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Monetary Authority Of Singapore Proposes New Powers To Enhance Effectiveness In Addressing Financial Sector-Wide Risks

Date 21/07/2020

The Monetary Authority of Singapore (MAS) today issued a consultation paper proposing enhanced powers to deal with risks that can undermine the financial sector. The proposed new Act for financial services and markets will consolidate similar provisions for various classes of financial institutions in the MAS Act into a single legislation. In addition, the new Act will include additional powers to prohibit unsuitable individuals from working in the financial industry, expand the scope of anti-money laundering and countering the financing of terrorism (AML/CFT) requirements to persons in Singapore who provide digital token services overseas, strengthen the framework for technology risk management, and enhance the effectiveness of dispute resolution.
SEC Charges Silicon Valley Start-Up And CEO With Defrauding Investors

Date 20/07/2020

The Securities and Exchange Commission today charged a Mountain View, California-based technology start-up and its chief executive officer with defrauding investors by making false and misleading statements about the company’s finances and sources of revenue.
MIAX Options Exchange - SPIKES Special Settlement Auction Settlement Reference Price Opening Width And Valid And Priority Quote Width Tables Used In The July 22, 2020 SPIKES Special Settlement Auction

Date 20/07/2020

Due to sustained market volatility, MIAX Options will continue to use the Settlement Reference Price Opening Width and Valid and Priority Quote Width tables detailed in MIAX Regulatory Circular 2020-11 for opening the SPY August 21, 2020 options used in the July 22, 2020 SPIKES Special Settlement Auction.
SEC: UBS To Pay $10 Million For Violating Rules Which Give Priority To Retail Investors In Municipal Offerings

Date 20/07/2020

The Securities and Exchange Commission today announced that UBS Financial Services Inc. has agreed to pay more than $10 million to resolve charges that it circumvented the priority given to retail investors in certain municipal bond offerings.
CFTC Orders Florida Company To Pay $75,000 For Registration Violations

Date 20/07/2020

The Commodity Futures Trading Commission today issued an order filing and settling an enforcement action against Southwest Group, LLC of Fort Myers, Florida for acting as an unregistered retail foreign exchange dealer. The order requires Southwest Group to cease and desist from further violations of the Commodity Exchange Act and CFTC regulations, as charged, and to pay a civil monetary penalty of $75,000.

SEC Charges Financial Advisor With Fraud For Stealing Millions From Investors

Date 20/07/2020

The Securities and Exchange Commission today charged former registered representative and investment adviser Michael Barry Carter with fraud for stealing from brokerage customers and an elderly advisory client.
Pending Applications By EU Administrators Of Benchmarks – Article 51.1 Of BMR

Date 20/07/2020

The following table includes the information shared by National Competent Authorities with ESMA in relation to the applications for authorisation and registration by EU administrators under Article 51.1 of BMR for which, as of 01.01.2020, the decision by the relevant competent authority is still pending.
Moscow Exchange Changes The Tick Size From The 3rd Of August 2020

Date 20/07/2020

To increase the effectiveness of equity market microstructure, MOEX establishes the new tick size and Decimals parameter for the following stocks starting 3rd August 2020 in the following trading modes:
- Main trading mode Т+ ("Т+2" order book)
- Odd lots trading mode
- Dark pool trading mode
- IIR sector — Main trading mode Т+
- Negotiated trades mode (NTM)
- NTM with CCP trading mode
- IIR sector — NTM trading mode
- IIR sector — NTM with CCP trading mode

EU Citizens As Users Sidelined In Favour Of Financial Industry In European Financial Policymaking And Supervision

Date 20/07/2020

The new composition of the European Supervisory Authorities’ (ESAs) “Stakeholder Groups” is a step backwards with regard to a balanced representation between industry and consumers in EU financial rulemaking. This is the result of the recent ESAs reform which reduced the quotas for consumers and academics in favour of financial institutions (industry & “professional associations”).

Borsa Istanbul: Removal Of Zero From The Index Go Live Date

Date 20/07/2020

All preparations and the member rehearsals regarding the Removal of Two Zeros from BIST Equity Indexes have been completed. In this context, the BISTECH trading system update, which includes the changes regarding the trading principles of Derivatives Market futures and options contracts, will go-live on July 27, 2020 as planned. Please click for the related Announcement.