• Daily News Headlines – 5-6 Aug 2020

    MAS Announces Key Initiatives to Support SORA Adoption

    MAS, 5 Aug 2020

    The Monetary Authority of Singapore (MAS) today announced several initiatives to support the adoption of the Singapore Overnight Rate Average (SORA) [1] , which is administered by MAS. Given SORA’s growing importance as a key interest rate benchmark in SGD financial markets, these initiatives aim to catalyse greater activity in SORA markets, safeguard the benchmark’s integrity and enhance market confidence in SORA. They complement the industry-led transition roadmap, set out by the Steering Committee for SOR Transition to SORA (SC-STS), to develop vibrant and robust SORA markets.

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    Indonesian tycoon Kris Wiluan faces 112 charges of alleged false trading, market rigging of Singapore-listed KS Energy shares

    Straits Times, 5 Aug 2020

    Indonesian tycoon and chief executive of offshore and marine company KS Energy Kris Taenar Wiluan was slapped on Wednesday morning (Aug 5) with 112 charges in relation to violations of Section 197 of the Securities and Futures Act, which deals with false trading and market-rigging transactions.

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    SEC Proposes to Improve the Retail Investor Experience through Modernized Fund Shareholder Reports and Disclosures

    SEC, 5 Aug 2020

    The Securities and Exchange Commission today proposed comprehensive modifications to the mutual fund and exchange-traded fund disclosure framework to better serve the needs of retail investors. The proposed disclosure framework would feature concise and visually engaging shareholder reports that would highlight information that is particularly important for retail investors to assess and monitor their fund investments. The proposal is a central component of the Commission’s investor experience initiative and responds to comments the Commission received in response to a 2018 request for comment on retail investors’ experience with fund disclosure.

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    SEC Charges Affiliated Advisers for Misrepresentations About Payment for Order Flow Arrangements

    SEC, 5 Aug 2020

    The Securities and Exchange Commission today filed settled charges against affiliated registered investment advisers WBI Investments Inc. and Millington Securities Inc. for making material misrepresentations to clients about compensation Millington received in an institutional payment for order flow arrangement for routing client orders to certain brokerage firms for execution.  As part of the settlement, WBI and Millington agreed to pay a combined total of $1 million in penalties.

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