Monthly Archives: March 2018

UK FCA Insider Dealing Control

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…
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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…
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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…
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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…
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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…
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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…
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