Category: Financial Services

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 31, 2018 BY Valentina Kirilova

SEC charges investment professional in $8 million scam

The Securities and Exchange Commission (SEC) has informed the public that it has charged a former registered representative with defrauding long-standing brokerage customers in an $8 million investment scam. According to the SEC’s complaint, Steven Pagartanis, who was affiliated with a registered broker-dealer, told some investors – including retirees who had been Pagartanis’s customers for…

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May 31, 2018 BY Valentina Kirilova

FCA warns against Escrow Global clone firm

The UK Financial Conduct Authority (FCA) has put out details of the cloned firm Escrow Global​​​​. 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 to…

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May 31, 2018 BY Valentina Kirilova

FCA warns against ISGXchange firm

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 ISGXchange. ISGXchanges is not authorised by the FCA but has been targeting people in the UK and is also carrying on regulated activities which require authorisation:…

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May 31, 2018 BY Valentina Kirilova

Nasdaq Helsinki launches a new sustainable bond market

Nasdaq (Nasdaq: NDAQ) today announced that Nasdaq Helsinki is launching a new sustainable bond market segment on the Main Market. The first green bond issuer is Municipality Finance Plc (MuniFin). MuniFin is listing its two green bonds on the Nasdaq Helsinki Sustainable Bond Market. Its first green bond was issued in September 2016. The transaction…

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May 31, 2018 BY Valentina Kirilova

ASIC gives financial firms disclosure relief during transition to AFCA

ASIC has announced it will give financial firms, including superannuation trustees, transitional relief until 1 July 2019 to allow them time to update mandatory disclosure documents and periodic statements with the contact details of the Australian Financial Complaints Authority (AFCA). AFCA is the new single external dispute resolution (EDR) scheme for consumer and small business…

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May 30, 2018 BY Valentina Kirilova

FSC suspends AG Fiduciary Solutions Limited license

The Financial Services Commission, Mauritius (FSC) has just announced that the Management Licence held by AG Fiduciary Solutions Limited (formerly known as ABBEYGATE FINANCIAL SERVICES LIMITED) has been suspended with effect from 28 May 2018. In accordance with Section 27(5) of the FSA, AG Fiduciary Solutions Limited shall cease to carry out the activity authorized…

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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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