Category: Fines

May 31, 2018 BY Valentina Kirilova

SFC fines Hang Seng Investment Management Limited $3 million for regulatory breaches

The Hong Kong Securities and Futures Commission (SFC) has informed that it has reprimanded and fined Hang Seng Investment Management Limited (HSIM) $3 million for its failure to comply with regulatory requirements on cash management involving SFC-authorized funds. The SFC’s disciplinary action followed an independent review jointly agreed by the SFC and HSIM. The review…

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May 30, 2018 BY LeapRate Staff

Introducing broker XFA fined by CFTC and NFA over trade allocation scheme

The U.S. Commodity Futures Trading Commission (CFTC) has issued an Order filing and simultaneously settling charges against X-Change Financial Access LLC (XFA) of Chicago, Illinois, for failure to diligently supervise its employees’ handling of its customer accounts and failure to preserve complete records. At the time of the conduct charged, XFA was registered with the CFTC as…

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May 29, 2018 BY Valentina Kirilova

SFC fines Noah Holdings Limited HK$5 million for regulatory breaches

The Hong Kong Securities and Futures Commission (SFC) announced that it has publicly reprimanded and fined Noah Holdings (Hong Kong) Limited (Noah HK) HK$5 million over Noah HK’s internal system and control failures in its sale and distribution of investment products. In particular, Noah HK had failed to comply with various regulatory requirements on know-your-client,…

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May 17, 2018 BY Valentina Kirilova

FINRA fines ICBCFS $5.3M for anti-money laundering compliance deficiencies

The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Industrial and Commercial Bank of China Financial Services LLC (ICBCFS) $5.3 million for systemic anti-money laundering (AML) compliance failures, including its failure to have a reasonable AML program in place to monitor and detect suspicious transactions, as well as other violations, including financial,…

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April 24, 2018 BY LeapRate Staff

Yahoo! Russia hack results in $35 million fine for parent Altaba

The U.S. Securities and Exchange Commission (SEC) has announced that the entity formerly known as Yahoo! Inc. has agreed to pay a $35 million penalty to settle charges that it misled investors by failing to disclose one of the world’s largest data breaches in which hackers stole personal data relating to hundreds of millions of…

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April 24, 2018 BY Valentina Kirilova

SFC fines CN Capital Management Limited $1.2 million over regulatory breaches

The Hong Kong Securities and Futures Commission (SFC) announced that it has reprimanded CN Capital Management Limited (CN Capital) and fined it $1,000,000 for failing to maintain an effective compliance function and satisfactory internal controls concerning employee account dealing. The SFC has also reprimanded its responsible officers, Mr George Chan Yee Lee and Mr Stephen…

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April 13, 2018 BY Valentina Kirilova

SFC fines Instinet Pacific Limited $17.3 million

The Hong Kong Securities and Futures Commission (SFC) has announced that it has reprimanded and fined Instinet Pacific Limited (IPL) $17.3 million after resolving concerns over IPL’s breaches of the Code of Conduct in relation to its electronic and algorithmic trading systems and alternative liquidity pool (ALP). In November 2016, the SFC and IPL jointly…

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April 10, 2018 BY Valentina Kirilova

Spaceship and Tidswell fined for false and misleading conduct

Spaceship Financial Services Pty Ltd (Spaceship) and Tidswell Financial Services Pty Ltd (Tidswell) have each paid a $12,600 penalty for Infringement Notices issued by ASIC. ASIC's concerns related to misleading claims about the 'fundamental investment philosophy' of the Spaceship Super Fund’s "GrowthX" portfolio (Spaceship Fund), made on the fund’s website (www.spaceship.com.au) during 2017. In June…

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