investors Archives - Page 2 of 15 - The Industry Spread

SEC Orders an Additional 16 Self-Reporting Advisory Firms to Pay Nearly $10 Million to Investors

October 3, 2019

The Securities and Exchange Commission today announced settled charges against 17 investment advisers for disclosure failures regarding their mutual fund share class selection practices. The firms include 16 advisers that self-reported as part of the Division of Enforcement’s Share Class Selection Disclosure Initiative and one adviser that did not self-report and was ordered to pay a $300,000 civil penalty.

FMA Sets Out Key Focus Areas For The Year Ahead

July 28, 2019

FMA sets out key focus areas for the year ahead. The FMA today published its Annual Corporate Plan (ACP), which outlines its work plan for the next financial year and sets objectives for raising standards of behaviour across financial services.

Majority of Canadian Investors Support Measures to Protect Vulnerable Investors, IIROC Survey Reveals

July 2, 2019

Canadians want regulatory rules, policies and procedures put in place to prevent financial exploitation June 21, 2019 (Toronto, Ontario) – The Investment Industry Regulatory Organization of Canada (IIROC) today released results of a new national IIROC survey showing an overwhelming majority of Canadian investors believe that protective measures should be put in place to ensure that investment firms and advisors can take action when they suspect investors have become vulnerable or that others might be attempting to financially exploit them.

SEC Names Holli Heiles Pandol as Director of the Office of Legislative and Intergovernmental Affairs

June 28, 2019

The Securities and Exchange Commission today announced that Holli Heiles Pandol has been named Director of the agency’s Office of Legislative and Intergovernmental Affairs. Ms. Pandol will advise the Chairman, Commissioners, and SEC staff on legislative matters, provide technical assistance on securities-related legislation to congressional committees and staff, assist in preparing SEC testimony for congressional hearings, and coordinate with other government entities.

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. 

FCA Confirms New Rules for P2P Platforms

June 10, 2019

Following consultation, the Financial Conduct Authority (FCA) is introducing rules designed to prevent harm to investors, without stifling innovation in the peer-to-peer P2P Platforms. When the FCA set its first rules for P2P, it committed to keep these under review as the sector evolved. These new rules are designed to help better protect investors and allow firms and fundraisers to operate in a long-term, sustainable manner.

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.

SEC Charges Kik Interactive Inc. With Conducting $100 Million Unregistered ICO

June 10, 2019

As alleged in the SEC’s complaint, Kik had lost money for years on its sole product, an online messaging application, and the company’s management predicted internally that it would run out of money in 2017.  In early 2017, the company sought to pivot to a new type of business, which it financed through the sale of one trillion digital tokens.  Kik sold its “Kin” tokens to the public, and at a discounted price to wealthy purchasers, raising more than $55 million from U.S. investors.  The complaint alleges that Kin tokens traded recently at about half of the value that public investors paid in the offering.