Latest News for Risk and Regulation
Latest Regulatory News
Latest Regulatory Announcements
This investment comes on the back of a growing trend towards self-directed and independent research, creating growth opportunities for Smartkarma’s platform that facilitates the use of alternative data and wisdom sourcing in investment research.
Good morning, Mr David Gerald, Founder, President and CEO, SIAS. Ladies and gentlemen. First and foremost, thank you for inviting me here. I would like to congratulate SIAS on its 20th anniversary. Incidentally, we are also celebrating the 20th anniversary of SGX’s formation this year.
The FMA has issued a further warning to investors about a Malaysian-based loyalty scheme, MBI International, also trading as MFC Club (MFC Club). The FMA warned investors about MFC Club a year ago but has received new reports that the MFC Club is being promoted within New Zealand’s Chinese speaking community.
Today FIA announced that Tribeca Early Stage Partners will be a 2019 FIA Innovators Pavilion community partner, helping FIA connect with the fintech community in New York and encourage startups to participate in the Pavilion.
S&P Global Platts, the leading independent provider of information and benchmark prices for the commodities and energy markets, and Intercontinental Exchange, Inc. (ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, extend their technology partnership to bring the Platts Editorial Window (eWindow)® communication tool to the LNG trading community. The partnership delivers a best-in-class solution for the fast growing LNG market that leverages the two firms’ market leading capabilities across commodity pricing and technology.
The fully transaction-based Index is designed to measure the average yields at which investors are willing to invest U.S. dollar funds in large, internationally active banks on a wholesale, senior, unsecured basis over one-month, three-month and six-month periods. It has been developed to meet the potential benchmark needs of lenders, borrowers and other users of non-derivative (or “cash”) products that have typically sought term benchmarks linked to the average funding rates of a broad group of large banks.
The Commodity Futures Trading Commission (CFTC or Commission) today announced the issuance of an order exempting certain derivatives trading venues (ETPs) regulated by the Japan Financial Services Agency (JFSA) from the requirement to register with the CFTC as swap execution facilities (SEFs).
In an Order and Default Judgment (Order) filed June 28, 2019, Judge Reed C. O’Connor of the U.S. District Court for the Northern District of Texas found that Hunt, doing business as Diamonds Trading Investment House, and Hecroft, doing business as First Options Trading, engaged in a Bitcoin Solicitation Fraud from members of the public to invest in trading products including leveraged or margined foreign currency contracts (forex), binary options, and diamonds.
HSBC has voluntarily agreed to extend redress scheme for customers who may have lost out by paying an unreasonable debt collection charge imposed by HFC Bank Ltd (HFC) and John Lewis Financial Services Limited (JLFS), the Financial Conduct Authority (FCA) has announced today. Both HFC and JLFS are now part of HSBC UK Bank Plc.
Richard Baldwin was convicted of dealing in criminal property between October 2007 and November 2008. The criminal property laundered was £1.5 million representing the proceeds of a conspiracy to insider deal by Martyn Dodgson and Andrew Hind. Mr Baldwin used off-shore companies, bank accounts and false invoices to effect his money laundering.
The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) (together, the Commissions) have approved a joint proposal to align the minimum margin required on security futures with other similar financial products. The proposal would set the minimum margin requirement for security futures at 15 percent of the current market value of each security future.
The Securities and Exchange Commission today filed insider trading scheme charges against an accountant and her friend, whom she illegally tipped with confidential information in advance of her company’s quarterly performance announcements in exchange for all-expense paid travel and other expensive gifts.
ASIC’s review of the sale of consumer credit insurance (CCI) by 11 major banks and other lenders has found that the design and Sales Practices of CCI has consistently failed consumers. ASIC’s report (REP 622) highlights the very low value of CCI products and the unfair way they are promoted and sold to consumers. This work forms part of ASIC’s broader priority to address fairness to consumers and, in particular, harms in insurance.
FINRA today announced that it has released new guidance regarding credit for extraordinary cooperation in investigations. Regulatory Notice 19-23 supplements prior FINRA guidance, providing additional information about “extraordinary cooperation” respondents can provide to substantially assist FINRA in meeting its goals of investor protection and market integrity.
The Australian Prudential Regulation Authority (APRA) is applying additional capital requirements to three major banks to reflect higher operational risk identified in their risk governance self-assessments. APRA has written to ANZ, National Australia Bank (NAB) and Westpac advising of an increase in their minimum capital requirements of $500 million each. The capital add-ons will apply until the banks have completed their planned remediation to strengthen risk management, and closed gaps identified in their self-assessments.
ASIC has cancelled the Australian financial services licence (AFS licence) of Sydney-based financial services provider Australian Mutual Holdings Limited (Australian Mutual). Australian Mutual was a responsible entity who operated a number of managed investment schemes.
ASIC has permanently banned Melbourne Finance Broker Wayne Saman from providing financial services and engaging in credit activities and has cancelled the Australian credit licence of his finance broking company Freedom Financial Consultants Pty Ltd (FFC). ASIC found Mr Saman had been involved in business practices that were fraudulent, misleading or otherwise improper.
The Securities and Exchange Commission’s, SEC Investor Advisory Committee will hold a meeting on July 25. The meeting will begin at 9 a.m. in the Multipurpose Room at SEC headquarters at 100 F Street, N.E., Washington, D.C. and is open to the public. The meeting will be webcast live and archived on the committee’s website for later viewing.
The NMAs and CMAs currently before FINRA are diverse: Some of the NMAs and CMAs cover proposed business models that would not involve the broker-dealer engaging in custody of digital asset securities.
The Australian Prudential Regulation Authority (APRA) has released its response to submissions on proposed changes to the application of the capital adequacy framework designed to support the orderly resolution of a failing authorised deposit-taking institution (ADI).