Category: Financial Services

sec fraud
July 25, 2018 BY Valentina Kirilova

SEC charges failed Fyre Festival founder with $27.4M offering fraud

The Securities and Exchange Commission (SEC) has just announced that New York entrepreneur William Z. (Billy) McFarland, two companies he founded, a former senior executive, and a former contractor agreed to settle charges arising out of an extensive, multi-year offering fraud that raised at least $27.4 million from over 100 investors. The SEC’s complaint alleges…

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July 24, 2018 BY LeapRate Staff

UK wealth managers warn of No-Deal Brexit consequences

The UK’s leading wealth management and financial advice association PIMFA has issued a notice which raises its concerns on the potential impacts of a ‘no-deal’ Brexit, and how it will affect both private investors as well as PIMFA’s member firms. PIMFA is the leading trade association for firms that provide investment management and financial advice to…

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Shenzhen Stock Exchange publicly denounces Changsheng Bio-technology
July 24, 2018 BY Valentina Kirilova

Shenzhen Stock Exchange publicly denounces Changsheng Bio-technology

The State Drug Administration notified on July 15 that Changchun Changsheng Bio-technology Co., Ltd. (Changchun Changsheng), subsidiary of Changsheng Bio-technology Co. Ltd. (the Company), was found violating relevant laws and regulations while producing freeze-dried rabies vaccines for human use. According to the notification, the State Drug Administration has launched an investigation on Changchun Changsheng and…

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fca warning
July 24, 2018 BY Valentina Kirilova

FCA warns against BCG Wealth Group

UK financial regulator Financial Conduct Authority (FCA) has issued its latest warning against an unregulated financial services provider targeting UK consumers. The FCA’s latest warning is against the company BCG Wealth Group. BCG Wealth Group is not authorised by the FCA but has been targeting people in the UK and is also carrying on regulated…

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Frankfurt Stock Exchange
July 24, 2018 BY Valentina Kirilova

EuroCCP agrees with Deutsche Börse to provide CCP services for Frankfurt Stock Exchange

Deutsche Börse AG and European Central Counterparty NV (EuroCCP) announced that they have signed an agreement, which will govern the project for EuroCCP to gain access to the Frankfurter Wertpapierbörse (FWB), the Frankfurt Stock Exchange. This solution provides self-clearing exchange members and clearing agents with a choice of CCP for cash equities traded on FWB.…

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Intercontinental Exchange completes acquisition of TMC Bonds
July 24, 2018 BY Valentina Kirilova

Intercontinental Exchange completes acquisition of TMC Bonds

Intercontinental Exchange (NYSE:ICE), an operator of global exchanges and clearing houses and provider of data and listings services, has announced that it has completed its acquisition of TMC Bonds LLC. The transaction, which was completed for $685 million in cash, will not have a material impact on 2018 financial results and will not impact capital…

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cssf warning
July 24, 2018 BY Valentina Kirilova

Luxembourg regulator CSSF warns against Redbrook Financial Management

The Commission de Surveillance du Secteur Financier (CSSF) has just warned the public of the activities of an entity named Redbrook Financial Management, which claims to be established at 124 boulevard de la Pétrusse, L-2330 Luxembourg. The company is operating via the website www.redbrookfinancial.com. The CSSF has informed the public that Redbrook Financial Management is…

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ESMA ceases renewal of product intervention CFDs measures
July 24, 2018 BY Valentina Kirilova

ESMA starts renewing its Securities and Markets Stakeholder Group

The European Securities and Markets Authority (ESMA) announced that it has launched the process for renewing its Securities and Markets Stakeholder Group (SMSG) which is made up of representatives from different sectors of the financial markets – market participants, academia, consumers, investors, employees etc. – from across the European Union. The composition of the group…

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bscs warning
July 24, 2018 BY Valentina Kirilova

New Zealand FMA warns against International Securities Exchange of New Zealand

The Financial Markets Authority (FMA) has just issued a warning against a company called International Securities Exchange of New Zealand. International Securities Exchange of New Zealand Website: www.isenz-govt.org Address: 49 York Street, Parnell, Auckland 1052 Phone: +64 9 950 8782 Email: [email protected] Reason for warning: The FMA shared its concern that the “International Securities Exchange…

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Regulation
July 24, 2018 BY Valentina Kirilova

French AMF amends its General Regulation

The French Autorité des Marchés Financiers (AMF) has informed that it amends its General Regulation and publishes an instruction following the entry into force of the new Prospectus Regulation. The national threshold above which a securities offering requires a prospectus has been raised to EUR 8 million. The implementation of this threshold on 21 July…

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