Daily News Headlines

  • Daily News Headlines - 19 May 2020

    SFC reprimands and fines Southwest Securities (HK) Brokerage Limited $5 million for breaches of anti-money laundering regulatory requirements

    SFC, 18 May 2020

    The Securities and Futures Commission (SFC) has reprimanded and fined Southwest Securities (HK) Brokerage Limited (SSBL) $5 million for failures in complying with anti-money laundering and counter-terrorist financing (AML/CFT) regulatory requirements in 2016.

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    Concurrent SFC-HKMA thematic review of spread charges and other practices

    SFC, 18 May 2020

    The Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) will commence a concurrent thematic review in the second half of this year to assess intermediaries’ spread charges and other practices as well as their compliance with requirements governing the disclosure of trading capacity and monetary benefits under the Code of Conduct. The review will cover the selected intermediaries’ policies, procedures, systems and controls as well as management oversight of the distribution to clients of non-exchange traded investment products such as bonds and structured products.

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    ESMA – Non-renewal and termination of short selling bans by Austrian FMA, Belgian FSMA, French AMF, Greek HCMC, Italian CONSOB and Spanish CNMV

    ESMA, 18 May 2020

    The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, notes the non-renewal of the emergency restrictions on short selling and similar transactions by the following national competent authorities (NCAs): Finanzmarktaufsicht (FMA) of Austria; Financial Securities and Markets Authority (FSMA) of Belgium; Autorité des Marchés Financiers (AMF) of France; Hellenic Capital Market Commission (HCMC) of Greece; and Comisión Nacional del Mercado de Valores (CNMV) of Spain.

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    SEC Charges Three Former KPMG Audit Partners for Exam Sharing Misconduct

    US SEC, 18 May 2020

    The Securities and Exchange Commission today announced settled charges against three former KPMG LLP audit partners for improperly sharing answers to internal training exams and for subsequent wrongdoing during an investigation of exam sharing misconduct at the firm. The SEC previously charged KPMG with violations concerning the exam sharing misconduct, as well as for altering past audit work after receiving stolen information about inspections that would be conducted by the PCAOB.

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