• Daily News Headlines – 27 Aug 2020

    SFC bans TS’O Jing for life

    SFC, 26 Aug 2020

    The Eastern Magistrates’ Court found that between May 2016 and January 2017, TS’O, who was then responsible for handling customer account opening for CITIC, falsely represented to seven customers about an additional sum they had to pay CITIC for their account opening applications.

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    CFC 02/2020 Modification to the Single Entity Limit for Country-Specific Government Bond Funds

    MAS, 26 Aug 2020

    This circular modifies the single entity limit in the Code on Collective Investment Schemes (“Code”) in relation to country-specific government bond funds. In particular, the minimum credit rating requirement under Paragraph 2.6(a) of Appendix 1 of the Code is lowered to investment-grade, i.e., BBB by Fitch, Baa by Moody’s or BBB by Standard and Poor’s (including such sub-categories or gradations therein), provided certain conditions are met.

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    SEC Modernizes the Accredited Investor Definition

    SEC, 26 Aug 2020

    The Securities and Exchange Commission today adopted amendments to the “accredited investor” definition, one of the principal tests for determining who is eligible to participate in our private capital markets.

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    SEC Adopts Rule Amendments to Modernize Disclosures of Business, Legal Proceedings, and Risk Factors Under Regulation S-K

    SEC, 26 Aug 2020

    The Securities and Exchange Commission today announced that it voted to adopt amendments to modernize the description of business (Item 101), legal proceedings (Item 103), and risk factor disclosures (Item 105) that registrants are required to make pursuant to Regulation S-K. These disclosure requirements have not undergone significant revisions in over 30 years. The amendments the Commission is adopting today update these items to reflect the many changes in our capital markets and the domestic and global economy in recent decades.

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    SEC Halts Fraudulent Offering by Florida Investment Adviser

    SEC, 26 Aug 2020

    he Securities and Exchange Commission today announced that it has filed an emergency action against Florida-based investment adviser Coral Gables Asset Management LLC and its sole owner, David C. Coggins, in connection with an alleged fraudulent offering. On Aug. 20, 2020, U.S. District Court Judge Kathleen M. Williams granted the SEC's request for emergency relief, including an asset freeze and an order for records preservation, against Coggins and Coral Gables, as well as two entities charged by the SEC as relief defendants.

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    SEC Charges BorgWarner for Materially Misstating its Financial Statements

    SEC, 26 Aug 2020

    The Securities and Exchange Commission today announced settled charges against BorgWarner Inc., a motor vehicle parts manufacturer headquartered in Auburn Hills, Michigan, for materially misstating its financial statements by failing to account for certain asbestos liabilities.

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