purchase the remaining interest […]Next
TUI will receive another 1.2 billion euros in state aid in connection with the effects of the coronavirus pandemic, the press service of the travel concern said. “The € 1.2 billion stabilization package strengthens the group’s position, providing sufficient liquidity in an unstable market environment. This applies to both the tourist season of the winter […]Next
NPJSC Ukrtransgaz, Engie and its Enegie Energy Management Ukraine subsidiary company have concluded the contracts on natural gas transportation and storage. NPJSC Ukrtransgaz is reported about it.The agreement conclusion has taken place in Paris during Ukrainian and French economy forum . Igor Prokopiv, the President of NPJSC Ukrtransgaz admitted that they were ready to perform […]Next
Solomenskiy district court of Kiev refused to Ukraine’s National Anti-Corruption Bureau (NAB) to verify the business activities of the “Ukrnafta” Ukrainian gas company in a criminal case. This is stated in the court decision, that was posted in the Unified Register of judgments. As follows from the materials of the case provided to the court, […]Next