The Securities and Exchange Commission (SEC) announced that has barred a New York-based attorney from appearing or practicing before it and acting as an officer or director of a public company after finding that he made false and misleading statements in corporate filings. The SEC’s order finds that David Lubin committed fraud while serving as…
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ASIC has permanently banned Gold Coast based financial adviser Mr Satvir Singh Birk from providing financial services. Mr Birk was an authorised representative of Professional Investment Services Pty Ltd (PIS) and a director of Carter Group Pty Ltd (Carter Group) (now in external administration) which was a corporate authorised representative of PIS. ASIC found that…
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The FMA has confirmed the methodology KiwiSaver scheme providers must use when calculating the dollar amount of fees paid by KiwiSaver investors for annual statements. The FMA wants to ensure providers are calculating fees accurately without burdening them with unnecessary costs and ensuring they have time to comply. KiwiSaver scheme providers must allocate fees charged…
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The Federal Court of Australia has ordered the winding up of 18 companies associated with the Macro Group, all of which have Desiree Veronica Macpherson as a director. The companies are: AGKM Green Pty Ltd; BA Sullivan Pty Ltd; Christians Holdings WA Pty Ltd; Ferrous Ferric Pty Ltd; Macpherson Realty Options Pty Ltd; Splendiferous Enterprises…
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The Hong Kong Securities and Futures Commission (SFC) has today released its annual Fund Management Activities Survey (FMAS) which shows that the combined fund management business in Hong Kong increased by 5.2% year-on-year to $18,293 billion as of 31 December 2016. Overseas investors remained a major source of funding for the fund management business, accounting…
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The National Securities Market Commission (Comisión Nacional del Mercado de Valores, or CNMV) has published the following warning reported on unregistered entitiy that was received through international supervisors: 1875-FINANCE INVEST (CLON), WWW.1875-FINANCEINVEST.COM The warning was received from Luxembourg's regulator CSSF. For more details on the warnings received from foreign regulators at the European level, please…
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The Australian Securities and Investment Commission (ASIC) has banned Perth financial adviser Jason Sean Atkins from providing financial services for a period of three years. ASIC found that Mr Atkins provided advice to clients to establish a self–managed superannuation fund (SMSF) and use limited recourse borrowing arrangements to fund the purchase of real property that…
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The Cyprus Securities and Exchange Commission (CySEC) announced that has recently signed a bilateral Memorandum of Understanding and Cooperation (MoU) with the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi. The MoU was signed by Mr Richard Teng, Chief Executive Officer of the FSRA of…
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The UK Financial Conduct Authority (FCA) has put out details of the cloned firm Stenham Investment Funds plc. 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…
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The National Commission for Companies and the Stock Exchange (Commissione Nazionale per le Società e la Borsa – CONSOB) has reported that the company B4Markets Ltd is not authorised to provide investment services and activities in Italy by any means and, therefore, including through the website www.b4markets.com. The CONSOB is the public authority responsible for…
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