Category: Financial Services

SFC fines
July 23, 2018 BY Valentina Kirilova

Nordea and SEB among five banks fined €2.5M for issuing unauthorized credit ratings

The European Securities and Markets Authority (ESMA) just informed the public that it has today fined Danske Bank, Nordea Bank, SEB, Svenska Handelsbanken and Swedbank €495,000 each and issued five public notices for negligently breaching the Credit Rating Agencies Regulation (CRAR). ESMA found that the five banks infringed the CRAR by issuing credit ratings without…

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insider trading
July 23, 2018 BY Valentina Kirilova

Former executive charged with insider trading

Australian regulator ASIC announced that former executive of Healthe Care Pty Limited Mr Gregory Campbell, of Bundall, Queensland, has been charged with three counts of insider trading. The filing hearing for Mr Campbell’s charges was listed at the Melbourne Magistrates’ Court on 20 July 2018. On 20 October 2016, Pulse Health Limited publicly announced that…

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Deutsche Bank
July 20, 2018 BY LeapRate Staff

Deutsche Bank hit with $75 million fine for improper handling of ADRs

The U.S. Securities and Exchange Commission (SEC) has announced that two U.S.-based subsidiaries of German financial services giant Deutsche Bank AG (FRA:DBK) will pay nearly $75 million to settle charges of improper handling of “pre-released” American Depositary Receipts (ADRs). The case stems from a continuing SEC investigation into abuses involving pre-released ADRs. In proceedings against Deutsche…

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fca warning clone firm
July 20, 2018 BY Valentina Kirilova

FCA warns against General Asset Management clone firm

The UK Financial Conduct Authority (FCA) has put out details of the cloned firm General Asset Management. Fraudsters are using the details of firms, authorised by the FCA, to try to convince people that they work for a genuine, authorised firm. Fraudsters are using or giving out the following details as part of their tactics…

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fma warning
July 20, 2018 BY Valentina Kirilova

New Zealand FMA warns against Prosperous International Limited

The Financial Markets Authority (FMA) has just issued a warning against a company called Prosperous International Limited, operating at website www.forexnz.co.nz. Prosperous International Limited is not registered on the Financial Service Providers Register to provide financial services in New Zealand. Their customers will not have access to a Dispute Resolution Scheme. Therefore the regulator has…

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cysec cif license
July 20, 2018 BY Valentina Kirilova

CySEC suspends CIF license of Retail FX broker IGM Forex Ltd

Cyprus financial regulator CySEC has suspended the CIF license of Limassol-based FX broker IGM Forex. CySEC stated that its decision to suspend IGM Forex was based on suspected violations of rules regarding the company's own funds, and the company's capital adequacy ratio. The full text of the CySEC notice follows: 20 July 2018 CYSEC Decision…

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Canadian Securities Administrators CSA
July 20, 2018 BY Valentina Kirilova

CSA highlights common deficiencies in issuers’ continuous disclosure

The Canadian Securities Administrators (CSA) has published Staff Notice 51-355 Continuous Disclosure Review Program Activities for the fiscal years ended March 31, 2018 and March 31, 2017, a biennial report that summarizes CSA staff’s ongoing review of reporting issuers’ (issuers) continuous disclosure and highlights common deficiencies and best practices. Among other issues, we continue to…

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CFTC offices
July 20, 2018 BY Valentina Kirilova

CFTC reduces risk for customer funds held by derivatives clearing organizations

The Commodity Futures Trading Commission (CFTC) has unanimously approved an order that allows registered derivatives clearing organizations (DCOs) to invest customer euro cash in French and German sovereign debt. Allowing DCOs to invest customer euro cash in high-quality European sovereign debt poses less risk than the current practice of holding customer euro cash at commercial…

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moex moscow exchange
July 20, 2018 BY Valentina Kirilova

MOEX commits to FX Global Code

Moscow Exchange (MOEX:MOEX) announced that it it has signed a statement of commitment to the FX Global Code, pledging to support robust, fair, liquid, open and transparent foreign exchange markets. Moscow Exchange first announced its intention to join the Global Code in January 2018. The FX Global Code (Global Code) is a set of global…

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