Revised Adjusted Net Capital Requirements for FCMs and IBs
Felix Shipkevich - December 31, 2009The CFTC is amending its regulations that prescribe minimum adjusted net capital requirements for futures commission merchants (‘‘FCMs’’) and introducing brokers (‘‘IBs’’). The amendments: increase the required minimum dollar amount of adjusted net capital that an IB must maintain from $30,000 to 45,000; increase the required minimum dollar amount of adjusted net capital that an [...]
Consultation on operational model for scripless securities
Felix Shipkevich - December 30, 2009The Securities and Futures Commission (SFC), Hong Kong Exchanges and Clearing Limited (HKEx) and the Federation of Share Registrars Limited (FSR) have jointly issued a consultation paper on a proposed operational model to introduce a scripless securities market in Hong Kong (Note 1).
The scripless regime will allow investors to hold and transfer securities electronically, [...]
Economist to leave CFTC
Felix Shipkevich - December 30, 2009Jeffrey Harris, chief economist for CFTC, who last year claimed he could find no direct link between speculation and high energy prices, is leaving the agency to return to academia, according to a Dow Jones report.
CFTC modifies filing and reporting requirements applicable to FCMs and IBs
Felix Shipkevich - December 30, 2009The CFTC is amending certain of its regulations in connection with electronic filing of financial reports and related notices. The amendments broaden the language in the Commission’s regulations applicable to electronic filings of financial reports to clarify that, to the extent a futures commission merchant (‘‘FCM’’) submits a Form 1–FR to the Commission electronically, it [...]
SEC ACTION: Harold H. Jaschke
Felix Shipkevich - December 29, 2009The SEC charged a Houston-based broker with engaging in unauthorized and unsuitable trading on behalf of two Florida municipalities, putting them at risk of losing millions of dollars while he reaped commissions of more than $14 million for himself. The complaint alleges that Harold H. Jaschke, while associated with the brokerage firm First Allied Securities, [...]
Establishment of the Chiang Mai Initiative Multilateralization
Felix Shipkevich - December 28, 2009The Finance Ministers and Central Bank Governors of the ASEAN Members States, China, Japan and Korea (ASEAN+3) and the Monetary Authority of Hong Kong, China, announced the signing of the Chiang Mai Initiative Multilateralization (CMIM) Agreement following the conclusion on all the main components of the CMIM at the ASEAN+3 Finance Ministers’ Meeting (AFMM+3) in May 2009 in Bali, Indonesia
DFSA Representative Office Regime
Felix Shipkevich - December 24, 2009The application fee for a Representative Office will be $2,000 along with an initial annual fee pro rata for the first year of authorisation. Thereafter, annual fees will be $4,000.
CFTC ACTION: Zurich Futures and Options Inc.
Felix Shipkevich - December 23, 2009The CFTC obtained more than $5.4 million in restitution and civil monetary penalties in a federal court default judgment order against Zurich Futures and Options Inc., a Belize-registered corporation, and Michele LaBruce, both of Hollywood, Fla. The order also permanently prohibits Zurich and LaBruce from engaging in certain commodity-related activity, including registering with the CFTC in any [...]
New complaint handling standards for IIROC-regulated firms
Felix Shipkevich - December 21, 2009The new complaint handling rule sets standards and timelines for IIROC- regulated firms to acknowledge, investigate and respond to client complaints about their accounts.
Under the new standards the firm has five business days to acknowledge receipt of the client’s complaint. The firm must investigate the complaint and provide its response to the client within 90 [...]
NFA ACTION: Wholesale Asset Management
Felix Shipkevich - December 18, 2009The NFA’s Business Conduct Committee issued a Complaint against Wholesale Asset Management, a commodity trading advisor Member of NFA, and Coad, the sole principal and associated person of Wholesale Asset Management and an NFA Associate. The Complaint alleged that Wholesale Asset Management and Coad failed to cooperate with NFA in its audit of Wholesale Asset [...]
