On Jul. 24, SEC added a fund disclosure website for compliance. New site adds pages explains DRAO’s responsibilities and core disclosure principles. A tab aids practitioners, others interested in law, interpretations of fund disclosures. Gather in a single place, various fund disclosure resources, and reference materials.
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About: ILG
Recent Posts by ILG
CSEC €6.5 mn Insider Deal Fine
On Jul. 25, CSEC fine for insider dealing, market manipulation. Fines of almost €6.4mn for share acquisition in Sea Star Capital Plc, for violating laws regarding insider dealing, confidential information and market manipulation. Imposed on Ioannis, Amalia Vardinoyianis, Christodoulos Ellinas, Philippos Larkos. Allegations Possessing confidential information re: change in company activities re: shipping. Ioannis Vardinoyannis…
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ESMA Suitability Requirements
On Jul. 24, ESMA issued report on MiFID suitability requirements. Follows ESMA Apr. 2016 peer review of MiFID suitability requirements. Follows ESMA's May 2018 final guidelines on MIFID II suitability rules. Follow-Up Report Review found improvements with NCA supervision of these suitability requirements. Issued follow-up report regarding oversight by national competent authorities (NCA). Report assesses…
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SEC Deutsche $75mn on ADRs
On Jul. 20, SEC ordered Deusche to pay $75mn for ADR trading. To settle charges of improper handling of pre-released American Depositary Receipts. Follows similar actions on Banca IMI in Aug. 2018 , and ITG. ADRs US securities representing foreign shares of foreign company, require corresponding foreign shares held in custody at depositary bank, pre-release…
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FATF Issues Beneficial Ownership Report
On Jul. 18, FATF issued report on concealing beneficial ownership. FATF and Egmont Group issued report on the concealment of beneficial ownership. Beneficial Ownership Corporate vehicles can be misused to conceal ownership of illegally gained assets. New report assesses vulnerabilities linked to concealment of beneficial ownership, in order to support further risk analysis by governments and…
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Cyprus – SEC Reminds of AML Amendment
On Jul. 18, 2018, CSEC issued reminder of the new provision on cash collection. New Art 5A of AML law prohibits receipt of cash of €10,000 or over, by persons selling gems, precious metal, motor vehicle, work of art, antiques, as business. Applies regardless if carried out in single act or in series of related…
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