Circular to Licensed Corporations and Associated Entities - Anti-Money Laundering / Counter-Financing of Terrorism
United Nations Sanctions (Democratic People’s Republic of Korea) Regulation
SFC, 12 May 2020
Further to the circular issued on 9 August 2018, an updated list specifying “relevant persons and entities” was published under section 31 of the United Nations Sanctions (Democratic People’s Republic of Korea) Regulation (Cap. 537AE) (“DPRK Regulation”) on the website of the Commerce and Economic Development Bureau on 12 May 2020. A relevant press release issued by the United Nations Security Council, reflecting the updates since the previous list was published on the website of the Commerce and Economic Development Bureau, is attached in Attachment 1.
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SEC Charges Morgan Stanley Smith Barney With Providing Misleading Information to Retail Clients
US SEC, 12 May 2020
The Securities and Exchange Commission today announced that Morgan Stanley Smith Barney LLC (MSSB) has agreed to settle charges that it provided misleading information to clients in its retail wrap fee programs regarding trade execution services and transaction costs. MSSB has agreed to pay a $5 million penalty that will be distributed to harmed investors.
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SEC Obtains Receiver Over Florida Investment Adviser Charged With Fraud
US SEC, 12 May 2020
The Securities and Exchange Commission today announced that it has obtained the appointment of a receiver over Florida-based investment adviser TCA Fund Management Group Corp., its affiliate TCA Global Credit Fund GP Ltd. (TCA-GP), and several funds managed by TCA to protect investors from a fraudulent scheme allegedly conducted by TCA.
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Banks to set up investment plans using debt-to-equity swaps
China Daily, 13 May 2020
China has allowed asset investment companies controlled by banks to set up investment plans with debt-to-equity swaps as underlying assets for the purpose of expanding sources of funding for lenders so they can invest in such debt-to-equity swaps.
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