Regulatory Alerts2024-01-05
Added · Updated
Bulletin 3124 - January 5, 2024
The Connecticut Department of Banking resolved a violation by MUFG Bank, Ltd., which conducted licensable activity at its Danbury representative office after its license lapsed, by approving a new license and imposing a $10,000 fine. The Department also issued an order conditioning the investment adviser registration of Layered Financial LLC due to unmet experience requirements, restricting the firm for three years from holding client assets, exercising discretionary trading, or charging performance-based compensation. Additionally, Layered Financial LLC must limit its activities to securities listed on national exchanges and retain a regulatory consultant within six months.
State of Connecticut Department of Banking
The Department of Banking News Bulletin
Bulletin # 3124 - Week Ending January 5, 2024
This bulletin constitutes the only official notification you will receive from this office concerning any of the following applications. Any observations you may have are solicited. Any comments should be in writing to Jorge L. Perez, Banking Commissioner, Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800. Written comments will be considered only if they are received within ten business days from the date of this bulletin.
FOREIGN BANK REPRESENTATIVE OFFICE
Stipulation and Agreement
On January 4, 2024, the Banking Commissioner entered into a Stipulation and Agreement with MUFG Bank, Ltd. The bank is a foreign bank with a representative office license for a location at 83 Wooster Heights Road, Danbury, CT 06810. The Stipulation and Agreement alleged that from approximately July 1, 2023 through October 18, 2023, the bank conducted licensable activity at its Danbury location after its license for that location had lapsed. In conjunction with the Stipulation and Agreement, the bank’s application for a new license for that location has also been approved. In resolution of the matter, the firm agreed to refrain from violative conduct and to pay a $10,000 fine to the department.
On January 4, 2024, the Commissioner approved the application of MUFG Bank, Ltd. to establish a representative office at 83 Wooster Heights Road in Danbury, CT pursuant to Section 36a-428g of the Connecticut General Statutes.
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Layered Financial LLC (IARD No, 326418)
On January 3, 2024, the Banking Commissioner entered an Order (No. COND-24-202345-S) conditioning the investment adviser registration of Layered Financial LLC. The firm is located at 160 Dockerel Road, Easton, Connecticut 06069 and planned to focus its business on financial planning. The Order alleged that the firm did not fulfill the experience requirements for investment advisers set forth in Section 36b-31-7b of the Regulations under the Connecticut Uniform Securities Act.
The Order restricted the firm for 3 years from having custody of client funds or securities, exercising discretionary trading authority, and charging performance based compensation. In addition, the Order required that the firm limit its activities for three years to securities listed on national securities exchanges. The Order also required that the firm retain the services of a regulatory consultant within six months after the Commissioner signs the Order.
The firm became registered as an investment adviser in Connecticut on January 3, 2024.
Dated: Tuesday, January 9, 2024
Jorge L. Perez Banking Commissioner