Daily News Headlines

  • Daily News Headlines – 7 Jul 2020

    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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