As a result, the company failed to report certain swap creation data for hundreds of thousands of trades. The missing swap creation data included the financial entity status and the US person indicator for each counterparty. The CFTC determined that Refinitiv had to know or had reasons to suspect there were reporting omissions. The Commission…
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CySEC stated: The Board of the Cyprus Securities and Exchange Commission (CySEC) wishes to inform the public that, at its meeting held on the 5th April 2021, decided to impose an administrative fine of €40.000 to CIF London Capital Group (Cyprus) Ltd (the ‘Company’) for non-compliance with article 16(2) of Regulation (EU) 596/2014 on market…
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One tragic impact of Robinhood’s failures was the suicide of a 20-year-old trader. FINRA noted that the trader had turned margin off on his Robinhood account, so was shocked to find margins had been used. On top of this, the Robinhood app showed a negative balance on his account, which wasn’t accurate. Robinhood’s behaviour directly…
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The SFC reported that in July 2018, Deutsche Securities’ prime brokerage clients replied to the incorrect statements and oversold bonus shares issued by three Hong Kong-listed firms. The regulator revealed that Deutsche Securities discovered the issue within the same month of issuing the incorrect statements and in the following month tracked the problem to a…
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The firm was also found to have employed high-pressure tactics when it came to making sales, recommended trading sales which were found to be inappropriate for its clients, made deceptive representations to clients, failed to comply with several financial services laws, and finally implemented remuneration schemes and a trading floor culture based on maximum trade…
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The EU competition enforcer said in a statement: Today’s decision, correcting the procedural error and including a detailed reasoning on the fine calculation, imposes fines on the three entities of ICAP having participated in the five infringements at the time. The ruling from 2015 accused ICAP of Libor rigging the yen in several cartels with…
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Mung also failed to ensure transactions undertaken on behalf of the client were given priority over orders for his own account in the period between May 2017 and March 2018. In SFC’s decision to impose a fine on Ewarton, the regulator took into consideration the duration of the company’s misconduct. The Commission also took into…
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FCA’s statement said: Unauthorised investment advice exposes consumers to the risk of substantial losses because the adviser has not met the FCA’s tests of competence and fitness; nor do consumers have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme if things go wrong. The court ordered Maricar to pay restitution in…
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The regulator also found that Fulbright failed to report these incidents to the SFC immediately upon discovering them. In deciding the disciplinary sanction, the SFC took into account that adequate and effective internal control systems are fundamental to the fitness and properness of a licensed corporation and that Fulbright’s short selling failures lasted for at…
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CS&C’s general pool held firm and client money for both UK and non-UK clients. The FCA determined that the CSUK failed to arrange adequate protection for its clients’ assets under UK rules including: The firm did not have the right records and accounts to identify its customers’ client assets The firm did not undertake internal…
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