The Hong Kong Securities and Futures Commission (SFC) announced that it has reprimanded and fined UBS Securities Asia Limited (UBS Securities) $4.5 million for failing to put in place effective controls to record transactions and client consents in relation to its facilitation trading activities. In the course of an SFC inspection in 2016 and a…
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The U.S. Securities and Exchange Commission (SEC) today announced that Electronic Transaction Clearing (ETC), a registered broker-dealer headquartered in Los Angeles, has agreed to settle charges that it illegally placed more than $25 million of customers’ securities at risk in order to fund its own operations. Among other things, the SEC found that ETC violated the…
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The Hong Kong Securities and Futures Commission (SFC) announced that it has resolved its concerns with Deutsche Bank AKTIENGESELLSCHAFT (DBAG) and its wholly-owned subsidiary Deutsche Securities Asia Limited (DSAL) over regulatory breaches related to short position reporting, unlicensed regulated activities and segregation of client monies. Under the resolution, the SFC publicly reprimanded and fined them…
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The Securities and Exchange Commission (SEC) has announced settled charges against Merrill Lynch, Pierce, Fenner & Smith Inc. company for its failure to perform required gatekeeping functions in the unregistered sales of securities on behalf of a China-based issuer and its affiliates. The SEC’s order found that Merrill Lynch sold almost three million shares of…
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UK financial regulator the Financial Conduct Authority (FCA) has announced that it has fined Guillaume Adolph £180,000, and banned him from performing any function in relation to any regulated financial activity. Mr. Adolph formerly worked at Deutsche Bank AG (FRA:DBK) as a short-term interest rate derivatives trader, trading products referenced to CHF (Swiss Franc) and JPY…
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The Financial Conduct Authority (FCA) announced that it has today imposed a fine of £1,976,000 on credit card lender, Vanquis, for failing to disclose the full price of an add-on product, called Repayment Option Plan (ROP). The firm will also repay an estimated £168,781,000 in compensation which constitutes the amount of the charges not disclosed…
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The Hong Kong Securities and Futures Commission (SFC) has informed that the Court of First Instance has ordered a former senior executive of an affiliate of Titan Petrochemical Group Limited (Titan), Mr Augustine Cheong Kai Tjieh and his mother, Ms Gan Ser Soon to pay investors after the Market Misconduct Tribunal (MMT) earlier found the…
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The Board of the Cyprus Securities and Exchange Commission (CySEC) has informed the public that, at the meeting held on 13th November 2017, it has decided to impose a total administrative fine of €138.000 to CIF ICFD Ltd for non compliance with several issues (see below). ICFD Ltd operates the iForex Retail FX brokerage brand.…
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The Hong Kong Securities and Futures Commission (SFC) informed that it has reprimanded and fined Interactive Brokers Hong Kong Limited (IBHK) $4.5 million after resolving concerns over IBHK’s breaches of the Code of Conduct in its execution of market orders using electronic and algorithmic trading systems. The SFC’s disciplinary action followed two market disruption incidents…
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The Board of the Cyprus Securities and Exchange Commission (CySEC) has just informed the public that, at its meeting held on 20th November 2017, decided to impose a total administrative fine of €20.000 on the ASP Chesterfield Corporate Services Ltd for noncompliance with: Sections 58(a), 58(c) and 58(e) of the Prevention and Suppression of Money…
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