China’s central bank calls on struggling companies to
restructure debt outside courts
SCMP, 6 Jul 2020
Chinese regulators are urging struggling corporate bond
issuers to seek voluntary debt restructuring in talks with their bondholders as
a way to avoid default, as regulators last week issued new rules that seek to
enforce investors’ protection amid rising defaults. “The encouragement of debt restructuring
using market mechanisms may give companies more time to avoid outright
defaults,” said Jenny Huang, Fitch Ratings’ director in China corporate
research based in Shanghai.
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China banking body names violators of investor rules
Business Times, 6 Jul 2020
CHINA'S banking and insurance regulator for the first time
published names of companies that it alleges committed shareholder violations
in the industry, warning investors against misbehaviour as the sector tries to
attract private and foreign capital. The violations included illegal connected
transactions, seeking illicit gains, exceeding shareholding ceilings without
approval and fabricating materials.
Shareholder violations have "seriously affected the
stable operations of financial institutions", the regulator said.
"The purpose of the disclosure is to send a signal that shareholder
supervision will be further tightened."
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SEC Adopts Amendments to Exemptive Applications
Procedures
SEC, 6 Jul 2020
The Securities and Exchange Commission today announced that
it has voted to adopt rule amendments to establish an expedited review
procedure for exemptive and other applications under the Investment Company Act
that are substantially identical to recent precedent, as well as a new informal
internal procedure for applications that would not qualify for the new
expedited process. These actions are intended to make the application process
more efficient as well as to provide additional certainty and transparency
regarding the process.
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CFTC Orders Illinois Resident and Broker to Pay Over $1.1
Million for Fraud and Additional Violations
CFTC, 6 Jul 2020
The Commodity Futures Trading Commission issued two orders
today filing and resolving charges for fraud, unauthorized and fictitious
trading, and failing to diligently supervise the handling of a customer account
against Mark Miller and registered introducing broker Foremost Trading LLC,
both of Illinois. Miller is a principal and associated person of Foremost.
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