Category: Regulation

New BIS report cites “internalization” by large banks for 7% volume drop
September 22, 2017 BY Valentina Kirilova

OSC publishes Corporate Finance Branch 2016-2017 Annual Report

The Ontario Securities Commission (OSC) has published OSC Staff Notice 51-728 Corporate Finance Branch 2016-2017 Annual Report. The publication provides guidance to the individuals and entities the OSC oversees, and their advisors, to help them comply with regulatory obligations. This year’s report focuses on issues and trends related to Management's Discussion and Analysis (MD&A), non-GAAP…

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SEC charges nine hackers and traders in Edgar hacking case
September 21, 2017 BY Valentina Kirilova

SEC being hacked despite warnings on security

EDGAR system data may have been used for “illicit gain through trading” SEC Chairman Jay Clayton has issued a statement highlighting the importance of cybersecurity to the agency and market participants, and detailing the agency’s approach to cybersecurity as an organization and as a regulatory body. The statement is part of an ongoing assessment of…

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clone firm FCA warning
September 19, 2017 BY Valentina Kirilova

FCA warns against Rathbone Brothers clone firm

The UK Financial Conduct Authority (FCA) has put out details of the cloned firm Rathbone Brothers. Fraudsters are using the details of firms, authorised by the FCA, to try to convince people that they work for a genuine, authorised firm. Fraudsters are using or giving out the following details as part of their tactics to…

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cssf warning
September 15, 2017 BY Valentina Kirilova

Luxembourg regulator CSSF warns against DBL Asset Management S.A.

The Commission de Surveillance du Secteur Financier (CSSF) has issued a warning of the activities of an entity named DBL Asset Management S.A. The company is operating at website: www.dbl-am.org and claims to be established at 11 rue René Weimerskirch, 2713 Luxembourg. The CSSF informed the public that DBL Asset Management S.A. is unknown to…

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September 15, 2017 BY Valentina Kirilova

Hong Kong SFC and HKEX conclude joint consultation on listing regulation

The Securities and Futures Commission (SFC) and The Stock Exchange of Hong Kong Limited (Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), today published the conclusions to their joint consultation on proposed enhancements to the Exchange's decision-making and governance structure for listing regulation. After carefully considering market feedback, the SFC and…

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clone firm FCA warning
September 15, 2017 BY Valentina Kirilova

FCA warns against Beaufort Securities clone firm

The UK Financial Conduct Authority (FCA) has put out details of the cloned firm Beaufort Securities. Fraudsters are using the details of firms, authorised by the FCA, to try to convince people that they work for a genuine, authorised firm. Fraudsters are using or giving out the following details as part of their tactics to…

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Securities and Exchange Commission proposes Transaction Fee Pilot for NMS Stocks
September 15, 2017 BY Valentina Kirilova

SEC charges SunTrust with improperly recommending higher-fee mutual funds

The Securities and Exchange Commission (SEC) announced that has charged the investment services subsidiary of SunTrust Banks with collecting more than $1.1 million in avoidable fees from clients by improperly recommending more expensive share classes of various mutual funds when cheaper shares of the same funds were available. SunTrust Investment Services has agreed to pay…

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ASIC office
September 15, 2017 BY Valentina Kirilova

Financial adviser sentenced for making false statements to ASIC

Mr Michael Davie, of Keilor East, Victoria, has appeared in the Melbourne Magistrates Court and pleaded guilty to three charges of making false or misleading statements in documents submitted to ASIC. The charges, which follow an ASIC investigation, allege that on or about 3 August 2016, and in support of an application for an Australian…

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fca warning
September 15, 2017 BY Valentina Kirilova

FCA warns against FCA Market - Financial Contract Authority firm

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 firm FCA Market - Financial Contract Authority. FCA Market - Financial Contract Authority is not authorised by the FCA but has been targeting people in the UK…

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Belize regulator IFSC warning
September 14, 2017 BY Valentina Kirilova

Belize regulator IFSC warns against Harvey Lennon individual

Belize financial regulator IFSC has issued a Warning Notice regarding a person by the name of ‘Harvey Lennon’ who is falsely and fraudulently representing to hold a personal licence issued by IFSC for the carrying on of the business of Expert Advisor/ Consultancy/ Advisory for Trading in Foreign Exchange. The Licence carrying his name is…

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