News Centre

ASIC Releases Draft Disclosure Guidance For Hedge Funds

Date 24/02/2012

ASIC yesterday released for consultation draft regulatory guidance with new disclosure benchmarks and principles for hedge funds to improve investor awareness of the risks associated with these products.

Bursa Malaysia Reprimands, Fines And Suspends Chong Lee Fatt For Unlawful Conduct And Engaging In Unauthorised/False Trading

Date 24/02/2012

Bursa Malaysia Securities Berhad (Bursa Securities) has publicly reprimanded, imposed a fine of RM100,000 and suspended Chong Lee Fatt (Chong) for 12 months as a Registered Person, including from trading on or through the stock market of Bursa Malaysia as a Dealer’s Representative (DR), for breaching rules related to the opening of a client’s account and for unauthorised and false trading activities in the shares of:-

1. YGL Convergence Bhd (YGL); and
2. HDISPLAY (MSC) Bhd (HDISPLAY).

CFTC Staff To Host A Two-Day Public Roundtable To Discuss Additional Customer Collateral Protections

Date 23/02/2012

The Commodity Futures Trading Commission (CFTC) today announced that staff will hold a two-day public roundtable to discuss additional customer collateral protection. The roundtable is to gather public input on a variety of ideas to further protect customers. The agenda for the roundtable is listed below.

FINRA Issues New Investor Alert To Help Investors Understand Their Brokerage Account Statements

Date 23/02/2012

The Financial Industry Regulatory Authority (FINRA) today issued a new Investor Alert called It Pays to Understand Your Brokerage Account Statements and Trade Confirmations to help guide investors through the key elements of their account statements and trade confirmations. FINRA is reminding investors that reviewing their account statements not only helps them stay on top of their holdings, but also alerts them to errors or broker or firm misconduct, such as unauthorized trading or overcharging customers for handling transactions.  

CalPERS Applauds Apple Inc. Board For Adopting Majority Vote Standard

Date 23/02/2012

The California Public Employees’ Retirement System (CalPERS) today praised Apple Inc. for its decision to implement a majority vote standard for its Board of Directors.

SIFMA Develops New Institutional Suitability Certificate To Facilitate Compliance With New FINRA Suitability Requirements

Date 23/02/2012

SIFMA today announced it has developed a new Institutional Suitability Certificate to facilitate broker-dealer compliance with new FINRA Rule 2111, specifically when dealing with institutional clients. 

Industry Authority Launches ETF Global Insight - Deborah Fuhr And Team To Provide Independent Research And Consultancy To The Global ETF Industry

Date 23/02/2012

Award-winning ETF authority, Deborah Fuhr, together with her long-established team, announced today the formation of ETF Global Insight, an independent research and consultancy firm aimed at providing services to the rapidly expanding global Exchange-Traded Fund (ETF) industry.

Re-Proposed Procedures To Establish Appropriate Minimum Block Sizes For Large Notional Off-Facility Swaps And Block Trades; Further Measures To Protect The Identities Of Parties To Swap Transactions - CFTC Statement Of Commissioner Scott D. O’Malia

Date 23/02/2012

On December 7, 2010, the Commission proposed a rule that attempted to: establish minimum block sizes for large notional off-facility swaps and block trades; and institute measures to protect the identities of parties to swap transactions. Unfortunately, that proposal was fundamentally flawed and received numerous critical comments from market participants. Recognizing that the proposal was beyond repair, the Commission wisely chose to withdraw the proposal and began anew. I commend my fellow commissioners and staff for having the wherewithal to admit error and to develop a new proposal. Unfortunately, the new draft, while a modification of the block formula, still fails to establish a realistic proposal that utilizes asset-specific data to develop reasonable block standards, rather than a one-size-fits-all solution.

Michel BARNIER Member Of The European Commission, Responsible For Internal Market And Services Restoring Stability And Growth: Europe Is Taking The Right Decisions U.S. Chamber Of Commerce Washington, DC, 23 February 2012

Date 23/02/2012

Excellencies, Ladies and Gentlemen,

I am very pleased to be with you today. I would like to thank the U.S. Chamber of Commerce, and Vice-President Gary LITMAN in particular, for organising this event.

“Unreasonably Feeble” - Opening Statement Of CFTC Commissioner Scott D. O’Malia Regarding Open Meeting On One Final Rule And One Proposed Rule1

Date 23/02/2012

Introduction

The latest issue of The Economist features an article titled “Over-regulated America”² that features as its archetype for excessive and badly-written regulation our own Dodd-Frank Act. The problem, the article points out, is that rules that sound reasonable on their own may impose a huge collective burden due, in part, to their complexity. Part of the problem is that we, as The Economist points out, are under the impression that we can anticipate and regulate for every eventuality. In our hubris, The Economist warns, our overreaching tends to defeat our good intentions and creates loopholes and perhaps unintentional safe-harbors, leaving our rules ineffectual and subject to abuse. The solution The Economist offers isn’t so unfamiliar, at least to this Commissioner. It is rather simple. It is just that: Rules need to be simple. Echoing President Obama’s 2011 Executive Order 13563 “Improving Regulation and Regulatory Review”³ (which applies equally to independent federal agencies such as the Commodity Futures Trading Commission (the “Commission” or “CFTC”) per a subsequent Executive Order⁴), The Economist advises that we ought to cut out the verbiage and focus on writing rules that articulate broad goals and prescribe only what is strictly necessary to achieve them.