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Regulatory Notices

US regulators issue joint statement for banks and credit unions

FinCEN and the Federal Banking Agencies have issued joint statement "encouraging innovative industry approaches" to money laundering compliance. It's not long and it encourages both human and technological innovation. But, importantly, it specifically says that it does not require those who don't need it to jump into NewTech just because it's there. It also says banks are free to fail when trying new things.

BIScom Subsection: 
Regulatory Notices

ASIC permanently bans financial adviser for providing false evidence to ASIC

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The Australian Securities and Investments Commission (ASIC) has permanently banned financial adviser Ezzat-Daniel Nesseim from providing financial services.

BIScom Subsection: 
Regulatory Notices

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Monetary Authority of Singapore bans six individuals

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The Monetary Authority of Singapore (MAS) announced today that it has issued prohibition orders (POs) against six individuals for the mis-selling of investment products. The individuals are:

BIScom Subsection: 
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Can Deutsche Bank survive any more penalties? Can it even survive those it has recently agreed to?

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Late last year, there were rumours of fundamental financial instability at German bank Deutsche Bank (Deutsche). In September, the German government said it would not provide support for the bank. Speculation was rife as to why but perhaps the strongest was that Angela Merkel, the German Chancellor, was already on a sinking raft in heavy political seas. Then Deutsche started doing deals to settle regulatory cases and the sums are adding up to so much that the future of the bank must now be in doubt.

BIScom Subsection: 
Regulatory Notices

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UK FCA - fines table, 2017

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The UK's Financial Conduct Authority has published a table setting out "the total amount of fines so far." It's a head-shaking moment.

BIScom Subsection: 
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Hong Kong Securities and Futures Commission finds StanChart unit failed to meet management requirements

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Hong Kong's Securities and Futures Commission has fined MIS Services Limited, formerly Standard Chartered Investment Services HKD3million for an astonishing breach of regulations: it failed to have in post staff who met the qualifying requirements. The breach is not trivial: it lasted for nine years. It raises questions over the performance of the company, its parent(s) and the regulator.

Clearly there was oversight when there should have been supervision.

BIScom Subsection: 
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DFSA (Dubai) issues replacement regulatory RuleBook and Code

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The DFSA Rulebook and Code of Market Conduct were subject to consultation and, following that, the DFSA Board has concluded the production of revisions to both documents.

The DFSA Board has passed a series of instruments (listed below) to give effect to the new versions. DSFA reminds users that, as a result of the consultation, there may be differences between the final version as published and the original drafts.

BIScom Subsection: 
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