regulation
FX Trader and Portfolio Manager Receives Lawsuit From Canadian Authorities For Fraud
- The British Columbia Securities Commission yesterday issued a notice to independent FX trader Hong Liang Zhong alleging that he committed fraud by concealing how he earned commissions, and making false guarantees.
Wednesday, 07/08/2013 | 08:00 GMT by
Andrew Saks McLeod
Fraudulent Commodity Trader Gets $7.5 million Fine
- A federal court in Illinois has ordered a fraudulent money manager to pay $7.5 million in restitution. Chicago based Bradley Scott duped innocent investors for a total $7.8 million to trade in commodity futures.
Tuesday, 06/08/2013 | 21:24 GMT by
Adil Siddiqui
The Voice From Within - FX Industry Insiders Provide Detailed Perspective on CySEC Rulings
- As Cypriot regulator CySEC prepares to implement its ruling that non-EU clients must gain approval from local regulatory authorites before becoming a client, industry figures explain possible future dynamics.
Tuesday, 06/08/2013 | 15:52 GMT by
Andrew Saks McLeod
CySEC Backtracks On Non-EU Client Ban - Moves Implementation Date To October
- Cyrpus FX executives and legal practitioners have been quick to act following yesterday's controversial ruling by CySEC to ban FX firms from accepting non-EU firms. CySEC has now approved an October date.
Friday, 02/08/2013 | 15:37 GMT by
Andrew Saks McLeod
Indian Commodity Exchange NSEL Suspends Trading after Government Investigation
- India’s largest spot exchange, the National Spot Exchange, halts trading after the exchange comes under government investigation for short selling, as a result shares in Financial Technologies slump 64%.
Thursday, 01/08/2013 | 18:33 GMT by
Adil Siddiqui
Get Out! CySEC Bans FX Firms From Accepting Non-EU Clients
- Cyprus today finds itself amid further controversy as its regulator sets an immediate ruling in place to prohibit the soliciting of non-EU clients without authorization. Forex Magnates provides a look from within.
Thursday, 01/08/2013 | 14:09 GMT by
Andrew Saks McLeod
Brussels Reaches Out To Japan: EC's Michel Barnier Supports Japanese FSA In Regulatory Reform Synergy On OTC Derivatives
- European Commissioner Michel Barnier today further cemented his support for global synergy on the reformation of the regulatory structure for OTC derivatives in a letter to a senior Japanese FSA official.
Thursday, 01/08/2013 | 07:37 GMT by
Andrew Saks McLeod
SEC Increases Rulings For Firms Holding Client Assets - Imposes Further Protective Policies
- The handling of client funds is a matter at the heart of regulatory policy currently, further borne out by today's ruling by the SEC that it will adopt more stringent rulings on the handling of client funds placed with broker-dealers.
Wednesday, 31/07/2013 | 20:21 GMT by
Andrew Saks McLeod
Appeal Denied – One World Capital Fraudsters Receive Full Sentencing
- Ponzi scheme fraudsters, John Walsh and Charles Martin, operators of defunct One World Capital saw their appeals rejected. As a result, the two continue to face long jail sentences and restitution charges in the millions.
Wednesday, 31/07/2013 | 10:23 GMT by
Ron Finberg
Institutionalized By Its Own Proponents? Virtual Currency Industry Leaders Announce Foundation Of Self-Regulatory Body
- Bitcoin, among other digital currencies, has grown dramatically in popularity recently, much to the dissent of various worldwide goverments. Today, DATA, a self-regulatory authority was formed.
Tuesday, 30/07/2013 | 15:22 GMT by
Andrew Saks McLeod
Regulatory Expansion: British Virgin Islands FSC Issues AvaTrade With Regulatory Approval
- Since the British Virgin Islands FSC implemented a regulatory framework in place of registration, it has attracted a number of overseas firms due to ease of access, AvaTrade being the latest, gaining an FSC license yesterday.
Tuesday, 30/07/2013 | 14:54 GMT by
Andrew Saks McLeod
Binary Options Update: New Firms Vie For Market Share, Copy Trading On The Agenda
- July has proven a month of focus on the Japanese market for binary options firms, however post-launch of their respective Japan-compliant platforms at the Forex Magnates Tokyo Summit, new products, brands and software enhancements are abundant in other established markets.
