CFTC ACTION: Raleigh Capital Management Inc.

The CFTC announced that it obtained an emergency court order freezing assets held by defendants Raleigh Capital Management Inc. of Chicago and its sole principal, Richmond Hamilton, Jr., who resides in Morocco. The emergency order stems from a CFTC complaint filed on October 28, 2009, in the U.S. District...

FSA fined GMAC‑RFC Limited £2.8million

The FSA announced it has fined GMAC‑RFC Limited £2.8million for failing to treat customers fairly and secured redress of up to £7.7million (plus interest) for over 46,000 mortgage customers. Between 31 October 2004 and 30 November 2008, a number of serious failings by GMAC-RFC were identified in relation...

Biannual Macroeconomic Review

MAS Economic Policy Department released its biannual Macroeconomic Review. Highlight from the review are below: After experiencing its deepest recession since independence, the Singapore economy registered two quarters of double-digit sequential expansion and appears to be in its recovery phase. This was...

DFSA signs MoU with Securities and Exchange Board of India

The DFSA entered into a Memorandum of Understanding with the Securities and Exchange Board of India (SEBI). Mr Paul Koster, Chief Executive of the DFSA said, “There are already a number of branches of Indian firms operating in the DIFC so this agreement, which reflects the responsibilities of both...

Payment services regulations imposed

The FSA will begin regulating banks’ and building societies’ day-to-day contact with their customers from 1 November 2009, covering everything from direct debits, payments, instant access and savings accounts through to unauthorized transactions and notification of interest rate changes. Banks will have...

FSA fines insurance broker Swinton Group Ltd

FSA fined the insurance broker Swinton Group Ltd £770,000 for serious failings in their advised sales of single premium payment protection insurance (PPI). Swinton has also agreed to contact over 350,000 customers who paid for the PPI and offer a full refund. Swinton accrued approximately £7.8 million from...

NFA ACTION: Income Plus Asset Management Inc

On September 25, 2009, the NFA issued a complaint charging Income Plus Asset Management Inc and its principal William Fischbach with failing to cooperate fully and promptly with NFA. On October 28, 2009, IPAM was ordered to never again apply for NFA membership or act as a principal of an NFA Member....

BBA Code for Financial Reporting Disclosure

The FSA announced that the major UK-headquartered banks have agreed to implement a new code for financial reporting disclosure. The BBA Code for Financial Reporting Disclosure forms part of proposals, designed to enhance investors’ confidence in financial reporting and to aid their ability to compare and...

Gensler remarks further on Congressional legislation at George Washington University Law School Symposium

Excerpt: In just the past two weeks, two important committees in the U.S. House of Representatives – the Financial Services Committee and the Agriculture Committee – both passed historic legislation that, for the first time, introduces comprehensive regulation to the OTC derivatives marketplace. Both of...

CFTC urged Congress to require non-major players to use clearinghouses

CFTC urged Congress to require “non-major” financial firms and funds to use clearinghouses to reduce the risk of another market collapse as part of its reform of the swaps market.  Bills approved by two House committees this month to regulate over-the-counter derivatives would require swaps...