News Centre

ASIC Extends Transition Period For Some Fees And Costs Disclosures

Date 11/12/2018

The Australian Securities and Investments Commission (ASIC) has extended the transition periods for certain fees and costs disclosures for superannuation funds and managed investment schemes. This is due to upcoming consultation on the proposals arising out of recommendations made in the review of the fees and costs disclosure regime in Report 581 Review of ASIC Regulatory Guide 97: Disclosing fees and costs (REP 581).

Sample Stocks Adjustment Will Be Made To SZSE Component Index, ChiNext Index And SZSE 100 Index

Date 11/12/2018

Shenzhen Stock Exchange (SZSE) and Shenzhen Securities Information Co., Ltd. recently announced a regular adjustment made, in line with the index compiling rules, to the sample stocks of SZSE series indexes including SZSE Component Index, SZSE 100 Index, SZSE SME Index, ChiNext Index and SZSE Small/Mid Cap Innovation Index. The adjustment will come into effect as of the first trading day of January in 2019.

Hong Kong's Securities And Futures Commission Bans Kong Kar Bong For 10 Years

Date 11/12/2018

The Securities and Futures Commission (SFC) has banned Mr Kong Kar Bong, a former account executive of Sanfull Securities Limited (Sanfull), from re-entering the industry for 10 years from 11 December 2018 to 10 December 2028 (Note 1).

Mexican Wave Sees FTSE Mondo Visione Exchanges Index Up 3.1% In November

Date 10/12/2018

Despite macroeconomic and geopolitical instability, the FTSE Mondo Visione Exchanges Index consolidated October’s modest rise to finish 3.1% up.

SEC Charges Agria Corporation And Executive Chairman With Fraud

Date 10/12/2018

A multinational agricultural company has agreed to pay $3 million to settle charges that it concealed substantial losses from investors through fraudulent accounting in connection with its divestiture of its primary operating entity.  In a related action, the company’s executive chairman Lai Guanglin (aka Alan Lai) settled charges that he manipulated the company’s share price.   

CFTC Commitments Of Traders Reports Update

Date 10/12/2018

The current reports for the week of December 7, 2018 are now available.

Remarks Before The 2018 AICPA Conference On Current SEC And PCAOB Developments, Emily L. Fitts, Professional Accounting Fellow, Office Of The Chief Accountant, Washington D.C., Dec. 10, 2018

Date 10/12/2018

Introduction

Over time, members of the SEC staff have spoken about the importance of internal control over financial reporting (“ICFR”) and the value of communication among audit committees, auditors, and management regarding ICFR.  We have also shared certain considerations to assist in the design of an effective system of internal control.  Today, I would like to continue the ICFR discussion by focusing on two topics: the evaluation of operating effectiveness of controls and preparation of material weakness disclosures. 

ISDA Publishes 2018 Benchmarks Supplement Protocol

Date 10/12/2018

ISDA has today published the ISDA 2018 Benchmarks Supplement Protocol, intended to help market participants incorporate the ISDA Benchmarks Supplement into their interest rate, FX, equity and commodity derivatives transactions.

Remarks Before The 2018 AICPA Conference On Current SEC And PCAOB Developments, Tom W. Collens Professional Accounting Fellow, Washington D.C., Dec. 10, 2018

Date 10/12/2018

Introduction

Good morning and thank you for the opportunity to speak with you today. Like my colleague Emily Fitts, I’d like to spend my time with you today discussing internal control over financial reporting (“ICFR”). Specifically, I’d like to discuss some observations related to the evaluation of control deficiencies. These observations are based on OCA’s involvement in the SEC’s coordinated efforts on ICFR, including consultations with the Division of Corporation Finance and the Division of Enforcement.

CFTC: Federal Court Orders Defendants To Pay More Than $11 Million In Connection With Commodity Pool Fraud

Date 10/12/2018

The Commodity Futures Trading Commission (CFTC) today announced an Order of default judgment and permanent injunction has been issued against defendants Scott Allensworth (d/b/a Capital Growth Group Associates and Cobra Development Group LLP), of Newhall, California, and his California company E-Slate, Inc. (d/b/a Cobra Development Group LLP), Robert J. Fusco, of Henderson, Nevada, and David Weddle of Prospect, Kentucky, in connection with two separate fraudulent commodity pool trading schemes.