On June 13, CFTC charged FCM in $5.5mn precious metal scam. Enforcement action against Omega Knight 2, Aviv Michael Hen, and Erez Hen. Alleged Violations For making false statements to sell leveraged, financed, and fully-paid trades. 90 customers paid total of $5.5mn in connection with these false transactions. Funds paid personal, business expenses and so…
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UK FCA Inside Info Disclosure
On Jun. 11, FCA proposed technical note on disclosure delay. Follows ESMA Oct. 2016 MAR guidelines on allowed disclosure delay. FCA Consultation Held discussion with a range of stakeholders on issue of identifying and handling inside information during the preparation of the entity's periodic financial reports. Proposed update note UKLA/TN/506.1 on periodic reports, and inside…
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Fed Single Party Credit Limit
On Jun. 11, 2018, Fed scheduled Jun. 14 meeting on final rule, single-counterparty limits. To establish single-counterparty credit limits and related proposal on regulatory reporting.
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FINRA Trace Treasury Reporting
On Jun. 5, FINRA proposed rules on ATS reporting of Treasuries. Amend Rule 6730 applicable to ATSs which report transactions in US Treasuries. Non-FINRA Principal Members To identify non-FINRA member subscribers on the transaction reports to TRACE. Non-member firms include hedge funds, banks and principal trade firms (PTFs). Principal trade investors often deploys proprietary automated…
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Agency T+2 Settlement Cycle
On Jun. 7, 2018, OCC and FDIC issued federal register, effective Oct, 1, 2018. Background: On Jun. 1, 2018, OCC and FDIC issued final rules to shorten settlement cycle. The rule is effective, 30 days following pending publication in federal register.
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UK FCA Fines Canara GBP 900K
On Jun. 6, FCA issued final notice on Canara bank for AML failure. FCA penalized Canara bank for significant failures regarding AML systems, controls. Allegations Nov. 2012, Mar. 2013 FCA visited Canara as part of Trade Finance Thematic Project. Canara placed on notice of serious weaknesses identified in AML systems, controls. Canara confirmed remedial steps…
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