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Regulation

It might seem a bit of a stretch to suggest that Uber, the dating service for those with a car that isn't a taxi and those with a transport need has much to do with FinTech but a long-running battle first in Spain and then in the European Court of Justice makes a landmark decision that affects the provision of so-called "disruptive" technologies and although it's couched in complex legal terms, the opinion represents a victory for common sense - and potentially causes enormous problems in relation to some aspects of passporting. Financial regulators all over the world should take notice:...

Nigel Morris-Cotterill
BIScom Subsection: 

Credit Suisse Equities (Australia) Limited (Credit Suisse) has paid a penalty of AUD170,000 to comply with an infringement notice from the Markets Disciplinary Panel (MDP).

Editorial Staff
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Andrew Peter Panayiotides, an employee, no longer with the company, of Morgan Stanley Wealth Management in Australia has been banned from providing financial advice for "failing to act in the best interests of clients." The regulator, ASIC, has specifically drawn attention to the incentives structure. Are there also hidden messages about Know Your Customer?

Editorial Staff
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In the iconic TV series, The Magic Roundabout, an old man with a beard rides a tricycle around the garden, making "wheeeee" noises that attract a lot of attention but seem to have little substance. He's the gardener, but his lack of clear purpose means that the garden is, well, let's say, a little unkempt. Fast forward almost 45 years and another Mr McHenry is making noises with, seemingly, worryingly little understanding of what he's talking about. And he's part of the Trump infotainment system that is encouraging the President to make bad policy based on misinformation or, as it's called...

Editorial Staff
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The US Commodity Futures Trading Commission has imposed an agreed penalty of USD200 million on Barclays PLC, Barclays Bank PLC and Barclays Capital, Inc for attempting to manipulate LIBOR and Euribor rates and making false reports to obscure its financial position during the global financial crisis. But there have also been settlements with the US Department of Justice and the UK's Financial Services Authority. The total of fines and penalties is substantial. And other banks may be in the firing line, too.

Editorial Staff
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Even though the UK classifies land-banking as a collective investment scheme and regulates it as such, the Insolvency Service says that far too many people are losing their money in such schemes

Editorial Staff
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On Friday 15th April 2010, the Securities and Exchange Commission was heavily criticised by the Office of the Inspector General. That day the SEC announced "fraud charges" against Goldman Sachs, sending markets reeling but diverting attention from the OIG report. Schapiro appeared before the House Subcommittee the following Monday, in part to rebut the OIG's findings. That the news agenda continued to be taken up with the Goldman's action and paid little or no attention to her appearance before the subcommittee's Appropriations Committee (applying for funding for the SEC) demonstrates the...

Editorial Staff
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In what should have been a surprise, Henry "Hank" Paulson has impressed few with his admissions that he threatened Bank of America that regulators would become interested in the company if it did not take over Merrill Lynch.

Editorial Staff
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