On Mar. 27, FCA proposed financial crime guide on insider trading. FCA has launched consultation on change to the financial crime guide for firms. Crime captures a range of offenses, including insider dealing and manipulation. However, guide does not currently cover countering the risks of insider dealing. Aims and Scope Guide provides practical assistance, information…
Read more
ESMA Market Abuse FAQs 2018
On Mar. 23, ESMA updated its FAQs on implementation of MAR. Follows Dec. 2017, ESMA updated FAQs on market abuse regulations. Updated FAQs ESMA has approved new update to existing MAR FAQ on Pillar 2 requirements and the obligation to disclose inside information, in order to cover the MREL exercise. MRELs must ensure bank has…
Read more
OFAC Iran Cyber US Colleges
On Mar. 23, Treasury OFAC designated Iran cyber actors of colleges. Sanctioned Iranian cyber actors for activities targeting hundreds of universities. Mabna Institute Engaged in theft of personal identifiers and resources for private financial gain. Contracted with Iran government and private entities, to do hacking activities. Conducted coordinated intrusions, into systems belonging to 144 US…
Read more
HK SFC UBS Asia $4.5mn Fine
On Mar. 21, HK SFC fined UBS for facilitation of trading activities. Fined UBS securities Asia Limited $4.5mn for failing to maintain effective controls. Alleged Violations Deficiencies involve record keeping of designation of trades as being 'facilitation'. UBS failed to provide complete information of client consent for facilitation trades. In 2015-16, UBS only able to…
Read more
SEC Pay $83mn Whistleblower – Largest Ever
On Mar. 19, SEC announced largest whistleblower award of $83mn. Highest-ever Dodd-Frank awards, with two whistleblowers sharing nearly $50mn and a third whistleblower receiving over $33mn, The previous high was $30mn paid in 2014, Provided significant information, enabled SEC to pursue, remedy serious violation, Hope to encourage others with specific, high-quality information to report to SEC. Law Firm Statement…
Read more
FINRA Fine Puma AML on Stocks
On Mar. 15, FINRA fined Puma Capital $70k for AML penny stock. Puma Capital fined and required to certify compliance with Bank Secrecy Act. FINRA Rule 3310, S. 5 of Securities Act. distribution of unregistered securities. Alleged Violations Lacked an efficient AML program designed to achieve and monitor compliance. Did not report potentially suspicious activity…
Read more
- 1
- 2