iS Prime’s Former Partner Jonathan Brewer Moves to Evolving Mind

Jonathan Brewer, the Former Managing Partner at iS Prime Ltd, has moved to Evolving Mind as an Investor and Advisor. This organization specializes in identifying and supporting children with special educational needs and neurodiversity, Brewer wrote on his LinkedIn profile.

Early this year, Finance Magnates reported about Brewer’s exit from iS Prime. At iS Prime, he served as the Managing Director, Founding Partner, and Commercial Director for over eight years. Before that, he served as the Head of eFX Sales at Sucden Financial.

Additionally, Brewer held a notable stint as an Associate at Goldman Sachs, engaging in sales of electronic trading and clearing services for listed derivatives and FX to top-tier institutions across various sectors.

ASIC Revokes License of Remi Investment Services

The Australian Securities and Investments Commission (ASIC) has officially cancelled the Australian Financial Services (AFS) license of Remi Investment Services Pty Ltd (RIS). This decision, effective as of 27 November 2023, was made because RIS ceased its financial services operations. RIS, which had held its AFS license since 31 October 2003, previously authorized Remi Capital Pty Ltd to provide financial services.

However, Remi Capital was wound up in June 2022 and is currently under external administration. RIS has the option to appeal ASIC's decision through the Administrative Appeals Tribunal.

Equitable Financial Solutions Director Charged with Breach of Duty

Usman Siddiqui, the sole director of Equitable Financial Solutions Pty Ltd, has been charged with multiple counts of dishonesty using his position to divert $1.75 million of company funds for personal gain.

The charges were presented in the Downing Centre Local Court, following Siddiqui's arrest by the NSW Police in early November 2023. ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the Read this Term alleges that Siddiqui's actions contravened section 184(2)(a) of the Corporations Act 2001.

Siddiqui, who was granted bail with travel restrictions, is set to reappear in court in February 2024. The company reportedly offered Sharia-compliant financial products to the Australian Muslim community.

FCA Imposes Fines for Price Fixing on Money Transfer Firms

The Financial Conduct Authority (FCA) has fined three money transfer firms over £150,000 for illegal price-fixing activities in Glasgow. Dollar East, Hafiz Bros Travel & Money Transfer Limited, and LCC Trans-Sending Limited, including its parent company Small World, admitted to coordinating exchange rates and fixing transaction fees for UK-Pakistan money transfers.

This act of collusion, which occurred between February and May 2017, significantly impacted customers in Glasgow. The firms have accepted their breach of competition law and received settlement discounts from the FCA, which has also issued reminders to other Glasgow-based money transfer firms about competition law compliance.

FMA and FMSB Collaborate to Uphold Financial Market Integrity

The Financial Markets Authority (FMA) of New Zealand has entered a Consultation Agreement with The Financial Markets Standards Board (FMSB). This agreement reinforces their mutual commitment to fair and effective global wholesale financial markets.

The FMA supports FMSB's objectives to provide clear guidance for market conduct and promote these standards globally. While not substituting New Zealand law, this collaboration aims to enhance industry standards and operational practices in the financial sector. The agreement facilitates FMSB's consultation with the FMA in developing guidance and publications.

TradingView and Santander Financial Institute Partner for Educational Enhancement

TradingView has announced a strategic educational partnership with the Santander Financial Institute (SANFI), enhancing financial education in banking and economics. This collaboration integrates TradingView's advanced financial tools into SANFI's academic programs, providing students access to real-time market data and analysis tools. The partnership aims to blend theoretical knowledge with practical skills, preparing students for the dynamic financial sector.

“We believe this partnership will facilitate the financial education of students who plan to direct their careers into the world of finance,” the company commented.

FSMA Warns against Fraudulent Trading Platforms

The Financial Services and Markets Authority (FSMA) has issued a warning regarding several dozen new fraudulent trading platforms in Belgium. These platforms, using deceptive advertisements and mobile apps, lure investors with promises of quick wealth and engage in aggressive tactics, including claims of fake authorizations.

Victims often face difficulties in recovering invested funds or lose contact with these platforms entirely. The FSMA advises against engaging with these listed platforms and emphasizes the risk of investment fraud.

SEC Appoints Kate E. Zoladz as Regional Director in Los Angeles

The Securities and Exchange Commission (SEC) has named Kate E. Zoladz as the Regional Director of its Los Angeles Office, effective 3 December 2023. Zoladz, who joined the SEC in 2010, has held various positions, including Associate Regional Director for Enforcement.

She will oversee a team focusing on securities enforcement and compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term in several western US regions. Zoladz's extensive experience in securities litigation and compliance is expected to contribute significantly to the SEC's mission of protecting investors.

Total Return Futures Poised for Growth

Total Return Futures (TRFs), introduced by Eurex in 2016, are gaining momentum in the financial market, particularly among buy-side firms. Designed as a listed alternative to total return swaps, TRFs have become a versatile tool for firms to manage financing rates and replace beta.

Their growth is attributed to the implementation of the Uncleared Margin Rules and the demand for listed products with economic and counterparty risk benefits. The entry of new market participants has also diversified the user base of TRFs, increasing market depth and variety.