Category: Financial Services

CySEC fine
December 31, 2024 BY Sam Boughedda

CySEC Proposes English-Language Expansion for Prospectuses

The regulator published a Consultation Paper on 27 December 2024. The proposal also requires that a Greek summary accompany all prospectuses to safeguard investor accessibility. Currently, CySEC mandates that prospectuses be prepared in Greek, with exceptions allowing English under certain conditions. However, the proposed amendment seeks to broaden these exceptions, enabling more issuers to use…

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December 30, 2024 BY Sam Boughedda

BBVA Establishes Analytics Transformation Unit

The move aimed at enhancing the bank’s data-driven services by integrating advanced artificial intelligence (AI) technologies and predictive analytics to provide greater value to customers and streamline internal processes. BBVA explained that the new unit combines generative and predictive AI to use historical data for future trend forecasting. This is with the aim of accelerating…

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December 30, 2024 BY Sam Boughedda

Jefferies Receives Small Fine From FINRA

The regulator added that the fine is part of a larger $250,000 settlement which was resolved “simultaneously with similar matters.”  FINRA states: "Regulation M under the Securities Exchange Act of 1934, in relevant part, makes it unlawful for underwriters, broker-dealers, and other distribution participants to directly or indirectly 'bid for, purchase, or attempt to induce…

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Hong Kong SFC
December 30, 2024 BY Sam Boughedda

Hong Kong Regulator Fines Ever-Long Securities Company Limited $3m

The SFC investigation is said to have found that Ever-Long fell short in conducting due diligence, disclosing material issues, and ensuring the accuracy of the Application Proof submitted for Coastal’s listing.  The regulator explained that key failures included neglecting to verify the rationale and legality of a leasing arrangement central to Coastal's business model, which…

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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…

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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…

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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,…

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Visa
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…

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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…

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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…

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