News Centre

creditshelf Launches First Digital Securitisation Of SME Loans Together With Crosslend

Date 18/12/2018

• Digital securitisation of credit claims that have originated on the creditshelf platform by new partner CrossLend 

UK’s Financial Conduct Authority Announces Proposals To Fundamentally Reform The Way Banks Charge For Overdrafts And Extends Protections For Other High-Cost Credit Products

Date 18/12/2018

The Financial Conduct Authority (FCA) has today announced the next package of measures forming part of its high-cost credit review. It has announced proposals to change how banks charge for overdrafts, which would bring to an end to banks charging higher prices for unarranged overdrafts. Alongside this the FCA has published the results of its review into the retail banking market.

UK's Financial Conduct Authority: The Financial Services Contracts Regime

Date 18/12/2018

The Government has published draft legislation(link is external) for the financial services contracts regime (FSCR). If the UK leaves the EU without a withdrawal agreement, this will enable firms who do not enter the temporary permissions regime to wind down their UK business in an orderly fashion.

Hong Kong’s Securities And Futures Commission And China Securities Regulatory Commission Hold High-Level Meeting On Enforcement Cooperation

Date 18/12/2018

The Securities and Futures Commission (SFC) and the China Securities Regulatory Commission (CSRC) held the seventh regular high-level meeting in Hong Kong recently to discuss a range of matters concerning cross-boundary enforcement cooperation.

New Zealand's Financial Markets Authority: Two Men Convicted On Crimes Act Charges

Date 18/12/2018

Two men have been found guilty at Tauranga District Court on charges filed by the Financial Markets Authority (FMA).

Scott W. Bauguess, Deputy Director Of The SEC Division Of Economic And Risk Analysis, To Leave The Agency After A Decade Of Service

Date 17/12/2018

The Securities and Exchange Commission today announced that Scott W. Bauguess, Deputy Director of the Division of Economic and Risk Analysis (DERA) and Deputy Chief Economist, will leave the agency in January after more than 11 years of service. Dr. Bauguess joined the division in 2007 as a financial economist, assumed leadership of DERA's Office of Corporate Finance in 2011, and was appointed Deputy Director in 2013. In 2017, Dr. Bauguess served as the agency's Acting Director of DERA and its Acting Chief Economist.

The MiG Report - TSX, TSX Venture Exchange

Date 17/12/2018

MIAX Options Business Continuity And Disaster Recovery Plans Testing - Member Designation Standards

Date 17/12/2018

As required by Regulation Systems Compliance and Integrity and MIAX Options Rule 321, certain Members of MIAX Options will have mandatory participation requirements in the annual SIFMA Business Continuity Planning Disaster Recovery (“BC/DR”) test. MIAX Options will be leveraging the annual industry-wide BC/DR test to fulfill this requirement.

CFTC Charges Chicago-Area Trader With Ongoing Forex And Commodity Fraud

Date 17/12/2018

The Commodity Futures Trading Commission (CFTC) announced the filing of a civil enforcement action against Dro Kholamian of Barrington, Illinois, and his company, Blue Star Trading, LLC (Blue Star), an Illinois limited liability company with an office in Park Ridge, Illinois.  The CFTC Complaint charges that the Defendants fraudulently solicited potential clients to trade leveraged off-exchange foreign currency (forex) and commodity futures contracts through accounts they would manage.  The Defendants did not trade all of the clients’ funds as represented and, instead, misappropriated those funds.  The CFTC Complaint also charges the Defendants with registration violations. Records indicate that Kholamian had an affinity in the Armenian community with at least some of the individuals.

FINRA Fines UBS $5 Million For Significant Deficiencies In Anti-Money Laundering Programs - UBS To Pay $15 Million Total Fine To FINRA, SEC and FinCEN

Date 17/12/2018

FINRA announced today that it has fined UBS Financial Services Inc. (UBSFS) $4.5 million and UBS Securities LLC (UBSS) $500,000 for failing to establish and implement anti-money laundering (AML) programs reasonably designed to monitor certain high-risk transactions in customer accounts. The high-risk transactions included foreign currency wire transfers at UBSFS, and transactions in low-priced equity securities, or “penny stocks,” at UBSS.