Bank of New York Mellon Corp (NYSE:BK), Deutsche Bank AG (USA) (NYSE:DB), ICAP plc (LON:IAP) and British bank Santander UK plc join UBS and Clearmatics to advance the Utility Settlement Coin concept, and plan tests in a real-market environment. USC is a digital cash model aimed at facilitating payment and settlement for institutional financial markets.…
Read moreCapital Partners Pty Ltd (RS Capital) has paid a $10,800 infringement notice penalty after making potentially misleading representations about the cost of setting up a self-managed superannuation fund (SMSF) using RS Capital's services. ASIC's concerns related to representations contained on the My SMSF Property website in February and March this year. The representations were that…
Read moreThe Securities and Futures Commission (SFC) has resolved its concerns with Morgan Stanley Hong Kong Securities Limited (MSHK) over its internal control failures. Under the resolution, the SFC reprimanded and fined MSHK $18.5 million for breaches of the Code of Conduct. The internal control failures of MSHK related to avoidance of conflicts of interest; comprehensive…
Read moreThe comprehensive cross-border solutions company Global-e has appointed digital payment solutions provider Paysafe Group Plc (LSE:PAYS) as its merchant acquirer. Global-e, which has been using Paysafe’s processing gateway to deliver a frictionless payments experience to clients, will now benefit from a full suite of processing and settlement currencies through a single global operator. Global-e enables retailers…
Read moreFollowing an investigation which commenced in January 2016, ASIC has accepted an enforceable undertaking (EU) offered by My Adviser Pty Ltd. The ASIC investigation looked at the conduct of My Adviser Pty Ltd, the holder of an Australian financial services licence, in relation to the supervision and monitoring of its representatives, in particular Arion Financial…
Read moreHong Kong’s financial regulator the Securities and Futures Commission (SFC) has updated its Alert List, which features the names of businesses that are unlicensed in Hong Kong and are believed to be, or to have been, targeting Hong Kong investors or claim to have an association with Hong Kong. Added to the SFC Alert List…
Read moreSTOXX Ltd., the operator of Deutsche Boerse Group’s index business and integrated index provider, has announced the new composition of STOXX Benchmarks and their sub and sector indices, among them the STOXX Europe 600 Index, STOXX North America 600 Index and STOXX Asia/Pacific 600 Index. The changes resulting from the annual Emerging and Developing Markets Country…
Read moreThe Supreme Court of New South Wales has found that Macquarie Investment Management Ltd (MIML) contravened the Corporations Act by failing to comply with its duties as a responsible entity of the van Eyk Blueprint International Shares Fund (VBI Fund). The Court made declarations of contravention and ordered that MIML pay a civil pecuniary penalty…
Read moreThe Securities and Exchange Commission (SEC) has announced that four private equity fund advisers affiliated with Apollo Global Management have agreed to a $52.7 million settlement for misleading fund investors about fees and a loan agreement and failing to supervise a senior partner who charged personal expenses to the funds. An SEC investigation found that the Apollo…
Read moreASIC has banned Mr Anthony John Downey, of Brighton, Victoria, from providing financial services for a period of six years following an investigation. Mr Downey was, until 3 June 2015, a director of Platinum Mortgage Securities Limited. ASIC has found that Mr Downey engaged in misleading conduct by providing false documents to support an application…
Read more