Category: Regulation

August 21, 2025 BY Sam Boughedda

ASIC Expands Scam Takedowns to Target Social Media Ads

The Australian Securities and Investments Commission (ASIC) said on Thursday that the expansion is part of its effort to protect consumers from fraudsters who increasingly use digital platforms to lure investors.  Since the takedown program began two years ago, more than 14,000 scam and phishing websites have been removed, with around 130 malicious sites shut…

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Hong Kong SFC
August 19, 2025 BY Sam Boughedda

SFC Fines and Bans Zhu Hong Over Fund Management Failures

The ban runs from August 16, 2025, to August 15, 2026.  Zhu, a substantial shareholder, director and former manager-in-charge (MIC) of Kylin, was found to have breached her duties between August 2018 and July 2021, when the company acted as investment manager and consultant to sub-funds of a Cayman-incorporated vehicle. At the time, Zhu was…

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August 18, 2025 BY Sam Boughedda

ASIC Hands Four-Year Ban to Former Next Generation Adviser

The ban prevents Mr Rankin from offering financial advice, controlling a financial services business, or performing any related function until August 2029.  ASIC determined that while working as an authorised representative of Next Generation Advice Pty Ltd (in liquidation), Mr Rankin gave inappropriate advice to several clients. According to ASIC, Mr Rankin recommended clients establish…

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FINRA's 2018 volume tops 2017 activity by 87%
August 15, 2025 BY Sam Boughedda

PFS Investments to Repay $710,000 Over Mutual Fund Fee Failures

FINRA explained that between August 2019 and July 2024, customers entitled to cost reductions through “rights of reinstatement,” a benefit allowing investors to reinvest in certain funds without incurring front-end sales charges or to reclaim deferred sales charges, were charged excess fees.  The shortfall is attributed to the firm’s reliance on manual processes, which left…

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FINRA building
August 15, 2025 BY Sam Boughedda

Stifel Fined $175,000 Over Inaccurate Order Routing Disclosures

According to FINRA, between January 2020 and December 2023, Stifel released 16 quarterly reports under Rule 606(a) of Regulation NMS that misstated key information, including payments for order flow, profit-sharing arrangements, transaction fees and rebates.  In some cases, the firm is said to have incorrectly reported these amounts as zero, despite having received or paid…

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FINRA building
August 13, 2025 BY Sam Boughedda

Wells Fargo Clearing Services Hit With $275,000 Fine by FINRA

Between June 2019 and November 2024, FINRA says Wells Fargo did not have a system, including written supervisory procedures, that was reasonably designed to comply with Section 15B(a)(1)(B) of the Securities Exchange Act of 1934.  This provision prohibits broker-dealers from giving investment advice to municipal entities without registering as a municipal adviser. FINRA found that…

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ASIC
August 12, 2025 BY Sam Boughedda

Former Investment Manager Pleads Guilty in Platinum Asset Management Insider Trading Case

Rodney Forrest reportedly admitted to two counts of insider trading between August and September 2024 before Sydney’s Local Court on Tuesday.  ASIC alleges he acquired about $2.6 million worth of Platinum shares while in possession of confidential information relating to a takeover offer and procured others to make similar trades. ASIC further alleges Forrest operated…

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Exclusive: Bryan Seegers leaves financial services company Jefferies Group LLC
August 12, 2025 BY Sam Boughedda

Paxos Seeks US National Trust Charter from OCC

The move would place Paxos under direct U.S. federal oversight, replacing its current New York Department of Financial Services (NYDFS) authorisation, and reflects what the company described as its “consistent commitment to maintain the highest regulatory standards of any blockchain infrastructure and tokenisation platform globally.” Paxos has operated under NYDFS oversight since 2015, when it…

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