On 21 September, SFC convicts ETRADE Securities (HK) for marketing unlicensed US brokerage services in Hong Kong. First criminal conviction secured by the SFC against an entity for the offence of actively marketing in Hong Kong. ETrade HK pleaded guilty to aiding and abetting ETrade US in holding itself out as a SFC licensee when…
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U.S. CFPB Loan Broker Deception
On 19 September, CFPB acted against loan brokers for deceptive practices. Top Notch Funding, two individuals, lied to consumers awaiting legal settlements. Marketed to those entitled to payment from lawsuit or victim-compensation fund. Firm owner Rory Donadio marketed loans with John Cavalli his business associate. Consumers included ex-National Football League players suffering re neurological disorders,…
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U.K. FCA Handbook Notice
On 13 September, FCA issued new handbook rule notice on fees, training. Covers handbook notice 47 with changes to the FCA handbook based on various CPs. Includes changes to training (CP 17/14), disclosures (CP 17/6), pensions (CP 16/30). And listing rules (corporate governance CP17/6) and payment services fees (CP17/12). Handbook Administrations Board has made minor…
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U.S. FINRA Death Put, AML CCO
On 12 September, FINRA fined BD and CCO death put investment, AML. C.L. King & Associates, fined $750k for negligent misrepresentations, omissions. AML compliance officer, Gregg Miller, suspended six months in principal capacity. Fined $20,000, for failing to establish and implement a reasonable AML program. Decision resolves FINRA April 2016 charges brought by enforcement department.…
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U.S. FINRA T+2 Settlement Cycle
On 12 September 2017, FINRA issued 'T+2 Is Here' investor alert on impact from new cycle.
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China -PBOC Briefing on AML Status
On 11 September, PBOC issued statement on 8 September AML briefing in Beijing. Meeting on status of AML work, views from financial institutions on experiences. Yin Yong, VP, of PBOC outlined the deployment, for the next stage of AML tasks. CPC Central Committee and State Council attach great importance to AML work. Seek improved AML…
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