Regulatory Notices

USA regulator FINRA says "The SEC's Regulation M is designed to prevent manipulation by individuals with an interest in the outcome of an offering, and prohibits activities and conduct that could artificially influence the market for an offered security."

The decision, says the SEC, fulfils the desire of Congress after the 2008 (sic) financial crisis to reduce reliance on the primary credit reference agencies.

The notice will be published in the Federal Register and will come into force 60 days thereafter.

Following consultation on a number of proposed legislative changes that were set out in Consultation Paper No. 124 the Dubai Financial Services Authority Board, after due consideration of consultees’ comments, made amendments to the DFSA Rulebook as described below. The amendments come into force on 1 July 2019.

The Dubai Financial Services Authority (DFSA) has issued a warning relating to fictitious claims made using the name "Hershel Escrow." False statements are listed below.

The Hong Kong Monetary Authority has this afternoon issued a notice relating to a fake website for a bank.

FinCEN and the Federal Banking Agencies have issued a joint statement "encouraging innovative industry approaches" to money laundering compliance. It's not long and it encourages both human and technological innovation. But, importantly, it specifically says that it does not require those who don't need it to jump into NewTech just because it's there. It also says banks are free to fail when trying new things. It also says that some NewTech might result in regulators finding out things companies might rather they didn't.

The Australian Securities and Investments Commission (ASIC) has permanently banned financial adviser Ezzat-Daniel Nesseim from providing financial services.

The Monetary Authority of Singapore (MAS) announced today that it has issued prohibition orders (POs) against six individuals for the mis-selling of investment products. The individuals are:

Late last year, there were rumours of fundamental financial instability at German bank Deutsche Bank (Deutsche). In September, the German government said it would not provide support for the bank. Speculation was rife as to why but perhaps the strongest was that Angela Merkel, the German Chancellor, was already on a sinking raft in heavy political seas. Then Deutsche started doing deals to settle regulatory cases and the sums are adding up to so much that the future of the bank must now be in doubt.

The UK's Financial Conduct Authority has published a table setting out "the total amount of fines so far." It's a head-shaking moment.

Hong Kong's Securities and Futures Commission has fined MIS Services Limited, formerly Standard Chartered Investment Services HKD3million for an astonishing breach of regulations: it failed to have in post staff who met the qualifying requirements. The breach is not trivial: it lasted for nine years. It raises questions over the performance of the company, its parent(s) and the regulator.

Clearly there was oversight when there should have been supervision.

The DFSA Rulebook and Code of Market Conduct were subject to consultation and, following that, the DFSA Board has concluded the production of revisions to both documents.

The DFSA Board has passed a series of instruments (listed below) to give effect to the new versions. DSFA reminds users that, as a result of the consultation, there may be differences between the final version as published and the original drafts.