regulation
$72 Million Ponzi Scheme Lands Gregory McKnight With 15 Year Jail Sentence
- The US Securities and Exchange Commission announced yesterday that Gregory McKnight has been sentenced to 15 years and 8 months in jail for operating a $72 million Ponzi scheme and operating without regulatory approval.
Wednesday, 14/08/2013 | 08:36 GMT by
Andrew Saks McLeod
Protectionism In The Largest FX Market: Is Japan Extinguishing Overseas Competition?
- Since the Japanese FSA released new strict guidelines to FX firms in May this year, an underlying bete noire has surfaced as overseas firms wishing to attract Japanese clients are marginalized by the authorities.
Tuesday, 13/08/2013 | 09:47 GMT by
Andrew Saks McLeod
Bitcoin Exposed to Theft Due To Innate Mobile Operating System Flaw
- Following a proposed measure by the New York banking regulator aimed at protecting consumers with regard to virtual currency, it has been discovered that Android's mobile OS leaves users vulnerable to theft.
Tuesday, 13/08/2013 | 08:46 GMT by
Andrew Saks McLeod
FCA Fines Nigerian Bank, GTB, for Lapsed Money Laundering Controls
- The UK's Financial Conduct Authority has fined Nigerian bank, Guaranty Trust Bank (UK) Ltd £525,000 for failures in its anti-money laundering control. GT Bank joins a growing list of foreign banks who have failed to meet UK standards.
Monday, 12/08/2013 | 09:39 GMT by
Adil Siddiqui
Things to consider when choosing a payment processor
Monday, 12/08/2013 | 00:00 GMT by
FMAdmin Someone
Regulations for Signal and Copy Trading? Tradeslide Gains FCA Authorization
- Compliancy Services, a UK consulting firm that provides assistance to firms with their FCA regulatory needs has announced that their client, Tradeslide has gained authorization to act as an FX Investment Manager.
Sunday, 11/08/2013 | 10:15 GMT by
Ron Finberg
Ladies At The Top: SEC Elects Kara M. Stein As Commissioner
- The US Securities and Exchange Commission elected Kara M. Stein as Commissioner on Friday last week, superceding Elisse B. Walter. Serving under incumbent Chair Mary Jo White, this represents a highly senior position.
Sunday, 11/08/2013 | 09:16 GMT by
Andrew Saks McLeod
One on One with FXCM’s Drew Niv: Death Stars, Rise of the US and M&A
- Forex Magnates speaks to FXCM CEO Drew Niv following the broker's Q2 earnings report which sent their stock to all-time highs. Niv discusses strength in the US, who they aren't buying, and institutional platforms.
Thursday, 08/08/2013 | 20:38 GMT by
Ron Finberg
Case Closed: NFA and IKON Global Markets Settle
- The US National Futures Association has entered into a settlement with IKON Global Markets and a senior director of the firm, following a complaint filed in April for non-cooperation. Permanent ban administered.
Thursday, 08/08/2013 | 11:46 GMT by
Andrew Saks McLeod
Hong Kong Monetary Authority Releases Foreign Currency Reserves for July 2013
- Every month, Hong Kong's regulatory authority, the HKMA, releases full details of the amount of foreign exchange contracts are held within the nation. July's figures, released yesterday, demonstrate a downward turn.
Thursday, 08/08/2013 | 09:55 GMT by
Andrew Saks McLeod
The Case Continues: BNY Mellon Faces Ongoing FX Fraud Case Once Again
- The latest development in the State of New York's lawsuit against financial giant BNY Mellon was heard by the Supreme Court on Monday this week, ruling that the fraud claims brought against the bank can proceed.
Wednesday, 07/08/2013 | 11:56 GMT by
Andrew Saks McLeod
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
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