On 25 September, SEC issued enforcement initiatives against cyber-threats. Two enforcement initiatives address cyber-based threats, protect retail investors. By the creation of SEC cyber unit to focus on targeting cyber-related misconduct. Establish retail strategy task force for schemes directly affecting retail investors. Followed SEC chairman 20 September statement of a cybersecurity breach. Cyber Unit Cyber…
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Recent Posts by ILG
H.K. SFC Bans For Life
On 25 September, the SFC banned a former account executive for conducting unauthorized transactions. Banned for life, Mr Shum Kam Ming, a former account executive of Sincere Securities Limited (Sincere Securities), conducting unauthorized transactions in a client’s account. The disciplinary action follows an SFC investigation which found that between March 2014 and May 2015. Shum…
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U.S. N. Korea Foreign Bank Use
On 21 September, Treasury issued executive order to cut funding to N Korea. Followed 11 September 2017, UN Security Council sanctions on N. Korea. Treasury Statement Said despite UN resolution, North Korean had continued to threaten the world. US Authorities target enablers of regime's economic activity, wherever located. Stated no bank in any country should…
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H.K. SFC Secures Conviction Unlicensed Brokerage
On 21 September, SFC convicts ETRADE Securities (HK) for marketing unlicensed US brokerage services in Hong Kong. First criminal conviction secured by the SFC against an entity for the offence of actively marketing in Hong Kong. ETrade HK pleaded guilty to aiding and abetting ETrade US in holding itself out as a SFC licensee when…
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U.S. CFPB Loan Broker Deception
On 19 September, CFPB acted against loan brokers for deceptive practices. Top Notch Funding, two individuals, lied to consumers awaiting legal settlements. Marketed to those entitled to payment from lawsuit or victim-compensation fund. Firm owner Rory Donadio marketed loans with John Cavalli his business associate. Consumers included ex-National Football League players suffering re neurological disorders,…
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U.K. FCA Handbook Notice
On 13 September, FCA issued new handbook rule notice on fees, training. Covers handbook notice 47 with changes to the FCA handbook based on various CPs. Includes changes to training (CP 17/14), disclosures (CP 17/6), pensions (CP 16/30). And listing rules (corporate governance CP17/6) and payment services fees (CP17/12). Handbook Administrations Board has made minor…
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