Revised Adjusted Net Capital Requirements for FCMs and IBs

The CFTC is amending its regulations that prescribe minimum adjusted net capital requirements for futures commission merchants (‘‘FCMs’’) and introducing brokers (‘‘IBs’’). The amendments: increase the required minimum dollar amount of adjusted net capital that an IB must maintain from...

Consultation on operational model for scripless securities

The Securities and Futures Commission (SFC), Hong Kong Exchanges and Clearing Limited (HKEx) and the Federation of Share Registrars Limited (FSR) have jointly issued a consultation paper on a proposed operational model to introduce a scripless securities market in Hong Kong (Note 1). The scripless regime...

Economist to leave CFTC

From FarmFutures.com: The Commodity Futures Trading Commission is deeply involved in a debate over the regulation of speculative trading on energy and other markets. Jeffrey Harris, chief economist for CFTC, who last year claimed he could find no direct link between speculation and high energy prices, is...

CFTC modifies filing and reporting requirements applicable to FCMs and IBs

The CFTC is amending certain of its regulations in connection with electronic filing of financial reports and related notices. The amendments broaden the language in the Commission’s regulations applicable to electronic filings of financial reports to clarify that, to the extent a futures commission...

SEC ACTION: Harold H. Jaschke

The SEC charged a Houston-based broker with engaging in unauthorized and unsuitable trading on behalf of two Florida municipalities, putting them at risk of losing millions of dollars while he reaped commissions of more than $14 million for himself. The complaint alleges that Harold H. Jaschke, while...

Establishment of the Chiang Mai Initiative Multilateralization

From Release: 1. The Finance Ministers and Central Bank Governors of the ASEAN Members States, China, Japan and Korea (ASEAN+3) and the Monetary Authority of Hong Kong, China, are pleased to announce the signing of the Chiang Mai Initiative Multilateralization (CMIM) Agreement following the conclusion on all...

DFSA Representative Office Regime

Following the ending of the consultation period on a number of proposed legislative changes, set out in Consultation Paper 65, the Board, after due consideration of consultees comments, approved the final version of amendments to the Rulebook as described below. The following rule-making instrument is to...

CFTC ACTION: Zurich Futures and Options Inc.

The CFTC obtained more than $5.4 million in restitution and civil monetary penalties in a federal court default judgment order against Zurich Futures and Options Inc., a Belize-registered corporation, and Michele LaBruce, both of Hollywood, Fla. The order also permanently prohibits Zurich and LaBruce from...

New complaint handling standards for IIROC-regulated firms

The new complaint handling rule sets standards and timelines for IIROC- regulated firms to acknowledge, investigate and respond to client complaints about their accounts. Under the new standards the firm has five business days to acknowledge receipt of the client’s complaint. The firm must investigate the...

NFA ACTION: Wholesale Asset Management

The NFA’s Business Conduct Committee issued a Complaint against Wholesale Asset Management, a commodity trading advisor Member of NFA, and Coad, the sole principal and associated person of Wholesale Asset Management and an NFA Associate. The Complaint alleged that Wholesale Asset Management and Coad failed...