Insurance Authority consults on the proposed Insurance (Group Capital) Rules
Insurance Authority, 19 Aug 2020
The main objective of the proposed Group Capital Rules is to set out the requirements in relation to capital, regulatory reporting and public disclosure that apply to an insurance holding company in relation to its insurance group. The Group Capital Rules will apply to insurance holding companies which are designated by the IA as being subject to the GWS framework.
MAS bans two individuals for fraud and dishonest conduct
MAS, 19 Aug 2020
Mr Aw is prohibited for a period of five years from (i) providing any financial advisory services, or taking part in the management of, acting as a director of, or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act (Cap. 110) (FAA); and (ii) carrying on business as, or taking part in the management of, any insurance intermediary under the Insurance Act (Cap. 142) (IA).
CFTC Orders The Bank of Nova Scotia to Pay $127.4 Million for Spoofing, False Statements, Compliance and Supervision Violations
CFTC, 19 Aug 2020
The Commodity Futures Trading Commission today issued three orders filing and settling charges against The Bank of Nova Scotia (BNS), a provisionally registered swap dealer, resolving two separate enforcement actions. The combined orders require BNS to pay $127.4 million for spoofing and making false statements [See CFTC Press Release No. 8221-20], as well as for swap dealer compliance and supervision violations and additional false statements. [See CFTC Press Release No. 8222-20]
CFTC Orders The Bank of Nova Scotia to Pay Record $77.4 Million for Spoofing and Making False Statements
CFTC, 19 Aug 2020
The Commodity Futures Trading Commission today issued two orders filing and settling charges against The Bank of Nova Scotia (BNS), a provisionally registered swap dealer, arising from manipulative and deceptive conduct, spanning more than eight years and involving thousands of occasions of attempted manipulation and spoofing in gold and silver futures contracts traded on the Commodity Exchange, Inc. (COMEX). The combined orders require BNS to pay a total of $77.4 million in penalties and equitable relief, including a record-setting $17 million for making false and misleading statements to CFTC staff during the CFTC’s first investigation into the bank’s spoofing (False Statements Order), and a total of $60.4 million for spoofing and attempted manipulation (Spoofing Order).
CFTC Orders The Bank of Nova Scotia to Pay $50 Million for Swap Dealer Compliance and Supervision Failures and False Statements
CFTC, 19 Aug 2020
The Commodity Futures Trading Commission issued an order today filing and settling charges against The Bank of Nova Scotia (BNS), a provisionally registered swap dealer, for swap dealer compliance failures, failing to supervise its swap dealer activities diligently, and making false or misleading statements to CFTC staff during the course of the Division of Enforcement’s investigation. The order finds that the violations occurred over a seven-year period.
