According to a disciplinary notice issued by the exchange, the violations occurred across various NYMEX Energy futures and spread markets between 6–31 March 2023 and 2–20 June 2023. TFS Derivatives neither admitted nor denied the findings but accepted the settlement terms. The NYMEX Business Conduct Committee reportedly found that TFS repeatedly reported block trades with…
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According to a Letter of Acceptance, Waiver, and Consent (AWC) published by the regulator, the New York-based investment banking firm failed to establish and implement policies and internal controls reasonably designed to comply with the Bank Secrecy Act. Notably, FINRA says the firm did not respond in a timely manner to Financial Crimes Enforcement Network…
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The fine and censure are said to be for multiple compliance violations, including failures to implement policies required under Regulation Best Interest (Reg BI). According to a Letter of Acceptance, Waiver, and Consent published by FINRA last week, the firm failed to establish, maintain, and enforce written procedures reasonably designed to comply with Reg BI…
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According to FINRA, between April 2013 and February 2023, Revere mismarked approximately 19,000 order tickets related to syndicate offerings, including initial public offerings (IPOs), bonds, and real estate investment trusts (REITs). The firm reportedly classified these transactions as unsolicited, despite its registered representatives having solicited most of the trades. The misclassification led to inaccurate books…
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In a press release on Monday, the regulators cited serious concerns over ASX’s management of operational risks and the speed of its response to the incident. In a joint letter to ASX, the RBA and ASIC highlighted the risk that further operational failures could undermine the reliability of the CHESS system until its replacement is…
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USCA Securities has been fined $75,000 by the Financial Industry Regulatory Authority (FINRA) for multiple violations, including failing to maintain its required minimum net capital and submitting inaccurate financial reports. According to a Letter of Acceptance, Waiver, and Consent published by FINRA, USCA operated below its required net capital on 35 occasions between January and…
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On Wednesday, ICE Futures US revealed it has fined Novum Energy Trading Corp $35,000 for violating exchange rules related to trade practices and block trading requirements. The firm said the fine was issued following an investigation into trading activity between February and June 2023. According to a disciplinary notice published by the exchange, one of…
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According to FINRA, between April 2009 and May 2023, NFS failed to transfer over 5,600 Unit Investment Trusts (UITs) through the Automated Customer Account Transfer Service (ACATS). Additionally, the firm reportedly did not process approximately 4,000 of these UITs as in-kind transfers, despite customer instructions, instead redeeming them for cash. FINRA found that some transfers…
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ASIC is also seeking the appointment of a receiver and manager over the personal property of Falcon director David Anderson. The move follows a court-ordered asset freeze in February 2025 amid concerns over First Guardian’s management. Withdrawals from the fund have been suspended since May 2024, with limited exceptions. ASIC alleges that $274 million of…
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The legal proceedings regard their alleged failure to prevent the misappropriation of HK$74.4 million in corporate funds. The SFC said it is seeking disqualification orders to bar the directors from serving in corporate roles and compensation orders to recover the lost funds. The directors named in the case include Xu Zhigang, the company’s former CEO,…
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