Daily News Headlines

  • Daily News Headlines – 24-28 Jul 2020

    Court convicts and fines Brilliance Capital Management Limited and its director for unlicensed activities

    SFC, 24 Jul 2020

    The Court found on or around 8 January 2013 BCM held itself out to a company as carrying on a business in advising on corporate finance, namely advising on listing application, by entering into an Advisor Engagement Agreement whilst unlicensed.

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    IBF and MAS Launch Skills Map to Enhance Capabilities of Family Office Advisors

    MAS, 27 Jul 2020

    The Family Office Advisor Skills Map sets out the skills and competencies that professionals advising family offices should possess, such as wealth planning administration and corporate governance. The Family Office Advisor role will expand the career pathway for private banking relationship managers under the Skills Framework for Financial Services. Co-created over the past year with the financial services industry, legal and tax advisors, in consultation with SkillsFuture Singapore, the skills map will be a valuable resource for training providers and financial institutions to design and calibrate relevant training curriculum, and for family offices to refer to when hiring new recruits.

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    CMI 32/2020 Good Practices for Disclosure of Actively Managed Funds

    MAS, 27 Jul 2020

    This circular sets out good disclosure practices for actively managed funds, following a thematic review carried out by the Monetary Authority of Singapore (MAS) on equity funds offered to retail investors. These good practices relate to disclosures of the investment objective and the extent to which the portfolio deviates, or can deviate from the reference benchmark, as measured in part by quantitative metrics such as active share and tracking error.

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    FCA launches enhanced Financial Services Register to protect consumers

    FCA, 27 Jul 2020

    The FCA has today launched its updated Financial Services (FS) Register – including a simpler design and clearer language.

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    SEC Charges Trustify Inc. and Founder in $18.5 Million Offering Fraud

    SEC, 24 Jul 2020

    The Securities and Exchange Commission today charged Trustify Inc., an online marketplace purportedly designed to connect customers to a network of private investigators, and its founder and CEO Daniel Boice with fraudulently offering and selling over $18.5 million of securities to more than 90 corporate and individual investors.

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    Agencies Adopt Final Rule on the Orderly Liquidation of Covered Broker-Dealers under Title II of the Dodd-Frank Act

    SEC, 24 Jul 2020

    The Securities and Exchange Commission and the Federal Deposit Insurance Corporation have adopted a final rule required by the Dodd-Frank Act clarifying and implementing provisions relating to the orderly liquidation of certain brokers or dealers (covered broker-dealers) in the event the FDIC is appointed receiver under Title II of the Dodd-Frank Act. The FDIC and SEC developed the final rule in consultation with the Securities Investor Protection Corporation (SIPC).

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