Registration Overview for Forex IB, CTA and CPO Applicants

As part of the reauthorization of the Commodity Futures Trading Commission (CFTC) in May 2008, Congress amended the Commodity Exchange Act to require forex solicitors, account managers and pool operators to register with the CFTC as Introducing Brokers (IBs), Commodity Trading Advisors (CTAs) or Commodity...

Hong Kong SFC quarterly report

In its Quarterly Report for October to December 2009 [released today], the Securities and Futures Commission (SFC) notes the conclusion of its investigations into the sale of Lehman Brothers Minibonds following the repurchase agreement reached with the last of the 19 distributors. The report also describes...

Consultation Paper on Review of the Deposit Insurance Scheme in Singapore

From the Release: The Monetary Authority of Singapore (MAS) is consulting the public on recommendations to amend and enhance various features of the Deposit Insurance (DI) Scheme in Singapore. 2. As part of our regular review, MAS and the Singapore Deposit Insurance Corporation (SDIC) which administers the...

Amendments to the Rulebook Rules Instrument (No. 69) 2010

Following the ending of the consultation period on a number of proposed legislative changes, set out in Consultation Paper 66, the Board, after due consideration of consultees comments, approved the final version of amendments to the Rulebook as described below. RM69/2010 Restructuring the DFSA’s...

FSA ACTION: RSM Tenon Financial Services Limited

This is the first enforcement action resulting from the FSA’s review of the marketing and distribution of structured products, particularly those backed by Lehman Brothers, concluded in October 2009. The FSA found that, in relation to its sales of Lehman-backed structured products between November 2007 and...

CFTC ACTION: UBS

The CFTC issued an order filing and simultaneously settling charges against UBS AG (UBS), for exceeding the New York Mercantile Exchange’s position limits on certain NYMEX natural gas, heating oil and platinum futures contracts on more than one occasion from in or about December 2006 through in or about...

FSA ACTION: Park Row Associates Limited

Between January 2007 and January 2009, a number of serious failings by Park Row were identified in relation to the suitability of its customer advice. These include:Failing to ensure that advisers properly evidenced the suitability of sales; Failing to ensure advisers offered suitable advice to customers...

DFSA enters into a MofU with the Qatar Financial Center Regulatory Authority

The DFSA entered into a Memorandum of Understanding with the Qatar Financial Center Regulatory Authority. The MoU was signed on behalf of the DFSA by Chief Executive, Mr Paul Koster, and Mr Phillip Thorpe, Chairman and Chief Executive Officer of the QFC Regulatory Authority, during the 4th GCC Regulators’...

NFA ACTION: 1 FX Trader LLC

The NFA ordered 1 FX Trader LLC not to apply for NFA membership or principal status with any NFA Member. David Arena, the firm’s principal and AP, was ordered not to apply for NFA membership, associate membership or principal status with any NFA Member. On December 16, 2009, NFA issued a Complaint charging...

NFA Board of Directors election results

Official Release: The Board of Directors of National Futures Association (NFA) has reelected W. Robert Felker, chairman of JPMorgan Futures, Inc., to serve a one year term as chairman and Christopher K. Hehmeyer, non-executive chairman of Penson GHCO, as vice-chairman. The Board has also elected the...