SFC bans TS’O Jing for life
SFC, 26 Aug 2020
The Eastern Magistrates’ Court found that between May 2016
and January 2017, TS’O, who was then responsible for handling customer account
opening for CITIC, falsely represented to seven customers about an additional
sum they had to pay CITIC for their account opening applications.
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CFC 02/2020 Modification to the Single Entity Limit for
Country-Specific Government Bond Funds
MAS, 26 Aug 2020
This circular modifies the single entity limit in the Code
on Collective Investment Schemes (“Code”) in relation to country-specific
government bond funds. In particular, the minimum credit rating requirement
under Paragraph 2.6(a) of Appendix 1 of the Code is lowered to
investment-grade, i.e., BBB by Fitch, Baa by Moody’s or BBB by Standard and
Poor’s (including such sub-categories or gradations therein), provided certain
conditions are met.
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SEC Modernizes the Accredited Investor Definition
SEC, 26 Aug 2020
The Securities and Exchange Commission today adopted
amendments to the “accredited investor” definition, one of the principal tests
for determining who is eligible to participate in our private capital markets.
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SEC Adopts Rule Amendments to Modernize Disclosures of
Business, Legal Proceedings, and Risk Factors Under Regulation S-K
SEC, 26 Aug 2020
The Securities and Exchange Commission today announced that
it voted to adopt amendments to modernize the description of business (Item
101), legal proceedings (Item 103), and risk factor disclosures (Item 105) that
registrants are required to make pursuant to Regulation S-K. These disclosure
requirements have not undergone significant revisions in over 30 years. The
amendments the Commission is adopting today update these items to reflect the
many changes in our capital markets and the domestic and global economy in
recent decades.
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SEC Halts Fraudulent Offering by Florida Investment
Adviser
SEC, 26 Aug 2020
he Securities and Exchange Commission today announced that
it has filed an emergency action against Florida-based investment adviser Coral
Gables Asset Management LLC and its sole owner, David C. Coggins, in connection
with an alleged fraudulent offering. On Aug. 20, 2020, U.S. District Court
Judge Kathleen M. Williams granted the SEC's request for emergency relief,
including an asset freeze and an order for records preservation, against
Coggins and Coral Gables, as well as two entities charged by the SEC as relief
defendants.
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SEC Charges BorgWarner for Materially Misstating its
Financial Statements
SEC, 26 Aug 2020
The Securities and Exchange Commission today announced
settled charges against BorgWarner Inc., a motor vehicle parts manufacturer
headquartered in Auburn Hills, Michigan, for materially misstating its
financial statements by failing to account for certain asbestos liabilities.
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