Please Be Informed...

What's the opposite of premature withdrawal?

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Seriously, it's becoming difficult to be serious about the farce that is "brexit." Last night, eight options for brexit were put before the UK House of Commons. The plan - it had one of those stupid names that the Blair government with its PR-driven actions would be proud of - was to put a series of "indicative votes" to the House and then, depending on what happened, to have a third "meaningful vote" which even has its own acronym: MV3. Behind the scenes (which is made of some kind of sheer fabric so we can all see what's happening) there is a backstage drama being played out with May's Faustian bargain with the EU being behind an Ides of March moment: so many members of her own party are being lined up to be Brutus to her Ceasar that there is a real prospect of an "I am Spartacus" moment. You think we're being too theatrical? Just wait until you read what happened last night. Carry on up the ...

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STA Travel accused of false or misleading statements

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STA Travel, which readers of a certain age will remember as a student-only bucket shop in the 1970s, has mutated but still focuses on the younger (that is those who have yet to reach a certain age) traveller. But, the authorities in Australia say that STA Travel began, in 2011, to market a product that has earned the company some AUD12m but mislead consumers who have paid more than STA Travel said they would. Proceedings have been issued in civil court.

CoNet Section:

Advertising

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UK's Prudential Regulation Authority and the Financial Conduct Authority have agreed to maintain relations with the European Central Bank regulators even if there is a "no deal" UK withdrawal

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Press release: 20 March 2019 (verbatim)

The Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA) and European Banking Authority (EBA) are announcing today that they have agreed a template Memorandum of Understanding (MoU). The template sets out the expectations for supervisory cooperation and information-sharing arrangements between UK and EU/EEA national authorities.

BIScom Subsection:

Regulation

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UK offers lifeline to EU "passported" businesses operating in the UK if a "no deal" brexit happens.

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A temporary permissions regime was put in place in January after the House of Commons rejected the May/EU deal. Exit day may have been postponed for a short time but increasingly there is a possibility that contingency plans must be made. Time is running out to act under the regime, unless the FCA chooses to extend it. The deadline is, as of now, 28th March 2019.

BIScom Subsection:

Regulation

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The accountant and the Ponzi scheme

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Case Summary:

An accountant of retirement age pleaded guilty to running a Ponzi scheme that defrauded victims of a total of more than USD27.5 million.

Type of conduct:

Ponzi / Pyramid fraud

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Bloodhound Land Speed Record car rises under Grafton rescue

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It might look like the tail fin from Concord but it's Bloodhound SSC, rescued this week by British businessman Ian Warhurst after entering liquidation last October.

CoNet Section:

Motorsport

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EU decides UK's exit date

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The EU is quietly laughing up its sleeve at yet another example of how it exercises control over the UK's withdrawal process. While EU leaders are selling it as a concession, the extension that the 27 countries that will remain in the Union have told the UK it can have comes with strings that impose conditions on the UK Parliament.

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Law Society of England and Wales considers money laundering compliance checks "an assault."

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The Law Society of England and Wales has, since the early 1990s, fought a rear-guard action against the engagement of solicitors in counter-money laundering efforts. The Regulator, which was first a division of the Law Society and then spun off to become a ludicrously politically charged enforcer of any passing social fad had, at that time the correct view that solicitors were within the scope of the original Money Laundering Regulations. At last, the regulator, now known as the Solicitors (sic) Regulatory Authority (it's so trendy it doesn't use an apostrophe where its name demands one) has decided that money laundering is something it needs to pay attention to. The Law Society is on a war footing, declaring the SRA's action "an assault."

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Woman convicted of "interfering with flight crew."

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It's one of those interesting differences between English and American. The American charge of "interfering with flight crew" does not involve, as it would in English, a sexual act. But given that there was an assault, the American charge is clear.

CoNet Section:

Aviation

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UK Financial Conduct Authority court case sets the scene for new African scam

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The advance fee, or 419, scam industry is always looking for new opportunities and the fraudsters like to use genuine background as the reason they make contact with potential victims. A case in the High Court of England and Wales has created the conditions that are ideal for fraudsters as a hook.

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HK SFC freezes accounts over alleged market manipulation

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The Securities and Futures Commission (SFC) has issued restriction notices to nine brokers, prohibiting them from dealing with or processing certain assets held in their clients’ accounts which are related to suspected market manipulation in the shares of China Ding Yi Feng Holdings Limited (China Ding Yi Feng) between 2018 and early 2019

The SFC is at pains to point out that the nine brokers are not under any suspicion or any form of investigation.

BIScom Subsection:

Market Manipulation

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Retailer fined after lying to investors

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In 2015, a news report said that the flooring products of a listed company, "Lumber Liquidators," contained dangerously high levels of Formaldehyde. The company issued a denial and filed it with the SEC. That denial was untrue.

CoNet Section:

Corporate Management

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Malaysia's National Power company denies sacking of CEO

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A report in the New Straits Times last week said that the company's CEO, Datuk Seri Azman Mohd, had been "asked to resign" and a deadline given of Friday las week. Amongst those surprised by the "news" is Tenaga National Berhad, TNB, the national power company.

CoNet Section:

Corporate Management

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UK's FCA fines UBS for failures in transaction reporting.

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UBS AG (UBS) has been fined GBP27,599,400 by the Financial Conduct Authority (FCA) for failings relating to 135.8 million transaction reports between November 2007 and May 2017.

BIScom Subsection:

Regulation

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Bercow, Brexit and balls in the air

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Yesterday, the Speaker of the House of Commons made a ruling. In accordance with Parliamentary Rules dating back to the 17th Century, he said that a motion could not be put before the house over and over again in the hope that the Members would tire of saying no. There's uproar in some quarters, some saying he's sabotaging Brexit. He's doing nothing of the sort. He's just making sure that the Government doesn't drop the ball.

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