Approved persons regime places greater emphasis on role of senior management
Felix Shipkevich - July 27, 2009Approved persons now likely to include non-executive directors, proprietary traders, persons employed by unregulated parent companies, and others who may exert “significant influence” on the functions of regulated firms, following confirmation of changes outlined in a 12/25/2008 FSA consultation paper. The FSA has also extended the reach of the approved persons regime to UK branches [...]
FINRA and IIROC announce cooperation agreement
Felix Shipkevich - July 27, 2009Under the new cooperation agreement, FINRA and IIROC will share information on compliance and enforcement related matters, and work together on issues related to firm oversight and examinations.
SFC’s power to freeze assets under SFO section 213 confirmed
Felix Shipkevich - July 16, 2009The Court of Appeal confirmed that the SFC has authority under Securities and Futures Ordinance section 213 to apply to the court for orders to freeze assets in cases of suspected insider dealing. The court may also grant permission to serve legal proceedings on persons outside Hong Kong.
FSA plans to set leverage limits on retail Forex
Felix Shipkevich - July 6, 2009Japan’s Financial Services Agency is planning to set limits on how much foreign-exchange investors can buy on margin. The FSA unveiled a plan to curb speculative trading in two stages, in order to spread out and neutralize any market impact. The plan calls for the leverage cap to be set at 50 times the amount [...]
