Category: Financial Services

December 23, 2024 BY Sam Boughedda

Australian Arm of Sanlam Group to Have Compliance Processes Reviewed After Breaching Licensee Obligations

It follows the Australian Securities and Investments Commission’s (ASIC) investigation, which revealed deficiencies in Sanlam Private Wealth Pty Ltd’s oversight of its authorised representatives and corporate authorised representatives (CARs). ASIC said in a press release Monday that it found Sanlam failed to supervise its 42 CARs and 71 authorised representatives adequately, many of whom offered…

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ASIC ban
December 23, 2024 BY Sam Boughedda

Australian Federal Court Says CFD Issuers EuropeFX and TradeFred Engaged in Systemic Unconscionable Conduct

The court is said to have ruled that collapsed Union Standard International Group Pty Ltd (USG), along with its former authorised representatives BrightAU Capital Pty Ltd (trading as TradeFred) and Maxi EFX Global AU Pty Ltd (trading as EuropeFX), engaged in systemic unconscionable conduct and other legal breaches, resulting in customer losses exceeding $83 million…

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FINRA
December 20, 2024 BY Sam Boughedda

Seaport Global Securities Fined $125k By FINRA

The fine follows a settlement agreement in which Seaport neither admitted nor denied the findings but accepted the sanctions to resolve the matter. According to FINRA, from March 2020 to June 2021, Seaport did not maintain adequate supervisory systems and written procedures for managing manual options transactions. The lapses are said to have included insufficient…

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December 20, 2024 BY Sam Boughedda

Nordic Capital Closes Evolution II Fund at €2bn Hard Cap After Rapid Fundraising

The fund significantly surpassed its €1.4 billion target and is 65% larger than its predecessor, Evolution I, which closed at €1.2 billion in 2021. The firm noted "excess demand" from a diverse investor base, including notable increases in commitments from the Americas, contributed to Evolution II's success. Approximately 41% of investors hailed from Europe, with…

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December 19, 2024 BY Sam Boughedda

Swoosh Finance: ASIC Alleges Breach of Responsible Lending Obligations

ASIC alleges the lender breached responsible lending obligations and failed to comply with design and distribution obligations (DDO). According to ASIC, Swoosh entered loans with 11 consumers between October 2019 and October 2024 without adequately assessing their financial circumstances. ASIC claims many of these borrowers faced financial difficulties, with signs of distress such as negative…

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FINRA building
December 19, 2024 BY Sam Boughedda

UBS Financial Services Fined $500,000 by FINRA

The fine comes as FINRA says UBS-FS failed to establish and maintain a supervisory system to oversee the short-term trading of syndicate preferred stocks. Between January 2017 and December 2018, UBS-FS representatives are said to have recommended short-term trades in syndicate preferred stocks to retail customers.  According to the regulator, this resulted in financial losses…

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Eurex enhances European ETF ecosystem with new product
December 18, 2024 BY Sam Boughedda

iM Global Partner Announces Launch of iMGP Euro Select Fund

The firm said it will be managed by Zadig Asset Management, a specialist in European equities.  The fund, targeting Eurozone companies, aims to provide an investment solution that is seen as a “one-stop shop” for Zadig’s best ideas. The fund will be co-managed by portfolio managers Francesco Rustici and Régis Bégué.  Rustici, a co-manager of…

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Broadridge Financial Solutions
December 18, 2024 BY Sam Boughedda

Broadridge Expands ClearFi Platform Through Collaboration with CCRI

The collaboration aims to support financial firms in complying with the European Union’s (EU) Markets in Crypto-Assets (MiCA) regulations, set to take effect on 30 December 2024. The platform is expected to deliver integrated communications, data, and disclosure generation. The integration of CCRI’s sustainability metrics into Broadridge’s ClearFi platform is seen as a way of…

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HKEX
December 18, 2024 BY Sam Boughedda

HKEX Launches Data Marketplace

The platform is said to feature a modern and intuitive user experience, featuring multiple data delivery options such as cloud transfer for enhanced convenience. HKEX said that in its initial phase, the Data Marketplace will provide shareholding data from the Central Clearing and Settlement System (CCASS) for commercial use. In addition, it will offer historical…

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