financial system Archives - The Industry Spread

FCA Publishes Decision Notices Concerning Cathay International Holdings Limited, its CEO and Finance Director

June 10, 2019

The Financial Conduct Authority (FCA) has today published Decision Notices concerning Cathay International Holdings Limited and 2 of its directors, Mr Jin-Yi Lee and Mr Eric Siu.

The FCA considers that Cathay breached the FCA’s Listing Principles and Disclosure Rules and Transparency Rules (DTR) and has imposed a fine of £411,000. In the FCA’s view, Mr Lee was knowingly concerned in the company’s breaches and so has been fined £214,300. The FCA also considers that Mr Siu was knowingly concerned in one of the company’s breaches and so has been fined £40,200.

FINTRAC Reinforces Its Partnership with the Investment Industry Regulatory Organization of Canada

June 3, 2019

Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) Regulators are strengthening their collaborative efforts to identify and combat money laundering and terrorist activity financing risks in the securities dealers sector across Canada. FINTRAC announced today that its Memorandum of Understanding with the Investment Industry Regulatory Organization of Canada (IIROC) has been strengthened to allow for greater cooperation and information sharing in the fight against money laundering and terrorist activity financing, while reducing the duplication of effort and the compliance burden for Canadian securities dealers.

FCA Sets out its Business Plan Priorities for 2019/20

April 22, 2019

As the UK finalises preparations to leave the European Union, the immediate priority will remain supporting an orderly transition post-exit. The FCA will also continue to play a leading role in shaping the global regulatory framework working with other national regulators and international bodies.

APRA Welcomes IMF Report on Australian Financial System

March 4, 2019

The Australian Prudential Regulation Authority (APRA) welcomes the IMF’s Financial Sector Assessment Program (FSAP) report on Australia [1], which concluded that the Australian financial system has been further strengthened since the IMF’s previous assessment in 2012. The 2018 FSAP underscores the strength and resilience of the Australian financial system.

APRA Update on Implementation of Royal Commission Recommendations

February 15, 2019

The Royal Commission has recommended a strengthening of APRA’s prudential and supervisory framework in a number of areas. APRA is committed to implementing the recommendations expeditiously. There are 10 recommendations requiring APRA’s direct attention. Of the 10, it is expected that nine will be completed by the end of 2020; of those, four are expected to be completed in 2019. The attached table provides a short description of APRA’s response to each of the recommendations specifically assigned to it.

BaFin: Illegal investment schemes

January 31, 2019

Illegal investment schemes, When business transactions or financial services are provided without authorisation from BaFin