United States

Enforcement

CFTC Penalises Mirae Asset Daewoo on Spoofing Charges

By Editors | 15/01/2020

Mirae Asset will pay $700,000 to settle charges against Daewoo Securities, which it acquired in April 2016 — after the spoofing conduct at issue occurred.

Securities / Derivatives

Philippine SEC Issues New Corporate Governance Code

By Editors | 10/01/2020

The new code comes into effect on 12 January, and gives public companies and registered issuers 6 months to submit a new manual on corporate governance.

Market Infrastructure

ISDA Offers Guidance on Cross-Border Application of Margin Rules

By Editors | 08/01/2020

The guide seeks to help firms subject to margin rules analyse multiple foreign rule sets, identify situations in which different rules apply, and improve understanding on substituted compliance.

Enforcement

Korea: Lime Asset Faces Legal Action for Concealing Hedge Fund Losses

By Editors | 06/01/2020

Lime Asset Management suspended redemptions in three funds in October. One of them had 240bn won invested with New York-based IIG, which has since been charged with securities fraud.

Securities / Derivatives

Philippine SEC Approves Implementing Guidelines on Short Selling

By Editors | 06/01/2020

The new implementing guidelines address concerns over the effect of SBL and short selling transactions on trading participants’ books and records, error transactions, and capital adequacy.

AML / KYC

FINRA Fines Five Firms Over Custodial Accounts for Minors

By Editors | 29/12/2019

Citigroup, JP Morgan, LPL Financial, Morgan Stanley and Merrill Lynch failed to properly monitor custodial accounts to ensure assets were transferred to beneficiaries once they came of age.

Capital / Liquidity

Philippine Bourse Seeks Higher Capital Requirements for Brokers

By Editors | 26/12/2019

In the aftermath of a 700-million-peso stock theft, PSE president Ramon Monzon will reportedly propose to more than triple current capital requirements for older firms.

Enforcement

CFTC Charges HSBC Exec with Manipulation, Fraud

By Editors | 24/12/2019

The former head of HSBC’s North American interest rates business allegedly manipulated prices for five-year basis swaps used to price a bond issuance and a related swap.

Enforcement

China, US in Talks on Allowing Joint Inspections of Auditors

By Editors | 19/12/2019

The CSRC has reportedly been in talks with the US audit regulator on allowing joint inspections of firms that audit Chinese companies listed in the US.