LSA ACTION: JP Morgan Securities Ltd
Felix Shipkevich - June 3, 2010The FSA fined J P Morgan Securities Ltd £33.32 million for failing to protect client money by segregating it appropriately.
Under the FSA’s client money rules, firms are required to keep client money separate from the firm’s money in segregated accounts with trust status. This helps to protect client money in the event of the firm’s [...]
Speech by Singapore MAS Senior Minister Goh Chok Tong
Felix Shipkevich - May 10, 2010One essential requirement of good governance is fiscal responsibility, in particular, not spending beyond your means. More than a balanced budget, given Singapore’s lack of resources, our small and open economy and our vulnerabilities to external events, we need to build up healthy reserves for a rainy day and to safeguard our future.
FSA ACTION: Alpari (UK) Ltd
Felix Shipkevich - May 5, 2010The FSA imposed a financial penalty of £140,000 on Alpari (UK) Ltd, an online provider of foreign exchange services for speculative trading, for failing to have in place adequate anti-money laundering systems and controls.
MAS reviews the regulatory regime for financial intermediaries
Felix Shipkevich - April 27, 2010The Monetary Authority of Singapore is reviewing the regulatory regime for financial intermediaries conducting fund management activities and the exemption regime for financial intermediaries engaged in leveraged foreign exchange trading. A consultation paper has been issued to seek comments from the public on proposed enhancements and changes to the regulatory regime.
CFTC ACTION: Kuen Cheol Song
Felix Shipkevich - April 12, 2010Kuen Cheol Song, a Singapore national, is charged with non-competitive trading at his employer’s expense.
DIFC’s Collective Investment Funds regime to be enhanced
Felix Shipkevich - April 6, 2010The DFSA proposes to make significant enhancements to the DIFC’s Collective Investment Funds regime to better align it with international trends and practices, thereby making it more attractive to both fund managers and participants in the funds industry.
DFSA ACTION: Damas International Limited
Felix Shipkevich - March 21, 2010The Dubai Financial Services Authority announced remedial action and enforcement sanctions against Damas International Limited, a multinational luxury goods retailer, and its Board of Directors for their failure to exercise appropriate corporate governance over the company and its subsidiaries.
The remedial action includes the resignation of the Damas Board, the appointment of a new Board to [...]
Petition to amend order regarding contracts traded on the DME
Felix Shipkevich - March 15, 2010The CFTC is requesting public comment on a petition submitted by the Clearing House Division of the Chicago Mercantile Exchange and the New York Mercantile Exchange to amend an existing order in connection with contracts traded on the Dubai Mercantile Exchange.
Committee proposed to enhance consumer protection
Felix Shipkevich - March 11, 2010The Discussion Paper considers the current position for redress and complaints handling in the financial services industry and any potential changes. It is a joint publication by the Financial Services Authority, the Office of Fair Trading, and the Financial Ombudsman Service.
FSA Financial Risk Outlook 2010
Felix Shipkevich - March 10, 2010The analysis which lies behind the FRO helps inform how the FSA sets priorities and deploys its resources. The FRO has been divided into the following four sections: Macroeconomic background and outlook, Financial Stability and Prudential Risks and Issues, Market Risks and Issues, and Retail Conduct Risks and Issues.
Excerpt:
“Domestic and global GDP levels have stabilized [...]
