On May 14, ASIC charged an IT consultant with insider trading. Steven Oakes breached private network of Melbourne based financial publisher. Alleged Violations Charges comprise of 115 offences for unauthorized data access, insider trading, As well as destroying, concealing, mutilating or altering books required by ASIC. Information regarded shares due to be published in…
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About: ILG
Recent Posts by ILG
FINTRAC Political Person FAQ
On May 11, FINTRAC issued FAQs on politically exposed persons. FAQs regarding identification, treatment of politically exposed persons in Canada. Including for the heads of international organizations, and their family members. Follows FINTRAC Dec. 2016 guidance on politically exposed persons. Overview Per legal requirements, Canadian financial institutions, life insurance providers, securities dealers and money services…
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SEC BD, IA Fiduciary Proposals
On May 9, 2018, SEC proposed in the federal register, comment Aug. 7, 2018. One filing is on Regulation Best Interest, and the other is on disclosure forms. Separate filing re interpretation of standard of conduct of investment advisers.
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SEC Hedge Fund Insider Trade
On May 8, SEC issued $9mn hedge fund settlement insider trading. Visium Asset Management was charged, for not supervising portfolio managers. Alleged Violations Ignored red flags of managers engaged in asset mismarking and insider trading. Two managers falsely inflated value of securities held by hedge funds it advised. Fund returns falsely inflated, overstated NAV, paid…
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IIROC Enforcement Report 2017
On May 4, IIROC issued report on 2017 enforcement, and suitability. Highlighted actions taken and progress in enforcement in six provinces of Canada. Since Jan. 2017, IIROC gained additional legal authority for enforcement actions. Half of enforcement matters on suitability included seniors, new laws improved it. Sanction Statistics Focus remained on suitability, 45% of prosecutions,…
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SEC Investor IA Search Tool
On May 2, SEC announced SALI online background checks for IAs. SEC Action Lookup for Individuals (SALI) will help check background of advisors. SALI tool allows investor to identify person subject to judgment or enforcement. Identify individuals who have been parties to past SEC enforcement actions and against whom federal courts have entered judgments, or SEC…
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