Hong Kong Exchanges and Clearing Limited (HKEX) has announced the arrangements for the adjustment to SOHO China Ltd (HKG: 0410) futures to account for SOHO China’s special dividend. Company (Stock Code) SOHO China (410) Corporate Action Special Dividend of RMB0.19 per share Ex-date 29 September 2016 The special dividend amount per share in Hong Kong…
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 moreStress tests are a major part of risk management for asset management companies. Regular stress testing is mandatory under national and European regulations, but the methods used vary according to the investment strategies and assets managed. The Financial Markets Authority (AMF) has prepared a guide to help asset management companies implement and use stress tests. The…
Read moreReuters has published an investigative article entitled London Calling: How British firms built a pyramid scheme in China that lost millions, which describes a network of opaque companies which drew on London's reputation as a leading financial center, and the illusion of regulation, to dupe Chinese investors. The story has all the elements of a great (but sad)…
Read moreIt's been a busy week for the U.S. Commodity Futures Trading Commission (CFTC). After charging FXCM, CFTC has filed a civil complaint in the U.S. District Court for the Southern District of New York, charging Deutsche Bank AG (Deutsche Bank) with failing to report any swap data for multiple asset classes for five days; submitting incomplete…
Read moreThe Federal Court in Perth has banned Gary Stokes and Terence Quinn from managing corporations for three years and ordered they each pay a $25,000 fine for breaching their duties as directors of Padbury Mining Ltd (Padbury) with respect to the company's disclosure obligations. The decision comes as a result of civil penalty proceedings commenced…
Read moreThe Canadian Securities Administrators (CSA) has published proposed amendments to National Instrument 24-101 Institutional Trade Matching and Settlement in addition to CSA Consultation Paper 24-402 Policy Considerations for Enhancing Settlement Discipline in a T+2 Settlement Cycle Environment. The comment period is open until November 16, 2016. Amendments to the National Instrument are being proposed as part…
Read moreASIC has repealed ASIC Class Order [CO 02/226] that is due to expire ('sunset') on April 1, 2017. Class Order [CO 02/226] Managed investment schemes: no issue required disclosure was repealed as we consider it is no longer required and does not form a necessary and useful part of the legislative framework. The repeal of…
Read moreIn a very bizarre filing, the U.S. Commodity Futures Trading Commission (CFTC) filed a civil enforcement action today against the Forex Capital Markets LLC unit of Retail Forex broker FXCM Inc (NYSE:FXCM), charging FXCM with undercapitalization, failure to timely report its undercapitalization violation, and guaranteeing against customer losses. What's bizarre about the CFTC filing? The filing…
Read moreCold Mountain Capital, LLC, a U.S. private equity and management firm, has announced the appointment of Anthony "Tony" Bergen, CPA, as Chief Financial Officer effective immediately. David Nolletti, Cold Mountain co-founder and chief executive officer stated: Tony is exceptionally well-qualified to serve as CFO of Cold Mountain. His technical skills and broad experience base make…
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