On 7 September, SEC fined State Street $35mn for overcharges and disclosure. State Street to pay over $35mn for fraudulently charging clients secret markups. Bank and Trust Company to pay $3mn fine; and Global Markets, Global Advisors Funds Distributors, and Bank and Trust Company agreed to pay in $32.3mn fines. Transition Services Scheme to overcharge…
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Hong Kong – SFC Commences Insider Dealing Case
The Securities and Futures Commission (SFC) commenced criminal proceedings in the Eastern Magistrates’ Court today against Mr Au-Yeung Siu Pang over alleged insider dealing in the shares of China CBM Group Company Limited (China CBM) (Note 1). The SFC alleges that between 28 and 29 March 2012, Au-Yeung, at the time an employee of China…
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Switzerland – FINMA AML Beneficial Owner
On 4 September, FINMA proposed new AML rules, for beneficial ownership. Follows fourth round mutual evaluation of Switzerland's AML provisions by FATF. Due to shortcomings, country entered the FATF enhanced follow-up procedure. Amendments are part of wider package of measures in response to FATF report. Package was summarized in a 28 June 2017, release issued…
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E.U. ESMA Market Abuse FAQs
On 1 September, ESMA updated FAQ on scope financial instruments for market soundings. Cover question 6.1 (market abuse), 9.1 (market soundings), 10.1, 10.2 (insider lists). Notes that MAR does not cross refer to MiFID/UCITs so not limited to those categories. Prevention of market abuse applies to all persons professional arranging transactions. This can extend…
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