The regulator informed the bank that it needs to ensure it can be wound down or sold without risking financial stability or taxpayer funds. As UBS integrates Credit Suisse, FINMA said it has suspended the annual approval of UBS's recovery and emergency plans. The regulator believes that additional measures are necessary to strengthen crisis preparedness…
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The cancellations took place based on various compliance failures. These reportedly included non-membership in the Australian Financial Complaints Authority (AFCA), late lodgement of annual compliance certificates, failure to submit financial statements, and non-payment of industry funding levies. ASIC explained that AFCA membership is mandatory for financial services and credit licence holders. The membership means consumers…
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According to Revolut's Consumer Security and Financial Crime Report, Meta platforms remain the primary source of scams reported to the company, accounting for 62% of all scams in the first half of 2024. They stated that Facebook was the most common source, followed by WhatsApp and Telegram. Revolut is concerned that Meta's data-sharing partnership primarily…
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The CFTC revealed that Taishin executed 50 wash trades between October and December 2022, totaling 175 contracts worth approximately $17 million. The trades were designed to minimise market competition by offsetting purchases and sales of the same futures contract at the same price, effectively negating the risk and price competition inherent in open market transactions.…
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Prospero's AFS license was suspended in December 2023 after the company failed to submit its 2023 audited financial accounts. Following an application by ASIC, the Federal Court ordered Prospero to be wound up and liquidators appointed in April 2024. Under the Corporations Act, ASIC said it has the power to suspend or cancel an AFS…
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The FCA explained that while the use of payment firms has grown in recent years, it "continues to see poor safeguarding practices from firms," putting customers at risk of losing their money. While funds held by these firms are not directly protected by the Financial Services Compensation Scheme (FSCS), firms are required to have safeguards…
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According to the SEC's complaint, Harvest, as the primary investment adviser and portfolio manager for the Collateral Yield Enhancement Strategy (CYES), allowed numerous client accounts to exceed their designated investment limits. It led to higher fees, increased market exposure, and ultimately, investment losses for clients. Merrill Lynch, which introduced clients to Harvest and received a…
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The CFTC said the order settles charges with the CIBC for failing to maintain and preserve required records and for failing to diligently supervise its business as a CFTC registrant. "The order imposes a $30 million civil monetary penalty; orders CIBC to cease and desist from further violations of recordkeeping and supervision requirements; and orders…
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ASIC revealed it found that Macquarie had breached market integrity rules on 50 occasions between January and September 2022, allowing three of its clients to place orders that displayed characteristics of an intention to "mark the close." This involves placing orders within the last minute of market close to influence the daily settlement price in…
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The CFTC found that NinjaTrader, which operates out of Deer Park, Illinois, failed to implement sufficient policies and procedures to manage accounts in emergency situations, particularly in response to a statutory restraining order issued in a previous fraud case. It is also alleged to have not exercised sufficient oversight over its employees' handling of accounts.…
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