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Regulatory Update

8th June 2016

USA: FINRA Sanctions Oppenheimer & Co. $2.9 Million for Unsuitable Sales of Non-Traditional ETFs and Related Supervisory Failures

The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Oppenheimer & Co. Inc. $2.25 million and ordered the firm to pay restitution of more than $716,000 to affected customers for selling leveraged, inverse and inverse-leveraged exchange-traded funds (non-traditional ETFs) to retail customers without reasonable supervision, and for recommending non-traditional ETFs that were not suitable. Read More

8th June 2016

Mauritius: Financial Crime Commission Bill to Be Introduced Before the End of the Year, Says PM

The Ministry of Financial Services, Good Governance and Institutional Reforms will introduce the Financial Crime Commission Bill into the National Assembly before the end of the year to provide for the creation of the Financial Crime Commission. Read More

8th June 2016

Mered Medhanie, profile of a people-smuggling ‘kingpin’

Dubbed "the General", Mered Medhanie is alleged to have led a multi-billion dollar empire which specialised in people-smuggling. Read More

8th June 2016

Singapore: MAS to Improve Access to Crowd-funding for Start-ups and SMEs

The Monetary Authority of Singapore (MAS) announced today that it will make it easier for start-ups and Small and Medium Enterprises (SMEs) to access securities-based crowd-funding (SCF) in two ways. Read More

8th June 2016

U.S. lawmakers want more Iran sanctions, but can’t agree

A senior U.S. senator said on Tuesday he would like to pass legislation to extend expiring sanctions on Iran and enable Congress to quickly enact new ones if necessary over the country's ballistic missile tests. Read More

8th June 2016

Australia: ANZ ‘didn’t disclose alleged crime’

ANZ Bank’s most senior in-house legal adviser, Bob Santamaria, told the bank’s board it was an option to not report alleged evidence of fraud and criminal behaviour on the part of its clients, the Oswals, as it might make the bank an unsecured creditor for the bulk of the hundreds of millions of dollars owed to it, a court was told today. Read More

8th June 2016

‘I’m done’: U.S. wealth managers may call it quits over regulatory load

Some U.S. financial advisers are so fed up with regulatory red tape, they may opt for early retirement, the head of Boston Consulting Group's wealth management group said Tuesday. Read More

8th June 2016

China to host anti-corruption conference for OECD

Pledge made as Beijing and Washington agree at annual dialogue to greater cooperation against graft and resolving differences in Asia-Pacific peacefully Read More

8th June 2016

USA: Akamai, SEC settle investigation over China bribery

Akamai Technologies Inc. will pay more than $670,000 to avoid prosecution over bribes that an employee paid to Chinese government officials, the Securities and Exchange Commission said Tuesday. Read More

8th June 2016

New Zealand: McCullum’s ‘casual’ comments on anti-corruption unit questioned

A former head of the International Cricket Council's anti-corruption unit has questioned comments by former New Zealand captain Brendon McCullum, who labelled the unit's approach as casual. Read More

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