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FINRA Orders Wells Fargo, Raymond James, And LPL Financial To Pay More Than $30 Million In Restitution To Retirement Accounts And Charities Overcharged For Mutual Funds

Date 06/07/2015

The Financial Industry Regulatory Authority (FINRA) announced today that it has ordered Wells Fargo Advisors, LLC, Wells Fargo Advisors Financial Network, LLC, Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and LPL Financial LLC to pay more than $30 million in restitution, including interest, to affected customers for failing to waive mutual fund sales charges for certain charitable and retirement accounts. Wells Fargo, Raymond James and LPL will pay affected customers an estimated $15 million, $8.7 million and $6.3 million, respectively. In addition to this amount, LPL will be paying restitution to eligible customers who purchase or purchased mutual funds without an appropriate sales charge waiver from January 1, 2015, through the date that the firm fully implements training, systems and procedures related to the supervision of mutual fund sales waivers.

CFTC Commitments Of Traders Reports Update

Date 06/07/2015

The current reports for the week of June 30, 2015 are now available.

Monetary Authority Of Singapore' Response To Media Queries On Recent Developments In Greece

Date 06/07/2015

In response to media queries, the Monetary Authority of Singapore (MAS) said today that Singapore's domestic money and foreign exchange markets continue to function in an orderly fashion. The direct exposure of our economy and banking system to Greece is negligible, accounting for just under 0.2% of total trade and 0.1% of total banking system assets. There is some uncertainty as to the broader impact of continuing developments in Greece. MAS is closely monitoring developments in the Eurozone economy and global financial markets, and their potential impact on domestic markets and the economy.

SEC Charges Oil Company And CEO In Scheme Targeting Chinese-Americans And EB-5 Investors

Date 06/07/2015

The Securities and Exchange Commission today charged a Bay Area oil and gas company and its CEO with running a $68 million Ponzi-like scheme and affinity fraud that targeted the Chinese-American community in California and investors in Asia, including some solicited as part of the EB-5 Immigrant Investor Program.

European Central Bank: Emergency Liquidity Assistance To Greek Banks Maintained

Date 06/07/2015

• Emergency liquidity assistance maintained at 26 June 2015 level
• Haircuts on collateral for ELA adjusted
• Governing Council closely monitoring situation in financial markets

Finansinspektionen: The Future Structure Of Banks’ Capital Requirements

Date 06/07/2015

At the Financial Stability Council meeting of 15 June, Finansinspektionen presented its views on the future structure of banks’ capital requirements. The main conclusions presented by the paper are that:

• The introduction of a high leverage ratio requirement could impact negatively on financial stability.
• There is scope for improvements to the current risk-based framework, (such as reducing model risks) which could lead to capital requirements rising considerably over the coming years.
• FI does not currently see any justification for raising capital requirements to reduce the value of the implicit state guarantee.

In addition to the paper presented by FI, the Riksbank also presented a paper with their view on the need to reform capital requirements for Swedish banks.

TASE Implementing Strategic Plan - Igal Bareket Appointed To Chief Marketing Officer (CMO)

Date 06/07/2015

The Tel Aviv Stock Exchange's management is continuing to implement its strategic plan and for the first time, aChief Marketing Officer is being appointed: Mr. Igal Bareket.

CBOE Futures Exchange To List VIX 'Weeklys' Futures July 23

Date 06/07/2015

CBOE Futures Exchange, LLC (CFE®) today announced that it plans to list futures with weekly expirations on the CBOE Volatility Index®(VIX® Index) beginning Thursday, July 23, 2015, subject to regulatory review. VIX Weeklys options at CBOE are expected to follow, also subject to regulatory approval.

EBA Publishes Technical Standards On Independent Valuers

Date 06/07/2015

CFTC Files Enforcement Action Against Chinese National Yumin Li And BVI Company Kering Capital Ltd. For Defrauding A CME Member In An Illegal Trading Scheme - Li And Kering Capital Charged With Defrauding Li’s Employer And Misappropriation Through A Scheme Involving Fictitious And Non-Competitive Trading - Court Enters Restraining Order Freezing Defendants’ Accounts And Protecting Books And Records

Date 06/07/2015

The U.S. Commodity Futures Trading Commission (CFTC) today filed a civil enforcement action charging Defendants Yumin Li, a citizen of the People’s Republic of China, and Kering Capital Ltd., a British Virgin Islands (BVI) company owned by Li’s mother, with fraud, engaging in fictitious transactions, and trading noncompetitively, in violation of the Commodity Exchange Act and CFTC regulations. Neither Li nor Kering Capital has ever been registered with the CFTC.