On December 15, 2017, ESMA proposed draft RTS on prospectus summary information. On key financial information to appear in summary per new prospectus regulation. Data and machine readability of information sent to ESMA for storage, including a mechanism which provides public with free-of-charge access and search functions. Adverts on public offers or new trading, cases…
Read more
About: ILG
Recent Posts by ILG
UK FCA AIM Company Insider
On December 14, UK FCA fined company for disclosing inside information. Tejoori self-managed closed-ended investment company, shares on AIM 2006-17. First fine FCA imposed on AIM company for late disclosure after MAR in July 2016. Did not inform the market of inside information as required by MAR Article 17(1). Alleged Violations 2016, firm had investment…
Read more
U.S. SEC Insider Trading Stock Ring
On Dec. 11, SEC charged stock trader in $1mn insider trading scheme. Joseph Spera allegedly stole confidential information from other firms and clients. Alleged Violations Spera and ex-colleagues, used information, to trade ahead of secondary offerings. Trading ring posed as portfolio managers, induce other firms to share information. To bring them ''over the wall'', and…
Read more
U.S. SEC Act on Churning Brokers
On December 6, SEC issued penalty on brokers for unsuitable churning. Zachary Berkey and Daniel Fischer, were brokers at Five Points Capital Partners. Defendants churned accounts, and hid material information from the customers. Unsuitable recommendations and siphoning money by high commissions, costs. Alleged Violations Defendants made lucrative trades for themselves, at expense of their customers.…
Read more
U.K. FCA Illegal Lending
On November 29, FCA issued report on illegal customer money lending. Covers lending to people without regard to rules and requirements of regulation. It can take different forms and affect a range of different consumer groups in UK. FCA found unauthorized lending had existed in UK communities for generations. Happens across the UK and is…
Read more
Cyprus – CBOC Fines RCB Bank re AML
On December 1, CBOC fined RCB Bank Ltd €800k under AML prevention law. Bank failed to comply with provisions under Prevention and Suppression AML laws. Decision of November 29, 2017, imposes sanctions in form of fine, amounting to €800k. If the fine is paid within a specified time limit, it will be reduced by 15%…
Read more
Recent Comments by ILG
No comments by ILG yet.