Regulatory Alerts2000-05-26
Added · Updated
News Bulletin 1892 - May 26, 2000
The Connecticut Department of Banking amended regulations to exclude liabilities from securities repurchase agreements from the calculation of adjusted liabilities for foreign banks with licensed state branches or agencies, effective May 26, 2000. The department fined Gilford Securities, Inc. $50,000 and assessed $10,000 in costs for violating a prior consent order regarding the distribution of securities, imposing a three-year ban on selling certain new issues without distributing at least 30 percent to unaffiliated selling groups. Additionally, the department issued amended notices and orders against First Providence Financial Group, LLC, resulting in the summary suspension of its broker-dealer registration due to allegations of concealing information and employing unregistered agents. The bulletin also lists pending branch applications for The Milford Bank and People's Bank and notes that Dollar Direct Inc. received approval to engage in money transmission.