The Federal Reserve Board, the Central Bank of the United States, on Friday announced that it has finalized a rule adjusting the Board's maximum civil money penalties, as required by law. In November 2015, a law was passed that requires all federal agencies to adjust their maximum civil money penalty limits annually for inflation, rather…
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On October 16, 2017, the Canadian Securities Regulator (CSA) has published Staff Notice 51-352 Issuers with U.S. Marijuana-Related Activities. The notice outlined a disclosure-based approach to highlight risks facing issuers with U.S. marijuana-related activities and reflected the existence of a U.S. federal government forbearance approach (per the Cole Memorandum) to the enforcement of federal laws…
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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 EasyPro Loans. EasyPro Loans is not authorised by the FCA but has been targeting people in the UK and is also carrying on regulated activities which…
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The Federal Court of Australia informed that it has made interim orders restraining Financial Circle Pty Ltd (Financial Circle) from engaging in a number of activities including carrying on a financial services business, providing financial advice or entering into credit contracts. ASIC commenced proceedings in the Federal Court against Financial Circle on 15 December 2017…
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The Australian Financial Markets Association (AFMA) has launched a Public Register for Statements of Commitment to the FX Global Code (the Code) by participants in the wholesale Australian foreign exchange market. The AFMA Register is supported by ACI Australia. AFMA and ACI Australia are currently accepting Statements of Commitment from market participants for uploading to…
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ASIC announced that it has permanently banned Mr Robert Pryor Smith, of West Lakes, South Australia from providing financial services on the basis that he is not of good fame or character. Mr Smith was an authorised representative for Futuro Financial Services Pty Ltd (Futuro) from 10 October 2008 to 12 September 2017. Mr Smith…
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The Commodity Futures Trading Commission (CFTC) has recently approved NFA's amendments to NFA Compliance Rules 2-36 and 2-43. The amendments apply to forex dealer members (FDM) and will be effective on April 5, 2018. Required disclosures to be made on a per-trade basis The amendments to NFA Compliance Rule 2-36 provide retail forex customers with…
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Information giant Thomson Reuters (NYSE:TRI) announced that it has successfully gone live with its key MiFID II services, helping the financial services industry meet the new regulatory requirements. The new services are part of Thomson Reuters commitment to providing a comprehensive suite of solutions to assist the financial services industry with ensuring ongoing compliance with MiFID…
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The European Securities and Markets Authority (ESMA) announced that it has decided to delay the publication of the data on the double volume cap (DVC) mechanism for January 2018. The current quality and completeness of the data does not allow for a sufficiently meaningful and comprehensive publication of double volume cap calculations, as required under…
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The Nova Scotia Securities Commission (NSSC) announced that it has issued a cease trade order against West Nova Agro Commodities Ltd. According to NSSC, the company, a Nova Scotia community economic development corporation, violated securities laws by failing to file continuous disclosure documents. The director of corporate finance ordered West Nova Agro Commodities Ltd. to…
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