The Financial Industry Regulatory Authority (FINRA) has today issued an Investor Alert warning investors about the potential risks of participating in initial coin offerings, commonly referred to as ICOs. An ICO involves the creation and distribution of virtual coins or tokens by a company to raise capital. ICOs differ from initial public offerings (IPOs) of…
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ASIC announced that has just published its seventh report on the regulation of corporate finance issues in Australia. The report, which covers the period January to June 2017, provides companies and their advisers with insights into ASIC’s regulatory approach in the corporate finance sector to assist them in carrying out their associated legal and compliance…
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The Securities and Exchange Commission (SEC) announced that has charged an accountant and three others with insider trading on market-moving news about the New Jersey-based pharmaceutical company where the accountant formerly worked. The SEC's complaint, filed in federal court in New Jersey, alleges that Evan R. Kita, a CPA and former accountant at Celator Pharmaceuticals…
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Belize financial regulator IFSC has issued a Warning Notice regarding a company called Mindreframing Ltd. The full text of the IFSC warning reads as follows: Office of the International Financial Services Commission, Sir Edney Cain Building, Belmopan, Belize, C.A. 31 August 2017 WARNING NOTICE Mindreframing Ltd. It is hereby notified for general information that Mindreframing…
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The Hong Kong Securities and Futures Commission (SFC) has publicly censured and imposed a 24-month cold shoulder order against Yeung Wing Yee for breaching the mandatory general offer obligation of the Takeovers Code. Yeung became a shareholder of Union Asia Enterprise Holdings Limited (Union Asia) in July 2016. He increased his interest in Union Asia…
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A 31-year-old South Australian man has pleaded guilty in the District Court of South Australia to market manipulation charges under sections 1041A(c) and 1041B(1)(a) of the Corporations Act following an ASIC investigation into his trading in contracts for difference (CFDs) and shares. Stefan Mark Boitcheff, a day trader living in Virginia, South Australia, pleaded guilty…
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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 firm Savoy Asset Management. Savoy Asset Management is not authorised by the FCA but has been targeting people in the UK and is also carrying on regulated…
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Based on recent research, ASIC reported that prospectuses are important for investors in considering an investment in an IPO but there is scope for improvement in the usability and credibility of these documents. ASIC announced that aims to support confidence in the capital markets by proactively regulating IPOs. To ensure that ASIC is regulating IPOs…
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The Hong Kong Securities and Futures Commission (SFC) announced that has issued restriction notices to Caitong International Securities Co., Ltd, Pacific Foundation Securities Limited and Yuanta Securities (Hong Kong) Company Limited (the brokers), prohibiting them from dealing with or processing certain assets held in client accounts which are related to suspected market manipulation in the…
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Following a commitment to further review their small business loan contracts, the big four banks have now agreed to specific changes with ASIC to eliminate unfair terms from their contracts. ASIC and the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) have welcomed the changes, which mean that: the loan documents will not contain 'entire…
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