industry news Archives - The Industry Spread

New Appointments to Financial Conduct Authority Board Announced

November 8, 2019

Three new appointments to the board of the Financial Conduct Authority (FCA) have been made by the Economic Secretary to the Treasury today. Liam Coleman, Alice Maynard CBE and Tommaso Valletti will take up roles as Non-Executive Directors to the board of the FCA. Alice Maynard was jointly appointed by HM Treasury and the Department for Business, Energy and Industrial Strategy. They will each serve 3-year terms beginning today, 5 November 2019.

CFTC Orders Merrill Lynch Commodities, Inc. to Pay Approximately $25 Million for Spoofing, Manipulation, and Attempted Manipulation in Precious Metals Futures

June 30, 2019

The Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against Merrill Lynch Commodities, Inc. (MLCI), a provisionally registered swap dealer, for spoofing, manipulation, and attempted manipulation over a six-year period with respect to certain precious metals futures contracts traded on the Commodity Exchange, Inc. (COMEX). 

SEC Names Vanessa Countryman to Lead the Office of the Secretary

June 28, 2019

The Securities and Exchange Commission today announced that Vanessa Countryman has been appointed as the agency’s Secretary. The Secretary is responsible for overseeing the administrative aspects of Commission meetings, rulemakings, and procedures.  Ms. Countryman has served as Acting Secretary since March 2019. 

Wedbush to Pay More Than $8.1 Million for Improper Handling of ADRs

June 25, 2019

The Securities and Exchange Commission today announced that Wedbush Securities Inc. will pay more than $8.1 million to settle charges for improper handling of “pre-released” American Depositary Receipts (ADRs). This is the SEC’s 11th action against a bank or broker resulting from the SEC’s ongoing investigation into abusive ADR pre-release practices, which, thus far, has resulted in monetary settlements exceeding $422 million.

President Ueli Maurer meets Japan’s Prime Minister Shinzō Abe and represents Switzerland at G20 meeting of finance ministers

June 19, 2019

Bern, 10.06.2019 – President Ueli Maurer was received by Japan’s Prime Minister Shinzō Abe on 10 June 2019. The discussion was dedicated to the long-standing, excellent relations between Switzerland and Japan. In addition to regional topics, the central challenges for the global financial and economic system, which President Maurer addressed at the weekend meeting of the G20 meeting Finance Ministers and Central Bank Governors in Fukuoka, were also discussed.

Kiwis Take Longer to Choose a Movie Than Check KiwiSaver

June 19, 2019

Many New Zealanders spend longer choosing a movie to watch than reading and acting on their annual KiwiSaver statement.
A recent survey of 1100 New Zealanders for the Financial Markets Authority (FMA) found four out of five people took up to 10 minutes to choose a movie, but just over half of those questioned spent the same time reading their KiwiSaver annual statement.

Euronext’s Commcise Launches Investment Research Platform

June 11, 2019

Commcise has launched its cloud-based investment research platform COMMCISECS to support client strategy teams within the research provider community, who can now use the solution to review, price and publish research event interactions and analyze asset manager clients’ profitability using its flexible pricing and costing engine.

B.C. Residents and Nevada-based Company Breached Cease Trade Order and Made Misrepresentations

June 10, 2019

A British Columbia Securities Commission (BCSC) panel has found that three B.C. residents and a Nevada-based green energy company breached a cease trade order of the BCSC and failed to tell investors about the existence of the order. 

ecoTECH (now known as Dong Fang Hui Le Inc.) and three of its top executives, Chief Executive Officer Colin V. Hall, Chief Financial Officer Rolf Eugster and Director Anne Sanders, sold $55,100 worth of securities in 2013 to 16 investors despite a cease trade order issued by the BCSC in 2012. In addition, they failed to tell investors about the order.