Category: Regulation

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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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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Nomura
December 16, 2024 BY Sam Boughedda

Nomura Releases Statement Following Action by OSE and TSE

It was revealed that the OSE has imposed a 60 million yen fine on Nomura for Japanese government bond futures transactions conducted in March 2021.  Additionally, the exchange has suspended Nomura's proprietary trading of government bond futures and options from December 25 to 27, 2024. Meanwhile, the Tokyo Stock Exchange has issued a reprimand to…

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December 15, 2024 BY Sam Boughedda

ASIC Sues HSBC Australia for Failure to Protect Customers From Scams

ASIC argues the bank did not have adequate controls in place to prevent or detect unauthorised payments and failed to investigate scam reports within the specified timeframes required. HSBC customers are said to have lost approximately $23 million due to unauthorised transactions between January 2020 and August 2024, with $16 million occurring in just six…

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financial buildings
December 06, 2024 BY Sam Boughedda

Hong Kong Monetary Authority Fines China CITIC Bank HK$4M

The regulator said the penalty comes after an investigation into deficiencies in CITIC's transaction monitoring systems between November 2015 and July 2018. The HKMA found that CITIC's automated transaction monitoring system had failed to generate alerts for suspicious transactions due to errors in detection and core model rules. Additionally, they state that CITIC also failed…

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FINRA
December 05, 2024 BY Sam Boughedda

FINRA Fines LifeSci Capital $900,000

The regulator said in a filing that the New York-based firm, specialising in underwriting, has also been censured and required to implement a supervisory system to address these shortcomings. The fine stems from LifeSci Capital's role as lead underwriter in the initial public offering of LifeSci Acquisition II Corp., a special purpose acquisition company (SPAC),…

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financial buildings
December 05, 2024 BY Sam Boughedda

Clear Street Gets FCA Approval, Launches in the UK

The company, which aims to modernise the brokerage ecosystem, has also been granted Category 1 Ring-dealing membership by the London Metal Exchange (LME), marking a significant milestone in its global expansion strategy. Clear Street’s ambition is to grow beyond North America into the UK, Europe, and other international markets.  According to Ed Tilly, President and…

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December 02, 2024 BY Sam Boughedda

JPMorgan Fined $2.4m By Monetary Authority of Singapore

The regulator said the bank failed to prevent misconduct by its relationship managers (RMs) during 24 over-the-counter (OTC) bond transactions between November 2018 and September 2019. The penalty follows a review of pricing and disclosure practices in Singapore's private banking sector. The misconduct is said to have involved RMs making inaccurate or incomplete disclosures to…

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November 29, 2024 BY Sam Boughedda

Italian Regulator CONSOB Blocks 4 Financial Services Sites

The action, aimed at protecting investors from fraudulent activities, is part of CONSOB’s ongoing campaign against abusive financial intermediaries. The regulator often orders the black-out of unauthorised sites The targeted websites are: GOMARKETSLTD.net (including gomarketsltd.net and client.gomarketsltd.net) Fidus Invest (including idus-invest.com, panel.fidus-invest.com, and trade.webtrader-fx.com) First State Investments (Ireland) Limited (including fsinvest.cm, client.fsinvest.cm, and webtrader.fsinvest.cm) Financial…

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