Monthly Archives: December 2017

Germany – BaFin Inside Information Use

On 28 December, BaFin issued guide on insider trading, manipulation. Presentation documents as part of the BaFin issuer workshop on Dec. 11, 2017. Insider Dealing Publishing and dealing with inside information, Illegal disclosure, and sanctions. Publish if issuer admitted to regulated market or MTF/OTF approved instrument. Information a reasonable investor would use as a basis for…
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U.S. DoJ Shipyard $422mn Bribery

On Dec. 22, DoJ fined Singapore-based shipyard in bribery breach. Keppel Offshore & Marine (KOM) and its US based subsidiary to pay $422mn penalty. KOM is a Singapore-based company that repairs ships, owns the KOM US subsidiary. Bribery Scheme Charges arise from 10 year scheme to pay millions in bribes to pay Brazilian officials. KOM…
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FINMA JP Morgan AML Censure

On Dec. 21, FINMA censured JP Morgan for AML failing re 1MDB.   JPM seriously breached AML rules by not screening 1MDB transaction, relationship. Alleged Violations Bank did not screen transactions and business relationships booked in Switzerland. Swiss breach associated with Malaysian sovereign wealth fund, 1MDB. FINMA proceedings in 2016-17, uncovered serious shortcomings with AML…
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E.U. ESMA Simplified Prospectuses

On December 15, 2017, ESMA proposed draft RTS on prospectus summary information. On key financial information to appear in summary per new prospectus regulation. Data and machine readability of information sent to ESMA for storage, including a mechanism which provides public with free-of-charge access and search functions. Adverts on public offers or new trading, cases…
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UK FCA AIM Company Insider

On December 14, UK FCA fined company for disclosing inside information. Tejoori self-managed closed-ended investment company, shares on AIM 2006-17. First fine FCA imposed on AIM company for late disclosure after MAR in July 2016. Did not inform the market of inside information as required by MAR Article 17(1). Alleged Violations 2016, firm had investment…
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U.S. SEC Insider Trading Stock Ring

On Dec. 11, SEC charged stock trader in $1mn insider trading scheme. Joseph Spera allegedly stole confidential information from other firms and clients. Alleged Violations Spera and ex-colleagues, used information, to trade ahead of secondary offerings. Trading ring posed as portfolio managers, induce other firms to share information. To bring them ''over the wall'', and…
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