Category: Fines

November 22, 2017 BY Valentina Kirilova

FINRA fines J.P. Morgan Securities LLC $1.25 million

The Financial Industry Regulatory Authority (FINRA) today announced it has fined J.P. Morgan Securities, LLC $1.25 million for failing to conduct timely or adequate background checks on approximately 8,600, or 95 percent, of its non-registered associated persons from January 2009 through May 2017. Federal securities laws require broker-dealers to fingerprint certain associated persons working in…

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November 22, 2017 BY Valentina Kirilova

HSBC Private Bank (Suisse) SA fined HK$400 million for systemic failures in selling structured products

HSBC Private Bank (Suisse) SA, the Hong Kong branch of the Switzerland-based private banking business of HSBC Group, has been fined a record sum of HK$400 million after the Securities and Futures Appeals Tribunal (SFAT) upheld the Hong Kong SFC’s disciplinary action against the bank for material systemic failures in relation to the sale of…

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SFC fines
November 20, 2017 BY LeapRate Staff

ANZ and NAB fined $10 million each for 'unconscionable conduct' in setting of the Bank Bill Swap Rate

Australia financial regulator ASIC has announced that it has accepted enforceable undertakings from Australia and New Zealand Banking Group (ASX:ANZ), and National Australia Bank Ltd. (ASX:NAB), to address conduct relating to the Bank Bill Swap Rate (BBSW). Australia and New Zealand Banking Group (ANZ) and National Australia Bank (NAB) have today entered into enforceable undertakings (EUs) with ASIC…

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fcstone fine
November 14, 2017 BY LeapRate Staff

INTL FCStone Inc units fined for Unlawful Exchange for Related Position Transactions (EFRPs)

The U.S. Commodity Futures Trading Commission (CFTC) has issued an order filing and settling charges against FCStone Merchant Services LLC (FCStone Merchant) for entering into multiple noncompetitive trades and against INTL FCStone Financial Inc. (FCStone Financial), a registered Futures Commission Merchant based in Chicago, Illinois, for reporting non-bona fide prices to the Chicago Mercantile Exchange (CME) between December 2013…

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CFTC offices
November 03, 2017 BY LeapRate Staff

Morgan Stanley hit with CFTC fine for Futures and Options trade reporting

The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against the Morgan Stanley and Co. Incorporated unit of Morgan Stanley (NYSE:MS), a registered Futures Commission Merchant (FCM), for non-compliance with applicable rules governing Part 17 Large Trader reports to the CFTC spanning a ten-year period and affecting thousands…

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DFSA
October 30, 2017 BY Valentina Kirilova

NSG Services fined $1 million for breach of best interests duty

The Federal Court informed that it has imposed a civil penalty of $1 million against Melbourne-based financial advice firm NSG Services Pty Ltd (currently named Golden Financial Group Pty Ltd) (NSG) for breaches of the best interests duty introduced under the Future of Financial Advice (FOFA) reforms. This is the first civil penalty imposed on…

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DFSA
October 27, 2017 BY Valentina Kirilova

Former NAB adviser fined $1,000 for forging documents

Mr Shane Thompson, of New Gisborne, Victoria, has pleaded guilty in the Melbourne Magistrates' Court to two charges that he forged and submitted financial planning documents for his own personal gain, ASIC informed earlier today. The charges, brought by ASIC, allege that between 27 December 2012 and 1 March 2013, Mr Thompson completed 22 false…

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SFC fines
October 23, 2017 BY Valentina Kirilova

First EMIR derivatives reporting fine handed out to Merrill Lynch - £34.5 million

Merrill Lynch International (MLI) has been fined £34,524,000 by the Financial Conduct Authority (FCA) for failing to report 68.5 million exchange traded derivative transactions between 12 February 2014 and 6 February 2016. This is the first enforcement action against a firm for failing to report details of trading in exchange traded derivatives, under the European…

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