Daily News Headlines

  • Daily News Headlines – 18 Jun 2020

    SFC Compliance Forum 2019

    SFC, 18 Jun 2020

    On 17 June, SFC hosted the SFC Compliance Forum 2019 to exchange views with the industry on our recent guidance on securities margin financing, prime brokerage business, client onboarding and transaction monitoring, as well as regulatory issues noted in selling practices.

    Discussion Materials: Click Here

    ESMA Publishes Example of an Annual Financial Report in ESEF Format

    ESMA, 17 Jun 2020

    This format is in line with the requirements included in the Commission Delegated Regulation 2019/815 (ESEF Regulation) and the guidance provided in the ESEF Reporting Manual as last updated by ESMA in July 2019.

    Example of Annual Financial Report: Click Here

    FCA fines Commerzbank London £37,805,400 over anti-money laundering failures

    FCA, 17 Jun 2020

    The FCA has today fined Commerzbank AG (London Branch) £37,805,400 for failing to put adequate anti-money laundering (AML) systems and controls in place between October 2012 and September 2017.

    Full Text: Click Here

    Insurance Company and Former CFO Charged With Faulty Loss Reserves Disclosures

    SEC, 17 Jun 2020

    The Securities and Exchange Commission today charged international insurance company AmTrust Financial Services Inc. and its former CFO Ronald E. Pipoly Jr. with failing to disclose material facts about how the company estimated its insurance losses and reserves.  They have agreed to pay a combined $10.5 million to settle the SEC’s charges.

    Full Text: Click Here

    Federal Court Orders Alabama Man to Pay $755,000 for Binary Options Fraud

    CFTC, 17 Jun 2020

    The Commodity Futures Trading Commission today announced that the U.S. District Court for the Northern District of Alabama issued an order granting a permanent injunction against Aaron B. Butler, a former resident of Muscle Shoals, Alabama, and requiring him to pay a combined $755,000 in restitution and civil monetary penalty for violations of the Commodity Exchange Act and CFTC regulations. The order also imposes permanent trading and registration bans on Butler, among other injunctive relief.

    Full Text: Click Here

    MAS review of complex convertible bonds welcome as fundraising needs to grow

    Business Times, 18 Jun 2020

    The associate professor at the Singapore University of Social Sciences was concerned that retail investors may not be able to fully appreciate the complexities of this hybrid financial instrument, and wondered if such a product can be classified as suitable for them.

    Full Text: Click Here