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 Prolinet Ventures Limited. Prolinet Ventures Limited is not authorised by the FCA but has been targeting people in the UK and is also carrying on regulated…
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The Court of First Instance has dismissed the appeal of Hong Kong Game Theory Association Limited (Hong Kong Game Theory) and its sole director Mr Sze Ching Lok against their convictions for carrying on a business in advising on futures contracts without a licence, Hong Kong SFC announced earlier today. In dismissing the appeal, Deputy…
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The U.S. Commodity Futures Trading Commission (CFTC) has announced that it entered into non-prosecution agreements with Jeremy Lao of New York, Daniel Liao of Minato-Ku, Japan, and Shlomo Salant of New York. In their non-prosecution agreements, Lao, Liao, and Salant each admits that he engaged in the unlawful disruptive trade practice of “spoofing” (bidding or offering with…
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The Securities and Exchange Commission (SEC) announced that has charged a Canadian-based oil and gas company and three of its former top finance executives for their roles in an extensive, multi-year accounting fraud. The SEC's complaint alleges that Penn West Petroleum Ltd., which has since been renamed Obsidian Energy Ltd., fraudulently moved hundreds of millions…
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The Ontario Securities Commission (OSC) announced that has approved a no-contest settlement agreement with RBC Dominion Securities Inc., Royal Mutual Funds Inc., and RBC Philips, Hager & North Investment Counsel Inc. (the RBC Registrants) in relation to a matter that the RBC Registrants discovered and self-reported to the OSC. This settlement follows allegations by OSC…
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The European Securities and Markets Authority (ESMA) has issued a statement updating on its work in relation to the sale of contracts for differences (CFDs), binary options and other speculative products to retail investors. ESMA is likely to look at enacting rules limiting leverage for Forex and CFD trading, banning of client bonuses, as well…
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The Securities and Futures Commission (SFC) announced that has launched a two-month consultation on the detailed legal and regulatory requirements applicable to the new open-ended fund company (OFC) structure. The OFC structure will enable investment funds to be established in corporate form in Hong Kong, in addition to the current unit trust form. The consultation…
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The European Securities and Markets Authority (ESMA) shared that has sent a letter to the European Parliament, Commission and Council updating them on the implementation of ESMA’s IT projects regarding the Markets in Financial Instruments Directive (MiFID II). ESMA will deliver a specific IT infrastructure for the implementation of MiFID II on 3 January 2018.…
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The Hong Kong Securities and Futures Commission (SFC) announced that has welcomed the Investment Agreement and Agreement on Economic and Technical Cooperation under the framework of the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) signed in Hong Kong today. The initiatives under the latest agreements will facilitate promotion and protection of investments between…
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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 AIG Options / CMC Options. AIG Options / CMC Options is not authorised by the FCA but has been targeting people in the UK and is also…
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