On Dec. 31, 2018, SEBI issued (prohibition of insider trading) (amendment) regulations. The amended rules are effective from Apr. 1, 2019.
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CSA Que Investment Dealer Fraud
On Jan. 11, CSA Que fined and jailed an advisor for fraud scheme. Roger Biduk pleaded guilty to 12 counts: 5 counts of unlawful practice, 5 counts of no prospectus offering, 2 counts of giving investor false or misleading information. Alleged Violations Biduk, while registered with AMF,. as an investment dealer, solicited two investors. False…
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FINFSA Money Laundering Guide
On Jan. 7, FINFSA advised AML Standard 2.4 is not yet updated. FINFSA advised that the standard 2.4 knowing the customer - preventing money laundering and terrorist financing, had not yet been updated re 2017, 2018 laws. Overview Not yet take into account amendments to money laundering act in force Jul. 2017. And other legal…
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UN SC Sanctions Iraq Removal
On Jan. 8, 2019, UN SC removed a further three entities from the sanctions list. Namely: General Establishment for Designs and Research and State Enterprise for Aluminium Semi Products in addition to State Enterprise for Cable and Wires.
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MEMX Wall Street Run Exchange
On Jan. 7, MEMX exchange was announced by group of large firms. Group of large banks, brokers, market makers revealed plans to launch exchange. Named Members Exchange, to compete with established NYSE, Nasdaq exchanges. By: Bank of America, UBS, Citadel, Fidelity, E*TRADE, M. Stanley, TD, UBS, Virtu. Critique Responded to claims of unjustified price level…
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Canada – IIROC Worldsource Conflicts
On Jan. 7, C-IIROC fined Worldsource C$200k for fee conflict. Alleged Violations From 2010-17, firm failed to establish and maintain system of internal controls. or supervision that is reasonably designed to achieve compliance of IIROC rules. To deal fairly with clients on fees, contrary to Dealer Member Rules 38.1, 2500. Failed to take steps to identify or address…
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