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
