SFC publicly censures Fu Kwan for breach of the Takeovers Code
SFC Enforcement News, 11 Jun 2020
The Securities and Futures Commission (SFC) has publicly censured Fu
Kwan, the chairman of Macrolink Capital Holdings Limited, for acquiring the
company’s shares within six months after the close of an offer at prices above
the offer price in breach of Rule 31.3 of the Code on Takeovers and Mergers
(Takeovers Code).
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ESMA Responds to European Commission Consultation on Revision of
NFRD
ESMA News, 11 Jun 2020
The European Securities and Markets Authority (ESMA), the EU’s
securities markets regulator, has submitted a response to the European
Commission’s (EC) consultation on a revision of the Non-Financial Reporting
Directive (NFRD). The response recommends standardising disclosure
requirements, widening the range of companies required to report and ensuring
consistency between legislative initiatives on sustainable finance.
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ESMA Renews its Decision Requiring Net Short Position Holders to
Report Positions of 0.1% and Above
ESMA News, 11 Jun 2020
ESMA considers that its renewed measure will maintain the ability of
NCAs to deal with any threats to market integrity, orderly functioning of
markets and financial stability at an early stage, allowing them and ESMA to
timely address such threats in case of signs of market stress.
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Open access regime for the trading and clearing of
exchange-traded derivatives
FCA News, 11 Jun 2020
From 4 July 2020 trading venues and central counterparties (CCPs)
offering the trading and clearing of exchange-traded derivatives will be
subject to the Markets in Financial Instruments Regulation (MiFIR) open access
regime as set out in articles 35 and 36 of that Regulation. Under those
provisions, trading venues and CCPs may only deny access where the operational
risk and complexity arising from granting access would cause undue risk. The
specific factors trading venues and CCPs should consider when evaluating access
requests are set out in Commission Delegated Regulation 2017/587.
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SEC Charges Microcap Fraud Scheme Participants Attempting to
Capitalize on the COVID-19 Pandemic
SEC News, 11 Jun 2020
The Securities and Exchange Commission has filed an emergency action
and obtained an asset freeze against five individuals and six offshore entities
for an alleged fraudulent scheme that generated more than $25 million from illegal
sales of multiple microcap companies’ stock, including four that were the
subject of recent SEC trading suspension orders: Sandy Steele Unlimited Inc.,
WOD Retail Solutions Inc., Bioscience Neutraceuticals, Inc., and Rivex
Technology Corp.
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Federal Court Orders Trading Advisor to Pay $890,000 for
Defrauding Church and Community Members in Forex Scheme
CFTC News, 11 Jun 2020
The Commodity Futures Trading Commission today announced that the
U.S. District Court for the Southern District of New York entered a consent
order for permanent injunction and other equitable relief against defendant
Brett G. Hartshorn of Sarasota, Florida, finding, among other things, that he
fraudulently solicited at least 13 individuals to trade off-exchange foreign
currency derivatives (“forex”) and misappropriated funds of at least two of
those clients. The order requires that
he pay restitution of $890,000 and imposes permanent trading and registration
bans.
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CFTC Charges Unregistered Commodity Pool Operator and Its Chief
Executive Officer with Solicitation Fraud and Misappropriation
CFTC News, 11 Jun 2020
The Commodity Futures Trading Commission today filed a civil
enforcement action in the U.S. District Court for the Eastern District of New
York against defendants Craig L. Clavin and his company Lighthouse Futures,
Ltd., both of New York. The complaint charges the defendants with fraudulent
solicitation of commodity pool participants, misappropriation of pool funds,
commingling pool funds with other funds, and failing to register with the CFTC
as a commodity pool operator, as required.
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CFTC Charges Companies and Individual with Forex Fraud and
Registration Violations
CFTC News, 11 Jun 2020
The complaint charges all three defendants with sales solicitation
fraud and failing to register with the CFTC. The complaint alleges that from at
least July 2018 to March 2019, the defendants fraudulently solicited customers
to open discretionary trading accounts and offered to trade those accounts
through a fully automated retail foreign currency (forex) trading software
system that Mayer created.
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CFTC Charges Forex Trading Firm and Its Principal with Fraud and
Misappropriation
CFTC News, 11 Jun 2020
The complaint charges that the defendants solicited at least $2.1
million from at least 21 individuals to fund their foreign currency (forex)
commodity pool operation. Despite assurances that depositors could not lose
more than 20% of the funds they deposited, the defendants lost over $1 million
trading forex and misappropriated at least $415,000 more to spend on Hass’s
mortgage, credit card debt, and a Caribbean cruise.
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Westpac says regulator may include more allegations in
money-laundering case
Business Times, 12 Jun 2020
Australia's Westpac Banking Corp on Friday said it was notified by
the financial crime watchdog that it may include additional allegations of
wrongdoing in its case against the lender for breaching anti-money laundering
laws.
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