Mitsubishi UFJ Financial Group Reorganises Overseas Securities Entities LeapRate

December 27, 2024 BY Sam Boughedda

Mitsubishi UFJ Financial Group Reorganises Overseas Securities Entities

The company revealed that effective 1 July 2025, three international subsidiaries—MUFG Securities EMEA plc, MUFG Securities Asia Limited, and MUFG Securities (Canada), Ltd.—will transfer from Mitsubishi UFJ Securities Holdings Co., Ltd. (MUSHD) to become direct subsidiaries of MUFG Bank. The move is subject to regulatory approvals in Japan and abroad. The restructuring is said to…

December 27, 2024 BY Sam Boughedda

J.P. Morgan Securities Fined $3 Million by FINRA

The fine was for inaccuracies in its short interest positions reporting and deficiencies in its supervisory systems. According to FINRA, the violations spanned over 16 years, from June 2008 to August 2024, involving approximately 820,000 short interest positions totalling 77 billion shares. The regulator found that J.P. Morgan both overreported and underreported short interest data…

December 27, 2024 BY Sam Boughedda

Mastercard: US Holiday Season Retail Sales Grew 3.8%

The payments giant said in a release Thursday that it indicates a consumer base willing to spend, albeit with a focus on value. The data aligns with Visa's recent holiday spending report, which recently reported a 4.8% year-on-year increase in holiday retail spending across the United States. Mastercard said online shopping remained a strong preference,…

December 24, 2024 BY Sam Boughedda

Visa Says US Holiday Retail Spend Rose 4.8% YoY

In a press release this week, the payments giant explained the data reflects total spending from all payment methods, including cash and cheque, over a seven-week period starting on 1 November 2024. The findings highlight a potential resurgence in consumer confidence and adaptability among retailers. Wayne Best, Visa’s chief economist, noted: “This spending growth demonstrates…

December 24, 2024 BY Sam Boughedda

SEC Charges Investment Adviser Dolphin Associates and Donald Netter for Misleading Investors

The U.S. Securities and Exchange Commission (SEC) said Monday that it has filed charges against Connecticut-based Dolphin Associates III and its principal, Donald T. Netter, accusing them of withholding investor funds, charging excessive fees, and misleading investors. The SEC alleges that since November 2016, Dolphin and Netter improperly suspended withdrawals from a private fund they…

December 24, 2024 BY Sam Boughedda

Fiserv to Acquire Payfare

The deal will see Fiserv pay C$201.5 million ($140 million) for the company and is expected to close in the first half of 2025. Payfare’s offerings, which include card program management, a white-label consumer app, and a microservices orchestration layer, are expected to bolster Fiserv’s embedded finance capabilities. Fiserv added that the solutions complement its…

December 23, 2024 BY Sam Boughedda

Westpac New Zealand Admits to Misleading and Overcharging Over 24,000 Customers

The admissions were made in civil proceedings brought by the Financial Markets Authority (FMA) in the High Court in Auckland. The issues centred on three package types, including Employee, Gold, and Platinum (EGP) packages, as well as personal and business banking packages. Customers entitled to various benefits under the schemes frequently did not receive the…

December 23, 2024 BY Sam Boughedda

Australian Arm of Sanlam Group to Have Compliance Processes Reviewed After Breaching Licensee Obligations

It follows the Australian Securities and Investments Commission’s (ASIC) investigation, which revealed deficiencies in Sanlam Private Wealth Pty Ltd’s oversight of its authorised representatives and corporate authorised representatives (CARs). ASIC said in a press release Monday that it found Sanlam failed to supervise its 42 CARs and 71 authorised representatives adequately, many of whom offered…

December 23, 2024 BY Sam Boughedda

Australian Federal Court Says CFD Issuers EuropeFX and TradeFred Engaged in Systemic Unconscionable Conduct

The court is said to have ruled that collapsed Union Standard International Group Pty Ltd (USG), along with its former authorised representatives BrightAU Capital Pty Ltd (trading as TradeFred) and Maxi EFX Global AU Pty Ltd (trading as EuropeFX), engaged in systemic unconscionable conduct and other legal breaches, resulting in customer losses exceeding $83 million…

December 20, 2024 BY Sam Boughedda

Seaport Global Securities Fined $125k By FINRA

The fine follows a settlement agreement in which Seaport neither admitted nor denied the findings but accepted the sanctions to resolve the matter. According to FINRA, from March 2020 to June 2021, Seaport did not maintain adequate supervisory systems and written procedures for managing manual options transactions. The lapses are said to have included insufficient…