The ban runs from August 16, 2025, to August 15, 2026. Zhu, a substantial shareholder, director and former manager-in-charge (MIC) of Kylin, was found to have breached her duties between August 2018 and July 2021, when the company acted as investment manager and consultant to sub-funds of a Cayman-incorporated vehicle. At the time, Zhu was…
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The ban prevents Mr Rankin from offering financial advice, controlling a financial services business, or performing any related function until August 2029. ASIC determined that while working as an authorised representative of Next Generation Advice Pty Ltd (in liquidation), Mr Rankin gave inappropriate advice to several clients. According to ASIC, Mr Rankin recommended clients establish…
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FINRA explained that between August 2019 and July 2024, customers entitled to cost reductions through “rights of reinstatement,” a benefit allowing investors to reinvest in certain funds without incurring front-end sales charges or to reclaim deferred sales charges, were charged excess fees. The shortfall is attributed to the firm’s reliance on manual processes, which left…
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According to FINRA, between January 2020 and December 2023, Stifel released 16 quarterly reports under Rule 606(a) of Regulation NMS that misstated key information, including payments for order flow, profit-sharing arrangements, transaction fees and rebates. In some cases, the firm is said to have incorrectly reported these amounts as zero, despite having received or paid…
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The figure came from a poll conducted at the Accelerated Settlement Taskforce (AST) industry event in July, where the FCA’s interim head of capital markets, Jamie Bell, discussed market readiness with Richard Monks of EY. “T+1 will make our markets more efficient, and we support this,” the FCA said, noting that initial engagement with market…
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Between June 2019 and November 2024, FINRA says Wells Fargo did not have a system, including written supervisory procedures, that was reasonably designed to comply with Section 15B(a)(1)(B) of the Securities Exchange Act of 1934. This provision prohibits broker-dealers from giving investment advice to municipal entities without registering as a municipal adviser. FINRA found that…
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Rodney Forrest reportedly admitted to two counts of insider trading between August and September 2024 before Sydney’s Local Court on Tuesday. ASIC alleges he acquired about $2.6 million worth of Platinum shares while in possession of confidential information relating to a takeover offer and procured others to make similar trades. ASIC further alleges Forrest operated…
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He was also fined $60,000. Mapleson, who pleaded guilty, was sentenced on 6 August for one count of insider trading, regarding trades executed in January 2017. ASIC said Mapleson obtained inside information through his role at BM Geological Services Pty Ltd, which was contracted to provide geological services to Beacon Minerals. He was also engaged…
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The move would place Paxos under direct U.S. federal oversight, replacing its current New York Department of Financial Services (NYDFS) authorisation, and reflects what the company described as its “consistent commitment to maintain the highest regulatory standards of any blockchain infrastructure and tokenisation platform globally.” Paxos has operated under NYDFS oversight since 2015, when it…
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The Mauritius-based firm said the licence marked a “significant step” in its strategy to establish a regulated presence in the UK, one of the world’s largest financial hubs with an estimated 19 million active traders in 2024. “We’re incredibly proud to take this step,” said Gareth Derbyshire, spokesperson for Ultima Markets. “Becoming FCA-regulated reflects our…
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