Tuesday, 30/07/2013 | 10:37 GMT by
Andrew Saks McLeod
US Government To Meet With CFTC and SEC Tomorrow To Question Implementation Delays Relating to Dodd-Frank Act
- A panel of US Senators are scheduled to meet with the SEC and CFTC tomorrow in order to ascertain reasons for the implementation of the Dodd-Frank Act having taken three years to implement. A focus on OTC derivatives is expected.
Monday, 29/07/2013 | 05:16 GMT by
Andrew Saks McLeod
Britain Investigates Possibility of Imposing Transaction Tax on HFT
- British government officials are considering a move to impose a financial transaction tax on HFT in order to deter what it considers to be very short term investors subsequent to a review by economist Professor John Kay.
Monday, 29/07/2013 | 04:28 GMT by
Andrew Saks McLeod
FXDD Compliance Officer Fined $75,000 By NFA For Irregularities In AML Procedure
- Further demonstrating the regulatory effort directed at ensuring that funds received by FX firms are legitimate, the NFA has fined FXDD Chief Compliance Officer James E. Green $75,000 for irregularities brought to light by complaints.
Sunday, 28/07/2013 | 06:35 GMT by
Andrew Saks McLeod
RMB Goes Free: HKMA Refines Renminbi Liquidity Facility To Authorized Institutions, While SGX Announces Imminent RMB Trading
- The Chinese renminbi is the subject of strict governmental controls, however today two entities announced that there is to be some freer movement. Singapore Exchange will offer the first RMB shares on August 5, and HKMA eases access to liquidity.
Thursday, 25/07/2013 | 14:15 GMT by
Andrew Saks McLeod
Exclusive: Polish FSA Questions White Labels in “Standards of Conduct for Forex Market” Report
- The Polish Financial Supervisions Authority (FSA) has published a statement titled “Standards of Conduct for the Forex Market”. If enforced with new rules, it could lead to changes in the structure of white label partnerships.
Thursday, 25/07/2013 | 11:26 GMT by
Ron Finberg
Exclusive: FX Firms Experiencing Arbitrage In Far Eastern Markets Due To Abuse Of Bonus Credits By Traders
- According to Forex Magnates research, a recent trend has developed in which FX brokers wishing to attract Far Eastern clients are offering large credits, and in doing so, exposing themselves to potentially catastrophic arbitrage.
Thursday, 25/07/2013 | 09:02 GMT by
Andrew Saks McLeod
FCA Fines Royal Bank Of Scotland £5.6 Million For Failing To Report Transactions
- Whilst regulatory authorities are busily engaged in defining the methods by which they intend to reform financial markets, one such aspect is trade and transaction reporting. The FCA demonstrates that this is also part of its remit by issuing RBS with a penalty.
Thursday, 25/07/2013 | 08:01 GMT by
Andrew Saks McLeod
Largest Bitcoin Ponzi Scheme Uncovered – SEC Charges Pirateat40 For Fraud
- Ponzi schems remain a big business and the rise of alternative currencies only make them easier to operate. Due to its anonymity, bitcoins have attracted fraudsters, with Pirateat40 being the biggest scamster of all time.
Wednesday, 24/07/2013 | 08:04 GMT by
Ron Finberg
ASIC Releases Half Yearly Regulatory Enforcement Outcomes For January To June 2013
- Australia's financial markets regulator ASIC has demonstrated recently that it is strengthening its regulatory scope, and has today released full details of enforcements which have taken place between January and June this year.
Wednesday, 24/07/2013 | 07:20 GMT by
Andrew Saks McLeod
Further US Regulators Delve Deep Into Activities Of Algorithmic Traders: FINRA Questions 10 HFT Firms
- As the first prosecution of an algorithmic trader for market abuse under the Dodd-Frank comes into being, FINRA demonstrates its will to investigate the world of algorithmic trading by issuing detailed questionnaires to HFT firms.
Tuesday, 23/07/2013 | 08:40 GMT by
Andrew Saks McLeod
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