Not all EU country regulators agree on what a ‘derivative’ is for EMIR reporting purposes The EU regulator of financial derivatives ESMA has sent a letter to the European Commission on Friday asking for clarification of the derivatives definition under the EMIR (European Market Infrastructure Regulation). According to the press release, the lack of EU…
Read moreThe bank has systemically overcharged clients without their nor management's knowledge UK's financial regulator FCA has issued a press release detailing the wrongdoings of State Street UK and mandated the company to pay a hefty £23 million fine. According to the UK watchdog, State Street UK's Transitions Management has systemically marked up fees on certain…
Read moreVerrier has previously worked for two active players in institutional forex UK regulator FCA has announced in a press release that the Authority has decided to permanently ban from the financial services industry Anthony Verrier who held a senior executive position at BCG Partners. According to the regulator there are serious concerns over Mr Verrier’s…
Read moreThe bank ignored connections to politically exposed persons connected to companies operating from known money laundering jurisdictions The Financial Conduct Authority has issued a press release announcing that it has fined Standard bank PLC £7.6 million for failing to enforce proper anti-money laundering rules and procedures to ensure that corporate customers are not connected to…
Read moreAll IB and affiliate material will need to pass more strict tests LeapRate Exclusive.... Have you ever wondered how long would it take for regulators to target a certain aspect of your business? Well, the ever growing affiliate and IB industry has just bumped into a set of regulatory scrutiny. Consequences for IB’s conducting their…
Read moreBase salaries of advisors selling investment and protection products could be cut in half if targets were not met UK financial regulator FCA has announced on Wednesday that it is imposing its largest-ever fine for misleading retail practices of £28,038,844 on Lloyds Banking Group members – Lloyds TSB Bank and Bank of Scotland. According to…
Read moreFailure to comply with Client Money Rules costs the company almost $1.5 million The Financial Conduct Authority has imposed a fine on SEI Investments Europe for breaching its so called Principle 10. The company has not protected the funds of its investors properly and has breached the standard practice of keeping customers' money in segregated…
Read moreThe UK's financial regulator The FCA plans to use the media as another weapon against violators. UK's financial regulator The FCA (formerly FSA) was given more powers under the UK's Financial Services Act of 2012, and now it has informed the public that it intends to use them. The FCA plans to publish, much earlier in…
Read moreMartin Wheatley, FCA CEO, declares that the FCA is 'a very different animal' than its predecessor the Financial Services Authority (FSA). Today (Tuesday July 9) marks 100 days since the UK's Financial Conduct Authority (or 'FCA') came into being, replacing the Financial Services Authority (or 'FSA') as the main financial regulator in the UK, including…
Read moreCyprus (and other EU) Forex brokers are not just relying on MiFID, but are getting licensed separately in the UK. Two up-and-coming FX brokers, IronFX from Cyprus and Admiral Markets from Estonia, have separately announced that they have each received FCA authorization for their UK subsidiaries. (The FCA, of course, is the recently christened successor…
Read more