FINMA investigation found Credit Suisse spied on seven people LeapRate

October 20, 2021 BY Steffy Bogdanova

FINMA investigation found Credit Suisse spied on seven people

FINMA said: The way in which the observation activities were planned and carried out revealed serious shortcomings in the bank’s corporate governance. Observations were not specifically prohibited in Credit Suisse’s policies, but neither were they regulated. Corresponding risk management processes and integration into the internal control system were lacking. In most cases, decisions to carry…

October 18, 2021 BY Steffy Bogdanova

FCA reports reviewing 514 financial promotions in the third quarter

The FCA stated: We undertake many reviews of firms’ financial promotions, which are identified through multiple sources including both consumer and firm referrals. We look at every financial advert reported to us. The regulator noted that 38% of all complaints were about retail investing promotion, while retail lending and retail banking constituted 42% and 12%,…

October 18, 2021 BY Steffy Bogdanova

ASIC to extend CFD trading leverage restrictions to 2031

The Aussie watchdog noted that for the first three months since the order took effect, ASIC has seen significant improvements in key metrics of retail client losses from CFD trading. The regulator stated that retail clients’ net losses from CFD trading decreased 94% of the quarterly average of $372 million in the year prior to…

October 14, 2021 BY Steffy Bogdanova

FMA censures Jarden Securities for DI license violations

According to the FMA, the breaches occurred between September 2015 and July 2020. Jarden, formerly NZ Capital Securities, acquired OMF in 2019. The company self-reported to regulator in September 2020. During the period of the violations, the FMA found that OMF transferred its own money into the trust account meant to hold derivative investor money…

BaFin warns about the paradigm shift following Brexit

October 14, 2021 BY Steffy Bogdanova

BaFin to get "more bite" in new supervision reforms

Mark Branson said in his first conference since taking the new position: But for me, this is only the beginning of BaFin's long-term development. It will take time before we reach our objectives in all areas. Among the new measures taken this year to deliver on strengthening BaFin’s powers, task forces to oversee companies with…

October 13, 2021 BY Steffy Bogdanova

New Zealand regulator FMA issues guidance on advertising financial products

Liam Mason, FMA General Counsel, said: Advertising can significantly influence people’s investment decision making, so it’s critical that firms’ marketing materials don’t mislead or confuse consumers. The FMA noted in its announcement that the format of some ads is limited like banners on social media platforms and webpages. The regulator expects firms to ensure ‘click…

September 27, 2021 BY Steffy Bogdanova

ASIC cancels Pure Strategy’s AFS licence

The cancellation of Pure Strategy's licence will take effect in 12 months. During this period, the company will maintain its membership of the Australian Financial Complaints Authority and its obligation to hold professional indemnity insurance cover. Pure Strategy’s AFS licence was initially obtained in 2011. An external administrator has been appointed to the company this…

September 23, 2021 BY Steffy Bogdanova

ASIC announces ban on unsolicited sale of financial products

ASIC Deputy Chair Karen Chester commented: These changes put in place fairness protections, so consumers are not sold products they don’t want or don’t need. The restrictions mean consumer needs will be central to how firms offer products. Chester continued: The new hawking prohibition addresses long held concerns about poor consumer outcomes from unsolicited sales…

August 26, 2021 BY Steffy Bogdanova

Monitoring compliance for CFDs and binary options outlined as a priority for ASIC

Earlier this year, ASIC imposed restriction on CFD trading. In March, the regulator lowered the maximum leverage limit from 500:1 to 30:1. The Aussie watchdog also banned the sale of Binary Options to retail clients for 18 months in May this year, after which time it may be extended or made permanent. As a second…

August 16, 2021 BY Steffy Bogdanova

FINRA releases warning about phishing email scam

Because the domains show some similarities to the official FINRA domain, it could easily confuse some people. This is especially true if they are relatively new to the company or are not particularly tech literate. FINRA has made it clear that it is important to provide training to employees to ensure that they are aware…

Category: Regulations