Broadridge Expands Shareholder Disclosure Solution

After its successful implementation in Europe, Broadridge Financial Solutions has announced the expansion of its Shareholder Disclosure solution to accommodate the regulatory demands of the UK, Australia, and Hong Kong.

This advancement utilizes blockchain and APIs to facilitate disclosure processes for financial intermediaries, aligning with the distinct legal requirements of each region. Broadridge aims to bolster governance and transparency within these markets by centralizing operations on one platform.

"Financial intermediary shareholder disclosure obligations are not unique to European SRD markets," said Demi Derem, General Manager of International Corporate Governance, Digital Transformation and Market Innovation at Broadridge. "Our latest service expansion allows financial intermediaries to meet their shareholder disclosure obligations in the UK, Australia and Hong Kong. The investments made to build out our industry leading shareholder disclosure solution underlines our commitment to drive market-wide increased governance and transparency."

FMA Enforces Interim Stop Order

The Financial Markets Authority (FMA) of New Zealand has enforced an interim stop order on David McEwen and related entities, prohibiting them from offering financial products or accepting new investments.

"The FMA is concerned that Mr McEwen and entities associated with him may have been making offers of financial products that: are false or misleading, or likely to mislead or confuse; and contains a material misdescription or material error; and do not comply with the Financial Markets Conduct Act 2013 (FMC Act) or the regulations made under the FMC Act," the regulator noted.

This decisive action, pending the potential for a permanent order, aims to safeguard investors from misleading or non-compliant financial activities and underscores the FMA's dedication to market integrity and investor protection.

Settlement Between Parsonex Capital Markets and FINRA

Parsonex Capital Markets, a financial firm, has submitted a letter of acceptance, waiver, and consent (AWC) to settle alleged violations with FINRA. Without admitting or denying the findings, Parsonex consents to the conclusion that it omitted crucial legal and disciplinary history from its customer relationship summary between June 2020 and February 2023.

Parsonex Capital Markets has agreed to sanctions, including censure, a $10,000 fine, and an undertaking to rectify the deficiencies within 30 days post-acceptance of the AWC.

Wall Street Trader Indicted

Jeyakumar Nadarajah, a Director and Head Trader in Wall Street, has been indicted for allegedly manipulating the US Treasuries market through a spoofing and layering scheme. The indictment accuses him of placing deceptive orders to impact market prices, calling attention to the ongoing battle against fraudulent activities in the financial markets.

"Securities fraud and manipulation, as alleged here, victimize investors and degrade the integrity of our public securities markets," said Acting Assistant Attorney General Nicole M. Argentieri of the Justice Department's Criminal Division. "The department will continue to protect our financial systems and investors by holding accountable those who violate our securities laws."

SimCorp Merges with Axioma

SimCorp has revealed its merger with Axioma, aiming to combine its strengths in risk analytics and portfolio construction with SimCorp's investment management platform. This merger is anticipated to offer comprehensive solutions across the investment management spectrum, reflecting a strategic move to enhance their market offerings globally.

"We are excited about our joint future as a single company. Axioma's established market leadership and dedicated focus on portfolio optimization and risk management analytics, combined with SimCorp's strong platform and broader capabilities, create a powerful client-first offering across the entire investment management value chain," said Christian Kromann, the CEO of SimCorp.

ADX Collaborates with ICE Global Network

The Abu Dhabi Securities Exchange (ADX) is set to enhance its global reach by partnering with ICE Global Network, offering direct market access to worldwide investors. This strategic move, a first for Middle Eastern financial markets, will connect ADX to a broader investor community and contribute to the economic growth of the UAE.

"ADX's collaboration with ICE Global Network, widely used by financial institutions and trading firms around the world, aligns with our strategic goal to enhance connectivity in the market and demonstrates our commitment to facilitating access for global investors in Europe, Asia and the US to one of the world's fastest growing markets," said Abdulla Salem Alnuaimi, the Chief Executive Officer of ADX.

SC Malaysia Cracks Down on Unlicensed Activities

The Securities Commission Malaysia has charged Muhamad Fadzli Jamaludin for conducting fund management business without a proper license. This enforcement is part of SC's commitment to regulate capital market activities and protect investors from unauthorized investment schemes.

"Fadzli claimed trial to all three charges. Sessions Court judge Datin Sabariah Othman granted bail at RM80,000 with one surety for all three charges. In addition, he was also ordered to surrender his passport to the court and report to the SC on a monthly basis until the completion of the trial," the Commission explained.

OKX Appoints New General Manager for MENA

OKX has appointed Rifad Mahasneh as the General Manager for the MENA region, emphasizing its growth and commitment to the rapidly expanding digital assets and Web3 sector in the area. Mahasneh's role will focus on leading operations and enhancing OKX's regional market presence.

"We're thrilled to welcome Rifad as OKX's leader in MENA. With his extensive background in digital assets, finance and growth, and years of local leadership in the region, Rifad is a key strong addition to the team," Hong Fang, the President at OKX, said. "With MENA being one of the fastest growing markets globally for digital assets and Web3 adoption, this appointment is a testament to our commitment to drive sustainable growth in this region."

Laser Digital Launches Ethereum Adoption Fund

Laser Digital, a subsidiary of Nomura, has launched an Ethereum Adoption Fund targeting institutional investors. The fund represents a strategic investment in Ethereum, incorporating a yield enhancement strategy through staking, and is part of a series aimed at encouraging digital asset adoption among institutions.

"Technology is a key driver of economic growth and transforms a large part of the economy from being analogue to digital," Sebastien Guglietta, the Head of Laser Digital Asset Management, commented on launching the fund. "Ethereum is one of the enablers of this long-lasting transformational change. Hence, being exposed to Ethereum in the long run is considered a solution to capture this structural technology trend and the pace at which the Web 3.0 economy expands its network effect."