Registration Overview for Forex IB, CTA and CPO Applicants
Felix Shipkevich - February 28, 2010As part of the reauthorization of the Commodity Futures Trading Commission (CFTC) in May 2008, Congress amended the Commodity Exchange Act to require forex solicitors, account managers and pool operators to register with the CFTC as Introducing Brokers (IBs), Commodity Trading Advisors (CTAs) or Commodity Pool Operators (CPOs) and become Members of National Futures Association.
The [...]
Hong Kong SFC quarterly report
Felix Shipkevich - February 26, 2010In its Quarterly Report for October to December 2009 [released today], the Securities and Futures Commission (SFC) notes the conclusion of its investigations into the sale of Lehman Brothers Minibonds following the repurchase agreement reached with the last of the 19 distributors.
Consultation Paper on Review of the Deposit Insurance Scheme in Singapore
Felix Shipkevich - February 25, 2010The consultation paper proposes to expand the scope of coverage under the DI Scheme, beyond the deposits of individuals and charities, to other non-bank depositors such as sole proprietorships, partnerships, companies and unincorporated entities.
Amendments to the Rulebook Rules Instrument (No. 69) 2010
Felix Shipkevich - February 25, 2010RM69/2010 Restructuring the DFSA’s Islamic Finance Rules – Rules Instrument (No. 69) 2010
FSA ACTION: RSM Tenon Financial Services Limited
Felix Shipkevich - February 25, 2010“Firms giving investment advice must ensure they fully assess clients’ needs and make suitable recommendations – they must also have the necessary systems and controls in place to demonstrate this,” said FSA director of enforcement and financial crime Margaret Cole
CFTC ACTION: UBS
Felix Shipkevich - February 24, 2010The CFTC issued an order filing and simultaneously settling charges against UBS AG (UBS), for exceeding the New York Mercantile Exchange’s position limits on certain NYMEX natural gas, heating oil and platinum futures contracts on more than one occasion from in or about December 2006 through in or about March 2008.
The CFTC order imposes a $130,000 [...]
FSA ACTION: Park Row Associates Limited
Felix Shipkevich - February 24, 2010The FSA publicly censured Park Row Associates Limited, a national IFA network, for failing to ensure its sales were suitable and secured customer redress estimated at between £5m and £7.8m.
DFSA enters into a MofU with the Qatar Financial Center Regulatory Authority
Felix Shipkevich - February 23, 2010The Dubai Financial Services Authority entered into a Memorandum of Understanding with the Qatar Financial Center Regulatory Authority.
NFA ACTION: 1 FX Trader LLC
Felix Shipkevich - February 23, 2010The NFA ordered 1 FX Trader LLC not to apply for NFA membership or principal status with any NFA Member. David Arena, the firm’s principal and AP, was ordered not to apply for NFA membership, associate membership or principal status with any NFA Member.
On December 16, 2009, NFA issued a Complaint charging FXT with cheating, [...]
NFA Board of Directors election results
Felix Shipkevich - February 22, 2010The NFA has reelected W. Robert Felker, chairman of JPMorgan Futures, Inc., to serve a one year term as chairman and Christopher K. Hehmeyer, non-executive chairman of Penson GHCO, as vice-chairman.
