The value of fines imposed by the Financial Reporting Council (FRC) jumped 23% to £17.96 million in 2017/18, up from £14.59 million in 2016/17, information giant Thomson Reuters (NYSE:TRI) reported earlier today. Thomson Reuters said that the rise in fines comes as the FRC responds to pressure to crack down on failures at audit firms.…
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Australian regulator ASIC announced that it has banned Queensland financial adviser James Cribb from providing financial services for four years and suspended his Australian financial services (AFS) license, held by Mode AFSL Pty Ltd (Mode), for 10 weeks. ASIC found that Mr Cribb failed to act in his clients' best interests when providing advice on…
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Shenzhen Stock Exchange (SZSE) and China Securities Depository and Clearing (CSDC) have officially released the Provisional Measures on Bond Pledge-style Tri-party Repo Transactions and Settlement (Provisional Measures) to further improve the mechanism for repo transactions and relevant services to market participants. Meanwhile, to elaborate on and specify relevant matters in the Provisional Measures, SZSE also…
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The European Securities and Markets Authority (ESMA) has published today supplementary guidance on the application of the endorsement regime for non-EU credit ratings under the Credit Rating Agencies Regulation (CRAR). In order to ensure that third-country credit ratings, which are endorsed for use by EU investors, meet requirements which are at least as stringent as…
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Singapore Exchange (SGX) announced that it has welcomed Koufu Group Limited to its Mainboard under the stock code “VL6”. Started back in 2002, Koufu Group Limited is one of the most established operators and managers of food courts and coffee shops in Singapore, with a presence in Macau. Koufu has diversified revenue streams from its…
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The Securities and Futures Commission (SFC) announced that it has banned Mr Poon Chun Hing from re-entering the industry for 30 months from 18 July 2018 to 17 January 2021. The disciplinary action follows an SFC investigation which found that in July 2015, Poon offered to invest for a friend, and agreed not only to…
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The Financial Markets Authority (FMA) has just issued a warning against a company called Caxton Global. Caxton Global Websites: www.caxtonglobal-fx.com, www.caxtonmarkets.com, www.caxtontrading.com and www.caxtonglobal-fx.net Reason for warning: The regulator is concerned that the websites (www.caxtonglobal-fx.com, www.caxtonmarkets.com, www.caxtontrading.com and www.caxtonglobal-fx.net) claim that Caxton Global is a registered financial service provider, authorised and regulated in New Zealand,…
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The Hong Kong Securities and Futures Commission (SFC) announced that it has banned Mr Joseph Hsu Kar Hing, a former responsible officer (RO) of Standard Chartered Securities (Hong Kong) Limited (SC), from re-entering the industry for three years from 6 July 2018 to 5 July 2021. Hsu was a sponsor principal in charge of the…
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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 2dots Limited t/a 8infx. 2dots Limited is not authorised by the FCA but has been targeting people in the UK and is also carrying on regulated…
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The Securities and Exchange Commission (SEC) has informed the public that it has charged the former CEO of Energy XXI Ltd. with hiding more than $10 million in personal loans that he obtained from company vendors and a candidate for Energy XXI’s board. At the time of the alleged misconduct, Energy XXI was NASDAQ-listed and…
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