On May 2, SEC announced SALI online background checks for IAs. SEC Action Lookup for Individuals (SALI) will help check background of advisors. SALI tool allows investor to identify person subject to judgment or enforcement. Identify individuals who have been parties to past SEC enforcement actions and against whom federal courts have entered judgments, or SEC…
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CIRC Anbang Equity Protection
On Apr. 4, CIRC issued Anbang protection and investor selection. After investigation found some shareholders of Anbang Insurance Group had used non-ownership funds to aid their preparation of fraudulent construction materials. Supervisory Response To strengthen supervision of insurance, to effectively prevent financial risks, and severely crack down on illegal and infringing behavior of insurance equity holders.…
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ASIC Conflicts Giving Advice
On Jan. 23, ASIC issued report on conflicts in advice by larger firm's. Reported on how large financial institutions manage conflicts of interest in advice. Findings Reviewed advice provided by five biggest vertically integrated financial institutions. Identified areas where improvement needed in management of conflicts of interest. In most cases, weightings in products recommended towards…
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Hong Kong – Courts Find no Evidence in Insider Dealing
The Eastern Magistrates’ Court today found that Mr Lam Yik Tung, a former employee of BNP Paribas Capital (Asia Pacific) Limited, and his friends – Mr Chan Lit Chun and Mr Anson Mui Ka Leung – were not guilty of insider dealing in the shares of Integrated Distribution Services Group Limited (IDS) in 2010 (Notes 1…
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UK FRC Collapse of Carillion
On Jan. 15, FRC issued actions on impact of Carillion collapse. FRC is actively monitoring situation, contact with other relevant regulatory bodies. Possess power to investigate accountants and circumstances relating to the audit. Obliged to follow due process, will make further statement on this matter shortly. Pensions Meeting Concerns raised over its £587mn pensions deficit,…
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FINRA’s Cook Wants to Stop Bad Actors
On Jan. 10, 2018, FINRA issued video of high-risk registered representative program. Discussion with Mike Rufino, EVP, Head of FINRA Member Regulation,—Sales Practice. Included overview of the program and criteria FINRA use to identify high-risk activity. With tools and resources which are available to help firms perform their own reviews.
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