News Centre

Dubai SME And NASDAQ Dubai Sign Agreement To Support Growth And Expansion Of SME Sector - Options Include Initial Public Offering (IPO) On Region's International Exchange - Partnership Promotes Success Of SME Sector In Supporting Dubai's Continuing Economic Growth

Date 11/12/2012

Dubai SME, the agency of the Department of Economic Development (DED) mandated to develop the small and medium enterprise (SME) sector, and NASDAQ Dubai, the region's international exchange, today signed an agreement to guide SMEs towards suitable financing options to fund their growth, including carrying out an initial public offering (IPO).

SEC Charges New York-Based Fund Manager With Conducting Fraudulent Trading Schemes

Date 11/12/2012

The Securities and Exchange Commission today charged a New York-based fund manager with conducting a pair of illegal trading schemes to financially benefit his investment fund Octagon Capital Partners LP.

Federal Reserve Board Issues Consent Cease And Desist Order, And Assesses Civil Money Penalty Against HSBC Holdings PLC And HSBC North America Holdings, Inc.

Date 11/12/2012

The Federal Reserve Board on Tuesday issued a consent cease and desist order against HSBC Holdings plc, London, United Kingdom, (Holdings) and assessed a $165 million civil money penalty against Holdings and its subsidiary in the United States, HSBC North America Holdings, Inc., New York, New York (HNAH). The civil money penalty is the largest the Federal Reserve has assessed as a result of unsafe and unsound practices related to insufficient compliance with Bank Secrecy Act and anti-money laundering requirements, and U.S. economic sanctions.

SEC Charges New Jersey-Based Consultant To Chinese Reverse Merger Companies With Violating Securities Laws

Date 11/12/2012

The Securities and Exchange Commission today charged a New Jersey-based consultant with violating securities laws and defrauding some investors while helping Chinese companies gain access to the U.S. capital markets.

European Commission Statement On The Authorisation Of Enhanced Cooperation For The Financial Transactions Tax

Date 11/12/2012

Chair, Honourable Members,

I wish first to thank the European Parliament, and in particular the rapporteur, Mrs Anni Podimata, for its excellent work and its support on this important file.

CFTC’s Division Of Market Oversight Provides Time-Limited No-Action Relief To Provide Certain Exemptive Relief Consistent With The Expiring July 2012 Exemptive Order

Date 11/12/2012

The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (DMO) today announced the issuance of a time-limited no-action letter providing temporary no-action relief consistent with the intent to preserve the regulatory status quo with respect to transactions and persons described in certain paragraphs of the Commission’s expiring Second Amendment to July 14, 2011 Order (due to expire on December 31, 2012) and the conditions thereto, by permitting transactions and relevant persons to continue to operate in compliance with various CEA exemptive and excluding provisions in place prior to July 16, 2011, subject to, among other conditions, various anti-fraud and anti-manipulation prohibitions.

UK’s Financial Services Authority Requires Action Of The HSBC Group

Date 11/12/2012

The Financial Services Authority (FSA), as lead regulator for the HSBC Group globally, is taking action in relation to issues in respect of HSBC’s compliance with anti-money laundering rules and US sanctions requirements. The FSA has worked closely with the relevant US authorities and this action is separate to, but coordinated with the actions taken by them.

U.S. Treasury Department Reaches Landmark Settlement With HSBC - Combined Federal, Local, International Action Marks Largest Bank Settlement In U.S. History

Date 11/12/2012

The U.S. Department of the Treasury today announced settlements amounting to $875 million – the largest collective settlement in the department’s history – with HSBC Holdings plc (together with its affiliates, HSBC). The Treasury Department’s collective settlement, reached by the Financial Crimes Enforcement Network (FinCEN), the Office of the Comptroller of the Currency (OCC), and the Office of Foreign Assets Control (OFAC) is part of the combined federal, local, and international government action that amounted to the largest bank settlement in U.S. history. In total, more than $1.9 billion were assessed in penalties for HSBC’s conduct in violation of the Bank Secrecy Act (BSA) and U.S. sanctions.

FTSE MIB Index Quarterly Review

Date 11/12/2012

The FTSE Italia Index Policy Committee has approved the following changes to the FTSE MIB Index which will become effective after the close of business on Friday, 21 December 2012 (i.e. on Thursday, 27 December 2012).

Jennifer Mchugh Named Senior Advisor In SEC’s Division Of Investment Management

Date 11/12/2012

The Securities and Exchange Commission today announced that Jennifer B. McHugh  has been named Senior Advisor to the Director in its Division of Investment  Management.