Category: Financial Services

DFSA fines individual US$52,500
February 13, 2017 BY Valentina Kirilova

Dubai DFSA launches second consultation into crowdfunding framework to support SME financing

The Dubai Financial Services Authority (DFSA) has launched the next phase of consultations on its proposed framework for regulating crowdfunding platforms in the Dubai International Financial Centre (DIFC), with a paper detailing its approach to investment-based crowdfunding. The consultation is the second in a series of papers which outline the DFSA’s measures to support the…

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February 13, 2017 BY Valentina Kirilova

HKFE announces revised margins for futures contracts

Hong Kong Futures Exchange Limited (HKFE), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), has released a list of minimum margins to be collected by an Exchange Participant from its clients in respect of their dealings in these particular futures contracts. The information is with effect from the commencement of trading on Monday,…

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February 13, 2017 BY Valentina Kirilova

FCA warns on Halifax and Penn firm

UK financial regulator Financial Conduct Authority (FCA) has issued its latest warning against an unregulated financial services provider targeting UK consumers. The FCA’s latest warning is against the firm Halifax and Penn. Halifax and Penn is not authorised by the FCA but has been targeting people in the UK and is also carrying on regulated…

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Hong Kong SFC
February 13, 2017 BY Valentina Kirilova

SFC seeks court orders against former chairman of Kong Sun Holdings Ltd and China Sandi Holdings Ltd

The Securities and Futures Commission (SFC) has commenced legal proceedings in the Court of First Instance to seek disqualification and compensation orders against Mr Tse On Kin, former chairman and executive director of Kong Sun Holdings Limited (Kong Sun) and China Sandi Holdings Limited (China Sandi), for devising a scheme to conceal his interests in…

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ESMA bond liquidity data
February 13, 2017 BY Valentina Kirilova

ESMA issues an opinion on share classes of UCITS

On 30 January 2017, ESMA has issued an Opinion, addressed to national regulators in order to ensure a harmonised approach across the EU, in which it sets out the following four high-level principles which UCITS must follow when setting up different share classes: common investment objective; non-contagion; pre-determination; and transparency. It should be noted that…

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sfc bans
February 13, 2017 BY Valentina Kirilova

SFC bans a former employee of HSBC for life

The Securities and Futures Commission (SFC) has banned Ms Li Lee, a former employee of The Hongkong and Shanghai Banking Corporation Limited (HSBC), from re-entering the industry for life following her criminal convictions. The District Court earlier found that Li, who was responsible for selling and promoting investment and insurance products at HSBC at the…

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February 13, 2017 BY Valentina Kirilova

HKEX appoints Ferheen Mahomed as Group General Counsel

Hong Kong Exchanges and Clearing Limited (HKEX) has appointed Ferheen Mahomed to serve as its Group General Counsel from today (Monday). Ms Mahomed will head HKEX's Legal Services Department and oversee the Group's legal function, including the teams at the London Metal Exchange (LME) and LME Clear. She will report to HKEX Chief Executive Charles…

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IOSCO issues statement on liquidity risk management recommendations for investment funds
February 13, 2017 BY Valentina Kirilova

IOSCO recognises ADGM as fully compliant with international standards of cooperation and enforcement

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has become a full signatory of the IOSCO Multilateral Memorandum of Understanding (MMoU) after the IOSCO team of international experts assessed ADGM as fully compliant with the international benchmark for effective cross-border cooperation. The IOSCO MMoU provides a global framework for enforcement co-operation…

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WFE launches new website & members’ portal
February 10, 2017 BY Valentina Kirilova

World Federation of Exchanges releases 2016 market highlights

The World Federation of Exchanges (WFE), which represents more than 200 market infrastructure providers including exchanges and CCPs, just published its 2016 Market Highlights. Perhaps highlighting the somewhat exceptional nature of 2015, markets were more subdued in 2016, with most regions showing only modest increases on 2015 figures across the major primary and secondary market…

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