On Feb. 13, 2018, CFPB published finalized change to final rule in federal register. Becomes effective Apr. 9, 2019, with all changes from Jan. 25, reflected comment. Background: Rule covers loans that require consumers to pay all or most of the debt at once. Include auto title loans, deposit advance products, loans with balloon payment.…
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Hong Kong – SFC Best Execution Guide
On Jan. 30, HK SFC issued guidance on conduct for best execution. Issued thematic review of best execution, and effectiveness of control practices. Summary Set standards of conduct, internal controls expected in delivering best execution. Licensed corporations (LCs) should execute client orders on best available terms. Fundamental to market integrity, protect investors, LCs act in…
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U.K. Property Ownership Register
UK BEIS issued notice of a property ownership register. UK cited world-first register stating owners of overseas companies buying property. To go live by early 2021, to crack down on criminal gangs, laundering money in UK. Property AML Since 2004, more than £180mn worth of UK property, has been under investigation. Over 75 percent of…
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U.S. FINRA Margin Investing Alert
On 18 January, FINRA issued alert on investing with borrowed money. Re-issued alert as investors may underestimate risk of margin trading and calls. Investor purchases of securities "on margin" averaged $592bn, up to Nov. 2017. Purchases exceeded the $600 billion mark in Oct. 2017, for first time in history. Warn investors of potential margin calls…
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U.S. CFTC Parts 3 and 9 Regulations
On Jan. 9, CFTC issued part 3, 9 regulation on market discipline. Integrate existing advisory guidance, incorporate swap execution facilities (SEFs), and update provisions currently applicable to designated contract markets (DCMs). CFTC Revisions Part 3 governs registration of intermediaries; while Part 9 details the rules related to CFTC review of exchange disciplinary, access denial, and other adverse…
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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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